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HSBC says to exit U.S. retail banking By Reuters

© Reuters. FILE PHOTO: A brand of HSBC is seen on its headquarters on the monetary Central district in Hong Kong, China August 4, 2020. REUTERS/Tyrone Siu

HONG KONG (Reuters) -HSBC mentioned it will withdraw from U.S. mass market retail banking by promoting some components of its enterprise and winding down others.

Europe’s greatest financial institution has for years been attempting to shrink its presence in some European and North American markets the place it has struggled towards competitors from bigger home gamers.

The financial institution mentioned in an announcement late on Wednesday it will exit retail banking for many particular person and small enterprise prospects however retain a small bodily presence within the United States to serve its worldwide prosperous and really rich shoppers.

“They are good businesses, but we lacked the scale to compete,” Noel Quinn, HSBC group CEO, mentioned in an announcement.

Citizens Bank, a part of Citizens Financial (NYSE:) Group, has agreed to purchase HSBC’s east coast private and small enterprise banking enterprise together with 80 branches, and Cathay Bank, a unit of Cathay General Bancorp (NASDAQ:) has agreed to purchase its west coast enterprise together with 10 branches, in accordance to HSBC and separate statements from the banks.

These didn’t say what the 2 U.S.-headquartered banks paid for the companies, although HSBC mentioned it anticipated to incur pre-tax prices of $100 million linked with the transactions.

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