SAN FRANCISCO: HSBC announced that it is exiting the retail and small business banking market in the United States, in line with its strategy to refocus on corporate and investment banking in Asia. The London-headquartered, Asia-focused giant intends to focus on the banking and wealth management needs of globally connected affluent and high net worth clients, it said in a statement late Wednesday. Of its 148 US branches, 90 are to be sold, including to Citizens Bank and Cathay General Bancorp. The bank plans to turn about 20 locations into international centres dedicated to high net worth individuals, and gradually wind down the remaining 35-40 branches. They are good businesses, but we lacked the scale to compete, said Noel Quinn, the groups chief executive, in the statement. This next chapter of HSBC''s presence in the US will see the team focus on our competitive strengths, connecting our global wholesale and wealth management clients to other markets around the world. HSBC had announced earlier this year that it intended to restructure its US retail and small business operations.
British multinational investment bank HSBC (NYSE:HSBC) has announced that it is shutting down its retail banking services in the U.S. after years of compounding losses. The move to exit the U.S. was long-awaited as the global lender increasingly focuses its business on Asia, its biggest market. Europe''s biggest bank has for years been trying to shrink its presence in some European and North American markets where it has struggled against competition from larger domestic players. The bank said in a statement that it would exit retail banking for most individual and small business customers but retain a small physical presence in the U.S. to serve its international and wealthy clients. The bank currently has a U.S. network of 148 branches. HSBC is also seeking to sell its French retail banking operations as part of the same strategy and has entered final negotiations to sell that business to private equity firm Cerberus. Citizens Bank, part of Citizens Financial Group, has agreed to buy HSBC''s east coast personal and small business banking business including 80 branches, and Cathay Bank, a unit of Cathay General Bancorp, has agreed to buy its west coast business including 10 branches, according to HSBC.
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Tp oàn tài chính a quc gia HSBC (Vng quc Anh) ngày 26/5 thông báo rng h s rút khi th trng tài chính bán l và doanh nghip nh M, phù hp vi chin lc tái tp trung vào tài chính doanh nghip và u t châu Á ca tp oàn này. Trong tuyên b mi nht, ngi khng l ngành tài chính có tr s ti London d nh tp trung vào nhu cu tài chính và qun lý tài sn ca nhóm khách hàng giàu có, giá tr ròng cao và nhiu kt ni trên toàn cu. Trong s 148 chi nhánh ti M, HSBC s bán i 90 chi nhánh bao gm c Ngân hàng Citizens Bank và Cathay General Bancorp. HSBC có k hoch bin khong 20 a im thành các trung tâm quc t dành riêng cho các cá nhân có khi tài sn ròng cao, cng nh thu hp dn 35-40 chi nhánh còn li. Hi u nm nay, HSBC ã thông báo d nh tái cu trúc các hot ng bán l và tài chính doanh nghip nh ca mình ti M. Ông Noel Quinn, Giám c iu hành ca HSBC, cho bit nhng chi nhánh này u có hot ng kinh doanh tt, nhng li không có quy mô ln cnh tranh.
London-headquartered HSBC is to exit its US retail and small business banking market in a strategic move to focus more heavily on its main corporate and investment banking presence across Asia. The bank said in a statement towards the end of Wednesday 26 May it would exit retail banking for most individual and small business customers but retain a small physical presence in the US to serve its international affluent and very wealthy clients. Ninety of its 148 US branches are to be sold with HSBC talking to Citizens Bank and Cathay General Bancorp among others about a deal which will be subject to regulatory approvals. HSBC said it planned to turn about 20 locations into international centres for high-net worth individuals, and wind down the remaining 35-40 branches. "They are good businesses, but we lacked the scale to compete," Noel Quinn, HSBC group CEO, said in the statement. "This next chapter of HSBC''s presence in the US will see the team focus on our competitive strengths, connecting our global wholesale and wealth management clients to other markets around the world.
No summary available.
LOS ANGELES, May 17, 2021 /PRNewswire/ -- Cathay General Bancorp (Nasdaq: CATY) announced that its Board of Directors declared a cash dividend of thirty-one cents per common share, payable on June 7, 2021, to stockholders of record at the close of business on May 28, 2021. ABOUT CATHAY
State of New Jersey Common Pension Fund D lowered its position in shares of Cathay General Bancorp (NASDAQ:CATY) by 9.2% during the first quarter, Holdings Channel.com reports. The firm owned 84,525 shares of the banks stock after selling 8,545 shares during the quarter. State of New Jersey Common Pension Fund Ds holdings in Cathay General 
Cathay General Bancorp shares closed today at just slightly below its 52 week high of $44.94, giving the company a market cap of $3B. The stock is currently up 40.7% year-to-date, up 103.1% over the past 12 months, and up 78.6% over the past five years. This week, the Dow Jones Industrial Average rose 4.1%, and the S&P 500 rose 2.7%. Trading Activity Trading volume this week was 2.6% higher than the 20-day average.Beta, a measure of the stocks volatility relative to the overall market stands at 1.4. Technical Indicators The Relative Strength Index (RSI) on the stock was above 70, indicating it may be overbought.MACD, a trend-following momentum indicator, indicates an upward trend.The stock closed below its Bollinger band, indicating it may be oversold. Market Comparative Performance The company's share price is the same as the S&P 500 Index , beats it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , beats it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , beats it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date beats the peer average by 28.9% The company's stock price performance over the past 12 months beats the peer average by 37.5% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is -22.4% lower than the average peer. This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to email@example.com. © 2020 Kwhen Inc.
LOS ANGELES, Feb. 18, 2021 /PRNewswire/ -- Cathay General Bancorp (Nasdaq: CATY) announced today that its Board of Directors declared a cash dividend of thirty-one cents per common share, payable on March 11, 2021, to stockholders of record at the close of business on March 1, 2021. ABOUT…
LOS ANGELES, Jan. 27, 2021 /PRNewswire/ -- Cathay General Bancorp (the "Company", "we", "us", or "our" NASDAQ: CATY), the holding company for Cathay Bank, today announced its unaudited financial results for the quarter and year ended December 31, 2020. The Company reported net income of…
LOS ANGELES , Jan. 12, 2021 /PRNewswire/ -- Cathay General Bancorp (NASDAQ: CATY ), the holding company for Cathay Bank, is scheduled to announce its fourth quarter and full year 2020 financial results after the markets close on Wednesday, January 27 , 2021. … Full story available on Benzinga.com
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