June 19, 2021
Markets

HSBC Exits US Mass Market Retail Banking; Strategically Repositions US Retail Business Towards International Banking and Wealth Management

LONDON & NEW YORK–()–HSBC Holdings plc (‘HSBC’) today announces that it will exit its US domestic mass market retail banking business through several transactions, pending regulatory approval. They include:

  • Exiting 90 branches out of a current branch network of 148 branches
  • HBUS will retain a small network of physical locations in existing markets which will be repurposed into 20-25 international wealth centres
  • Remaining branches, between 35-40, will be wound down
  • Exiting all Personal, Advance and certain Premier banking customers (those with balances below US$75k)
  • Exiting all retail business banking customers (small businesses with turnover of US$5m and under)

As a result, HSBC Bank USA, N.A. (‘HBUS’) will reposition its US Wealth and Personal Banking business to focus on the banking and wealth management needs of globally connected…

Read full article here: www.businesswire.com