HSBC will continue investing in US international wholesale banking franchise
HSBC withdraws from most US retail banking. Source: shutterstock.com
HSBC has announced that it will exit its US domestic mass-market retail banking business through several transactions, pending regulatory approval.
That means the exiting of 90 branches out of a current branch network of 148 branches.
Meanwhile, HBUS will retain a small network of physical locations in existing markets which will be repurposed into 20-25 international wealth centers. The remaining branches, between 35-40, will be wound down.
As a result, HSBC Bank USA, N.A. (‘HBUS’) will reposition its US Wealth and Personal Banking business to focus on the banking and wealth management needs of globally connected affluent and high net worth clients.
HBUS will exit its domestic mass-market retail banking business and retail business banking through a number of divestitures, and wind-down of the residual branch network. HBUS has entered into sale agreements, subject to regulatory approval, with Citizens Bank and Cathay Bank for certain parts of the Business.
We’ve reported that J.P. Morgan teamed up with global digital payment software provider.
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