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Last Updated: May 28, 2022

Enter your email address if you have access to the HSBC Global Research website. If you are a client and would like access please contact your HSBC salesperson.

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FAQs

1

Is HSBC US closing?

HSBC Holdings plc ('HSBC') today announces that it will exit its US domestic mass market retail banking business through several transactions, pending regulatory approval. They include: Exiting 90 branches out of a current branch network of 148 branches.
2

Why is HSBC Bank closing?

Why is HSBC closing its branches? HSBC has said that it is closing its branches as a result of more and more customers choosing to bank online rather than in person. The bank said that less than 50% of its customers now regularly use its branch network, with footfall dropping sharply over the last five years.
3

Is HSBC owned by China?

It is owned by the Hongkong and Shanghai Banking Corporation Limited, the founding member of the HSBC Group, which was established in Hong Kong and Shanghai in 1865. HSBC China incorporated the previous Mainland offices of its parent.
4

Why is HSBC leaving the US?

NEW YORK -- British banking giant HSBC says it is closing its U.S. retail banking business in order to refocus its efforts on wealth management. The bank will sell 80 East Coast branches to Citizens Bank and another 10 on the West Coast to Cathay Bank.

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Date Published: May 28, 2022

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