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HSBC Will Exit Mass Market Banking Business in U.S.
HSBC Holdings, with U.S. headquarters in Manhattan, will exit its U.S. domestic mass market retail banking business to focus on the banking and wealth management needs of affluent and high-net-worth clients. Ninety of the bank’s 148 U.S. branches will be sold.
Citizens Bank will acquire HSBC’s 80 East Coast branches, which have 800,000 customer relationships and approximately $9.2 billion in deposits. Cathay Bank will acquire the 10 branches on the West Coast, with about 50,000 customers and $1 billion in deposits. Twenty to 25 of the remaining branches will be repurposed into international wealth centers.
“A strong, internationally connected U.S. business is an important part of HSBC’s value proposition, and we are excited to be focusing the U.S. business in areas of competitive strength,” said Michael Roberts, CEO, U.S. and Americas. “At the same time, I am very pleased that we were able to execute this strategic repositioning at pace.”
- ◦Sale/Acquisition
