![]() ![]() HSBC announced earlier this year that it was exploring strategic options with respect to its US retail franchise, including organic and inorganic options to improve the profitability of its US retail business. It was also important for us to find buyers who would be a good fit for our customers and employees.” At the same time, I am very pleased that we were able to execute this strategic repositioning at pace. A strong, internationally connected US business is an important part of HSBC’s value proposition, and we are excited to be focusing the US business in areas of competitive strength. “Today’s announcement is an important step towards becoming a more focused, simpler and sustainably profitable organisation. Michael Roberts, CEO, US and Americas, said: We will wind down the residual branches, between 35-40, not subject to sale or repurposing. HBUS will retain a small network of physical locations in existing markets which will be repurposed into 20-25 international wealth centres to serve our core international customer base of c.300k affluent and high net worth customers (out of a historical base of c.1.4m).Cathay Bank has entered into an agreement to purchase the West Coast domestic mass market and retail business banking businesses, including 10 branches and approximately 50,000 customer relationships with US$1.0bn in deposits and US$ 0.8bn of outstanding loans as at 31 March 2021.US$9.2bn in deposits and US$2.2bn of outstanding loans as at 31 March 2021. ![]() Citizens Bank has entered into an agreement to purchase the East Coast domestic mass market and retail business banking businesses as well as the online bank portfolio, including 80 branches and approximately 800,000 customer relationships with c.This next chapter of HSBC’s presence in the US will see the team focus on our competitive strengths, connecting our global wholesale and wealth management clients to other markets around the world.” Our continued presence in the US is key to our international network and an important contributor to our growth plans. They are good businesses, but we lacked the scale to compete. “We are pleased to announce the sale of the domestic mass market of our US retail banking business. Noel Quinn, Group Chief Executive of HSBC, said: HBUS has entered into sale agreements, subject to regulatory approval, with Citizens Bank and Cathay Bank for certain parts of the Business. HBUS will exit its domestic mass market retail banking business and retail business banking (collectively the ‘Business’) through a number of divestitures, and wind-down of the residual branch network. (‘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. Exiting all retail business banking customers (small businesses with turnover of US$5m and under)Īs a result, HSBC Bank USA, N.A.Exiting all Personal, Advance and certain Premier banking customers (those with balances below US$75k).Remaining branches, between 35-40, will be wound down.HBUS will retain a small network of physical locations in existing markets which will be repurposed into 20-25 international wealth centres.Exiting 90 branches out of a current branch network of 148 branches.HSBC Holdings plc (‘HSBC’) today announces that it will exit its US domestic mass market retail banking business through several transactions, pending regulatory approval. *** HSBC will continue investing in US international wholesale banking franchise *** *** Transactions agreed with Citizens Bank and Cathay Bank, pending regulatory approval *** Strategically repositions US retail business towards international banking and wealth management Investor information in Chinese - 投資者中文資訊 Founded in 1865, HSBC is one of the world’s largest banking and financial services organisations.įind information about our performance, dividends, and investor events.
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