HSBC Holdings PLC, Europe’s largest bank, agreed to sell its Canadian store card unit to Toronto- Dominion Bank as it closes its consumer-finance business in the country.
The gross value of the loans was C$495 million ($484 million) on Feb. 28, London-based HSBC said today in a statement. No value for the deal was disclosed and HSBC’s own- branded credit card business isn’t part of the sale.
Chief Executive Officer Stuart Gulliver has closed or sold at least 47 businesses since he took 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 further savings in 2013, it said earlier this month.
HSBC will focus on commercial, investment and retail banking and wealth management in Canada, it said. The sale needs to be approved by regulators and will close in the third quarter of this year, it said.