Oct 4, 2022

HSBC explores $9bn sale of Canadian business

HSBC has launched a strategic review of its Canadian business that could lead to a sale for up to $9bn, as the group resists pressure from its largest shareholder Ping An to split its Asian and western operations. The review of the Canadian business comes as HSBC seeks to cut costs and retrench from overseas operations that are less profitable, largely to focus on Asia and Europe. HSBC is in the process of exiting Greece through a sale and has recently written to customers in South Africa to say that it will be focusing on international clients, rather than domestic banking. HSBC last year took a $3bn hit selling its French business to private equity firm Cerberus, offloading its 244 branches and 800,000 customers. "Amongst the options being explored is a potential sale of HSBC Group's 100 per cent equity stake in HSBC Bank Canada. HSBC Bank Canada is a very strong business and Canada's leading international bank. The review is at an early stage and no decisions have been made."

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