VANCOUVER – HSBC Holdings confirmed Tuesday that it’s in talks to sell part of its Canadian operations.
The giant global bank said it’s looking to sell HSBC Bank Canada’s full service investment advisory division of its retail brokerage business.
However, HSBC noted that no decision on a possible sale has been made.
Reports had circulated in recent weeks of a possible sale of part of the Canadian business.
HSBC Bank Canada has about 8,000 employees and more than 260 offices, including 140 bank branches. The Vancouver-based financial company is Canada’s biggest foreign-owned bank.
The bank’s corporate parent announced last month that it would cut 30,000 jobs worldwide by 2013 and sell almost half its retail bank branches in the U.S.
HSBC currently employs around 296,000 people worldwide.
The London-based company was formerly known as Hongkong Bank and is one of the world’s biggest financial companies, with $ 2.7 trillion in assets and offices across Europe, the Asia-Pacific region, North and South America, the Middle East and Africa.
Local news from metronews.ca/vancouver
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