RETAIL BANKING | Staff Reporter, Japan

HSBC sells private banking unit in Japan to Credit Suisse

This is part of HSBC's strategy to cut $3.5b annual costs.

According to Reuters, HSBC is cutting businesses where it lacks scale, like its private bank arm in Japan which made a profit of only $2 million in the first half of 2011.

Reuters noted that the sale involves assets worth $2.7 billion out of a global private banking empire amounting to $416 billion in client assets at the end of June.

In the report, one analyst said that Credit Suisse has a larger business in Japan than HSBC and should be able to benefit from cost synergies.

Read more here.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.