<p>HSBC said it would withdraw from US mass market retail banking by selling some parts of its business and winding down others.</p>.<p>Europe's biggest bank has for years been trying to shrink its presence in some European and North American markets where it has struggled against competition from larger domestic players.</p>.<p>The bank said in a statement late on Wednesday it would exit retail banking for most individual and small business customers but retain a small physical presence in the United States to serve its international affluent and very wealthy clients.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/hsbc-ceo-says-bitcoin-not-for-us-989383.html" target="_blank">HSBC CEO says Bitcoin not for us</a></strong></p>.<p>"They are good businesses, but we lacked the scale to compete," Noel Quinn, HSBC group CEO, said in a statement.</p>.<p>Citizens Bank, part of Citizens Financial Group, has agreed to buy HSBC's east coast personal and small business banking business including 80 branches, and Cathay Bank, a unit of Cathay General Bancorp has agreed to buy its west coast business including 10 branches, according to HSBC and separate statements from the banks.</p>.<p>These did not say what the two US-headquartered banks paid for the businesses, though HSBC said it expected to incur pre-tax costs of $100 million connected with the transactions.</p>
<p>HSBC said it would withdraw from US mass market retail banking by selling some parts of its business and winding down others.</p>.<p>Europe's biggest bank has for years been trying to shrink its presence in some European and North American markets where it has struggled against competition from larger domestic players.</p>.<p>The bank said in a statement late on Wednesday it would exit retail banking for most individual and small business customers but retain a small physical presence in the United States to serve its international affluent and very wealthy clients.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/hsbc-ceo-says-bitcoin-not-for-us-989383.html" target="_blank">HSBC CEO says Bitcoin not for us</a></strong></p>.<p>"They are good businesses, but we lacked the scale to compete," Noel Quinn, HSBC group CEO, said in a statement.</p>.<p>Citizens Bank, part of Citizens Financial Group, has agreed to buy HSBC's east coast personal and small business banking business including 80 branches, and Cathay Bank, a unit of Cathay General Bancorp has agreed to buy its west coast business including 10 branches, according to HSBC and separate statements from the banks.</p>.<p>These did not say what the two US-headquartered banks paid for the businesses, though HSBC said it expected to incur pre-tax costs of $100 million connected with the transactions.</p>