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Blog
Blog
Blog
10 Dec, 2020 Author Jennifer LaidlawZain Tariq
The American dream has not come true for European banks.
Unable to generate the level of profits enjoyed by their U.S. rivals, some of Europe s large lenders are exiting or scaling back their stateside retail operations. Spain s Banco Bilbao Vizcaya Argentaria SA is selling BBVA USA Bancshares Inc. and BBVA USA to PNC Financial Services Group Inc., while London-based HSBC Holdings PLC is reportedly considering selling its U.S. retail business. It already outlined a plan in February to reduce the network by a third.
Analysts question the European companies ability to generate cost savings and the extent of their local knowledge.