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HSBC expects USD10bn in Canadian unit sale

HSBC Holdings Plc is currently reviewing its strategic option to sell its wholly owned subsidiary in Canada. A potential sale of HSBC’s 100% equity stake in HSBC Bank Canada is among the options being explored to streamline the lender that is seeking to head off a call by its largest shareholder to split up. The lender has instructed investment bankers at JPMorgan Chase & Co. to sound out buyers. A disposal of the Canadian unit could reap nearly USD10bn. The British lender has had operations in Canada since 1981. HSBC Bank Canada is the seventh largest bank overall in the country and operates more than 130 branches across the country. The bank employed 5,348 staff in its Canadian unit at the end of last year.

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