HSBC Holdings (London) is planning to sell 90 of its 148 U.S. branches, Shopping Center Business reports. A remaining 20 to 25 physical locations HSBC will retain will be turned into “international wealth centers,” and will focus on the banking needs of high-net-worth clients.
Citizens Bank (Providence, R.I.) will acquire the company’s locations on the East Coast as well as its online banking portfolio, while Cathay Bank (Los Angeles) will purchase HSBC’s locations on the West Coast. The East Coast deal encompasses 80 branches and 800,000 customers, while the West Coast deal includes 50,000 customers and 10 branches. Both deals are anticipated to close by the first quarter of 2022.
HSBC will continue operating branches in cities like Washington, D.C., Los Angeles, Miami, New York, Seattle and San Francisco.