HSBC considers sale of Canadian business


The British bank wants to exit the US wholesale business and sell its French retail bank. Now the Canadian subsidiary may follow.

(Photo: X07238)

London HSBC is looking to sell its multi-billion 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. A spokesperson confirmed that the sale of HSBC Bank Canada is an option.

HSBC is under pressure to generate more profits after Chinese majority shareholder Ping An called for the banking group to disband in April. Money House has already announced that it will exit the wholesale business in the United States and sell its French retail bank. The Canadian subsidiary of the British bank managed assets of 125 billion Canadian dollars (about US$92 billion) at the end of June and is one of HSBC’s profit-makers.

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