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HSBC Exits U.S. Retail Banking to Target Rich Clients, Asia

  • Citizens is buying HSBC’s East Coast retail operations
  • Deal is part of HSBC’s broader strategy to focus on Asia
HSBC to Be Sued by New York for Foreclosure Law Violations
Photographer: Scott Eells/Bloomberg
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HSBC Holdings Plc exited its U.S. domestic mass market retail banking business, agreeing to sell 90 branches, as Europe’s biggest lender looks to focus on wealthy clients and steer billions of dollars in capital towards Asia.

The London-based bank will retain a network of 20 to 25 locations that will be transformed into international wealth centers, according to a statement. It’s closing 35 to 40 other branches. The bank expects a pretax cost of $100 million from the transactions.