HSBC Holdings Plc (HSBA), the world’s second-largest bank by market value, is exiting the consumer- finance business in Canada it bought almost a decade ago, following similar moves in the U.S. and U.K.
The operation “no longer supports HSBC’s core business and growth strategy in Canada,” the lender said today in a statement. About 500 employees at 75 offices across country will be “impacted” by the move, the bank said.
HSBC purchased the business from Household International in 2003. The London-based company will now focus in Canada on commercial banking, global banking, consumer banking and asset management. HSBC sold its Canadian investment-advisory business in January to National Bank of Canada for C$206 million.
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