HSBC to Sell Japan Private Banking Business to Credit Suisse

HSBC Holdings Plc agreed to sell its Japanese private banking business to Credit Suisse Group AG as Europe’s largest bank by market value cuts assets to reduce expenses and prepare for tighter capital rules.

The sale of the unit, which had assets under management of $2.7 billion as of Oct. 31, is expected to be completed in the second quarter of next year, London-based HSBC said in a statement today, without disclosing the price.