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HSBC has sold US banks, and shut down its North American business after 40 years of trying to run a bank in the country.
The largest lender in Europe has decided to end American spending cuts that cost a lot of money at the end of last year as part of a bank attempt to save $ 4.5bn and reduce 35,000 jobs.
HSBC said on Thursday it sold 80 of its 148 branches on the east coast of Citizens Bank, which also received $ 9.2bn of deposits and $ 2.2bn of existing loans. Ten branches on the west coast have been purchased by Cathay Bank, which has secured $ 1bn of deposits and $ 800m in debt. The remaining branches will be damaged.
HSBC has said it will not make “significant gains or losses” in its partnership with Citizens Bank and Cathay Bank, other than to pay $ 100m for the conference.
$ 3.5bn
The majority of HSBC use it for economic management in China and Hong Kong
The lender, who has made huge profits in Hong Kong, said it would continue to have “little space” in the US following the loss. This will be a “global economy” for its savings and investment clients, many of whom were in Asia.
These sales are the latest in a series of $ 100bn of heavy investment from unsustainable businesses in Europe and the US to Asia, especially economically and economically. In February, HSBC He said It is also promoting its fundraising business in Hong Kong and China, where it is providing $ 3.5bn and recruiting more than 5,000 consultants.
The sale of the US network connects the bank’s economy with China. HSBC has been used as a political piñata in recent years as tensions escalate between Beijing and Washington.
Noel Quinn, chief executive of HSBC, said the bank was moving out of the American market because it “lacked a competitive edge”.
“Our continued presence in the US is critical to our global networks and contributes significantly to our growth,” he said.
Greg Hingston, Asia Pacific’s chief financial officer and banker, said: “The US is playing a key role in the Asian growth process at HSBC. globalization, property, financial differentiation, employment and family relocation and business growth, among others. ”
HSBC closed 80 US branches last year, leaving it with one segment of fighters such as JPMorgan and Bank of America. Those who also said the lack of distribution made it difficult to get around, especially during the coronavirus crisis and during the low interest rate which forced them to seek out borderline payments.
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