21 Dec '11, 5am

HSBC offloads Japan business to Credit Suisse

HSBC offloads Japan business to Credit Suisse

HONG KONG: HSBC said Wednesday it had sold its private banking business in Japan to Credit Suisse for US$2.7 billion, as part of its broader restructuring to reduce costs and focus on growth. The sale is the latest in a string of transactions since HSBC announced massive cost-cutting measures earlier this year, including plans to save up to US$3.5 billion by 2013 and to axe 30,000 jobs globally. Europe's largest bank said in a statement released in Hong Kong that it had agreed to sell its private banking business in Japan to Credit Suisse AG and Credit Suisse Securities (Japan) Ltd. "The value of the gross assets included in the sale was approximately US$2.7b at 31 October 2011," it said. The transaction, which is subject to regulatory approvals, should be completed in the second quarter of 2012. HSBC said Japan remained an "important market" for the London-based bank, whi...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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