HSBC to sell Japan private banking business to Credit Suisse

HSBC has decided to enter into an agreement to sell its Japanese private banking business to Credit Suisse, it was recently announced.

The global provider of personal and business bank accounts will integrate the acquired business into its Japanese private banking division, and industry experts say that doing so will aid in bolstering the wealth management capabilities of the firm while also boosting its profitability as well.  The subject, which is scheduled for completion by the middle of 2012, will first need to meet with regulatory approvals before being finalised.

Junya Tani, the Credit Suisse head of private banking in Japan, commented on the new acquisition by stating it was a prime example of the commitment the firm has towards growing and maintaining a distinctive and popular private banking business located within Japan.  The private banking head also remarked that the new move would allow the clients of the firm to reap the benefits from an enhanced and much wider range of services and products.

Credit Suisse is also looking forward to giving its employees and clients from HSBC a warm welcome as the acquisition’s particulars are finalised, said Tani.  However, Credit Suisse is not the only provider of savings accounts that have recently purchased large portions of HSBC business, nor is Japan the only geographical region where this is taking place.

This past August, HSBC announced it would be selling off 195 of its North American branches, located primarily in Connecticut and New York, to First Niagara Bank.  The American bank has expanded over the past few years, beginning with the acquisition of the entirety of the Harleysville National Bank branch network in Pennsylvania two years ago.

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