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NEW YORK (AP) – British banking giant HSBC announces the closure of its retail banking activities in the United States in order to refocus its efforts on wealth management.

The bank will sell 80 branches on the east coast to Citizens Bank and another 10 on the west coast to Cathay Bank. All deposits and bank accounts will be transferred to these two banks, HSBC said. An additional 20 to 25 branches will be converted into Wealth Management Centers and all remaining branches will be closed.

HSBC, based in London, is one of the largest banks in the world, but its primary focus is Hong Kong, where it was founded, and elsewhere in Asia, as well as the UK and Europe.

HSBC announced the move on Wednesday night after announcing earlier this year that it was looking to sell or pursue other strategic options for its US retail banking business. The company is small, making it difficult to compete with big banks like JPMorgan Chase, which dominate the East Coast.

“They are good companies, but we didn’t have the size to be competitive,” HSBC CEO Noel Quinn said in a statement.

The bank expects the sale of its U.S. retail banking business to end in early 2022.



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