The British bank wants to exit the wholesale business in the US and sell its French retail bank. Now the Canadian subsidiary can follow suit.
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London HSBC is considering selling its multibillion-dollar business in Canada. “We are evaluating our strategic options with respect to our wholly owned subsidiary in Canada,” the bank said in a statement on Tuesday. The sale of HSBC Bank Canada is an alternative, a spokeswoman confirmed.
HSBC is under pressure to deliver higher profits after Chinese majority shareholder Bing An called in April to break up the banking group. Money House has already announced that it will exit the wholesale business in the US and sell its French retail bank. The British bank’s Canadian subsidiary managed 125 billion Canadian dollars (about 92 billion US dollars) in assets at the end of June and is one of HSBC’s top earners.
Further: ECB chief banking supervisor Enria: Banks should not rely on state aid
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