HSBC Holdings Plc, Europe’s largest bank, plans to sell its Canadian store card unit to Toronto-Dominion Bank as it closes its consumer-finance business in the country. The value of the deal was not disclosed and HSBC's own-branded credit card business is not part of the sale.
The gross value of the loans totaled $484 million at the end of February, London-based HSBC said in a statement.
HSBC is planning to focus on commercial, investment and retail banking and wealth management in Canada. The sale needs to be approved by regulators and will close in the third quarter of this year.
HSBC CEO Stuart Gulliver has closed or sold at least 47 businesses since taking the top job in 2011, sacrificing revenue and targeting 30,000 job cuts. The company has cut $3.6 billion of costs and could make $1 billion in additional savings in 2013, it reported earlier in March.