HSBC is considering selling its ‘very strong’ Canadian business – National

HSBC Holdings Plc says it is exploring the potential sale of its Canadian business, which it describes as “very strong”.

In a statement, the international banking and financial services company says it is currently evaluating its strategic options regarding its Canadian operations, including selling its 100 percent stake in HSBC Bank Canada

The review is said to be in its early stages and no decisions have been made.

Although HSBC Bank Canada makes up a relatively small portion of HSBC’s overall business, it made $490 million before tax in the first half of 2022, according to its second-quarter earnings release.

HSBC Bank Canada’s businesses 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.