As part of its ongoing efforts to streamline operations and concentrate on the markets in Asia and the Middle East, HSBC is withdrawing its business banking portfolio in the US.
“Following a strategic review of our business, we have decided to exit our business banking portfolio in the United States,” the statement read.
“We are supporting impacted clients while they transition to a suitable alternative provider and will retain some clients in our Mid-Market and Global Network Banking business,” it stated.
About 4,500 customers will be impacted by HSBC’s decision, according to a Friday Wall Street Journal article.
To increase earnings and enter the Asian and Middle Eastern markets, the UK-based lender has been shrinking its global presence.
In January, the bank announced that it would close its M&A and certain equity divisions in Europe and the Americas.
According to the Wall Street Journal, HSBC slashed 40 workers from its commercial banking operation in the United States.
The bank announced in 2021 that it was selling off a portion of its struggling business and closing down others in order to exit the mass market retail banking sector in the United States.
It sold Canadian operations to Royal Bank of Canada for C$13.5 billion in2022.
