HSBC withdraws from US retail banking to target rich clients, Asia

The move is part of a larger plan by HSBC to invest more in Asia, where it's focused on banking the region's wealthy

HSBC Holdings Plc exited its US domestic mass market retail banking business, agreeing to sell 90 branches, as Europe’s biggest lender looks to focus on wealthy clients and steer billions of dollars in capital towards Asia.

The London-based bank will retain a network of 20 to 25 locations that will be transformed into international wealth centers, according to a statement. It’s closing 35 to 40 other branches. The bank expects a pretax cost of $100 million from the transactions.

The move is part of a larger plan by HSBC to invest more in Asia, where it’s focused on banking the