HSBC Holdings said it was exploring the possibility of selling its Canadian division, which it calls “very strong.”
The international banking and financial services company said in a statement that it is currently reviewing its strategic options with respect to its Canadian operations, including the sale of its 100% stake in HSBC Bank Canada. She added that her review was in its early stages and no decision had been made.
Although it is a relatively small part of HSBC’s overall business, HSBC Bank Canada raked in $490 million before tax in the first half of 2022, according to the release detailing its second-quarter results. HSBC Bank Canada has three main segments: Business Services, International Banking and Markets, and Wealth Management and Personal Banking.
It is the seventh largest bank in Canada and operates more than 130 branches across the country.
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