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HSBC wants to sell Japan retail unit

HSBC, Europe’s largest bank, is seeking buyers for its Japanese consumer banking unit four years after starting the business, says Bloomberg, citing three people familiar with the matter. HSBC may sell HSBC Premier, the division that targets wealthy individuals in Japan. It has started an auction for the business, and may shut it if offers aren’t attractive enough, two of the people said.HSBC is scaling back in parts of Asia, including Japan, South Korea and Thailand, as it cuts assets to reduce expenses and prepare for tighter capital rules. HSBC said on Tuesday that it agreed to sell operations in Costa Rica, El Salvador and Honduras to Colombia’s Banco Davivienda SA for $801m to focus on bigger markets in Latin America.

 

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