HSBC Holdings Plc says it is exploring the potential sale of its Canadian business, which it calls “very strong.”
In a statement, the international banking and financial services company says it is currently reviewing its strategic options with respect to its Canadian operations, including selling its 100 per cent equity stake in HSBC Bank Canada
It says the review is in the early stages and no decisions have been made.
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While a relatively small part of HSBC’s overall business, HSBC Bank Canada made $490 million before taxes in the first half of 2022, according to its second quarter earnings release.
HSBC Bank Canada divisions include Commercial Banking, Global Banking & Markets, and Wealth and Personal Banking.
It is the seventh largest bank in Canada and operates more than 130 branches across the country.