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.
Nigel D’Souza, who covers the Canadian banks for Veritas Investment Research, said he thinks HSBC Canada could end up being sold for more than $7 billion and that each of the Big Six have reasons to not pursue a deal of that size. However, he suggested that the other banks would face a less daunting regulatory hurdle to doing this deal than what RBC would encounter.
He also said that HSBC Canada is unlikely to attract European or U.S. bidders, while the business could be attractive to a large Chinese bank.
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