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HSBC exiting US retail banking to focus on wealth management

The bank will sell 80 East Coast branches to Citizens Bank and another 10 on the West Coast to Cathay Bank. All deposits and bank accounts will be transferred to those two banks, HSBC said. Another 20 to 25 branches will be converted into wealth management centers, and any remaining branches will be closed. ....

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HSBC says U.S. remains key market, following retail exit

HSBC said on Friday the United States remains key to its growth plans, a day after announcing the sale of its mass market retail U.S. banking business in a country where it has long struggled to make a strong profit. HSBC's business in the United States will focus on internationally-oriented corporate customers, chief executive Noel Quinn told the lender's annual shareholder meeting in London. "The U.S. is key to our international network and an important contributor to our growth plans," Quinn said. ....

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