HSBC: refocuses on wealth management in US

(CercleFinance.com) - HSBC said on Thursday that it would divest its US retail banking business as part of a strategic shift to focus on wealth management.


The British banking group said that it has reached an agreement with Citizens Bank to sell 80 branches on the US East Coast, representing a portfolio of some 800,000 clients.

On the West Coast, HSBC says it has reached an agreement with Cathay Bank to sell 10 branches with around 50,000 clients.

Following these deals, the financial institution will only retain a network of between 20 and 25 boutiques that are entirely focused on private banking for high net worth clients.

Its client base will now consist of around 300,000 such clients, well short of the 1.4 million clients that the group historically had in the US.



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