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LONDON, Oct 4 (Reuters) – HSBC is considering selling its Canadian business, one of the country’s biggest global banking brands, a spokeswoman for the bank said on Tuesday, apparently to improve earnings under pressure from its biggest shareholder.
“We are currently evaluating our strategic options with respect to our wholly owned distribution in Canada,” the bank said in an emailed statement.
The review is at an early stage, the spokesperson said, and no final decision has been made, but one option is to sell the lender’s 100% stake in HSBC Bank Canada.
The removal represents the latest changes at HSBC, which once billed itself as the ‘world’s local bank’.
HSBC announced in May last year that it was exiting wholesale market banking in the United States and in June said it would sell its French retail business as part of a plan to improve profits and fend off calls for a breakup from China’s Ping An Insurance Group. His Asian business.
In April, Ping An began pushing the British bank to explore options to boost shareholder returns, including listing its Asian business. Ping An said he is not an activist investor.
News of the Canadian business review was first reported by Sky.
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Reporting by Lawrence White, Editing by Sinead Cruise
Our standards: The Thomson Reuters Trust Principles.
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