HSBC confirmed Tuesday that it's considering selling its Canadian division.
“HSBC regularly reviews its businesses in all its markets. We are currently reviewing our strategic options with respect to our wholly owned subsidiary in Canada. Amongst the options being explored is a potential sale of HSBC Group’s 100 per cent equity stake in HSBC Bank Canada. HSBC Bank Canada is a very strong business and Canada’s leading international bank. The review is at an early stage and no decisions have been made,” a bank spokesperson said in an email to BNN Bloomberg.
Jonathan Tyce, a senior banking industry analyst at Bloomberg Intelligence, said in a reaction note that he thinks HSBC’s Canadian unit could fetch about US$10 billion in a sale, based on its equity and loan balance in the last fiscal year.
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