HSBC offloads Japan business to Credit Suisse


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© 2011 AFP

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Doesn't surprise. Hard to see that their retail operations in Japan could have been making money.

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The value of the gross assets included in the sale was approximately $2.7 billion at 31 October 2011

It says that HSBC sold the unit for $ 2.7 million. But the above sentence indicates that the gross assets are worth that much. It does not make much sense that Credit Suisse paid full price for the gross assets. I am sure this business had liabilities.

I do not think they disclosed the sales price..

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They prefer to expand in blooming South American countries and mainland China. Money is there.

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I think as time passes we will see more & more banks try to GET OUT of retail banking, unless govt allow them to fleece us all I think this will be a world wide trend

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GW, HSBC have sold their private banking business. Its about high net worth individuals as opposed to retail. There are a good few banks in the UK setting about separating retail, private and investment banking businesses ahead of upcoming stricter regulation.

Maybe HSBC sees little growth in high net worth custom in Japan? Or maybe this is a nother bail out as in the ABN AMRO RBS farce? Time will tell I suppose.

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Everyone is getting out of Japan. A leaderless and directionless country.

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