HSBC to close its American commercial banking unit to simplify operations

Written by Gaver, Sheikhs and Al Azhar Dam

(Reuters) -HSBC comes out of the commercial banking services portfolio in the United States, as it continued to simplify operations and convert their focus into the Asia and Middle East markets.

“After a strategic review of our business, we decided to get out of the banking business portfolio in the United States,” he said in a statement.

“We support the affected customers while moving to an appropriate alternative provider and we will keep some customers in our banking business in the middle of the market and global networks,” he added.

The Wall Street Journal reported on Friday that the HSBC move will affect about 4,500 customers.

UK -based lender reduces its global imprint in an attempt to enhance profits and expand Asia and the Middle East.

In January, the bank said it would finish integration and purchases and some shareholders in the Americas and Europe.

The Wall Street Journal said that HSBC has demobilized 40 employees of the US Business Banking Services Department. HSBC rejected the comment,

In 2021, the bank said it is withdrawing from retail banking services in the American market by selling some parts of the losing business for money and finishing others.

She sold her Canadian business to Royal Bank of Canada in 2022 for $ 13.5 billion.

(Participated in the reports of Jaifer Singh Sheikhs in Bengaluru and Saeed Al -Azhar in New York; edited by Cenathia Ostman)