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HSBC reaches deals to sell most US branches

With pivot to Asia, bank to convert some offices to serve rich global clients

HSBC will sell 80 of its U.S. East Coast branches to Citizens Financial Group.    © Reuters

HONG KONG -- HSBC Holdings on Thursday announced its exit from U.S. retail banking, pulling the plug on years of underperformance, to focus on its profitable operations in Asia.

The London-headquartered bank, which has one of the largest U.S. businesses of any non-American bank, said it had reached agreements to sell 90 branches, would convert up to 25 others to serve wealthy international clients and would close as many as 40 others.

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