HSBC, Europe's biggest bank, is selling its private bank in Japan to Swiss peer Credit Suisse for an undisclosed sum. |||
HSBC, Europe's biggest bank, is selling its private bank in Japan to Swiss peer Credit Suisse for an undisclosed sum, part of a strategy to cut $3.5 billion annual costs by quitting businesses or countries where it lacks scale. HSBC's Japanese private bank arm fits that bill, having made a profit of just $2 million in the first half.
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HSBC agreed on Wednesday to sell its Japanese private banking unit to Credit Suisse, as Europe's largest bank looks to shore up its books. Read Post