HSBC says to exit U.S. retail banking
05/27/2021 | 12:00am EDT
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Banking giant HSBC said it will end its U.S. mass market retail banking.
Late Wednesday it said it will start by selling some parts of its business and winding down others.
Europe s biggest bank has for years struggled in some European and North American markets, up against competition from larger domestic players.
In a statement the bank said it would exit retail banking for most individual and small business customers, but it will retain a small physical presence in the U.S to serve its wealthy clients.
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HSBC is selling most of its US retail banking business kitv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kitv.com Daily Mail and Mail on Sunday newspapers.
HSBC (HSBA.L) announced it is withdrawing from U.S. mass market retail banking by selling some parts of its business and winding down others, in a long awaited move as the lender pushes ahead with a shift in focus to Asia, its biggest market.