HSBC Sells Japanese Private Banking Unit To Credit Suisse

Law360, New York (December 21, 2011, 2:33 PM EST) -- HSBC Holdings PLC has agreed to sell its Japanese private banking unit to Swiss rival Credit Suisse Group AG as part of an effort to cut costs by trimming underperforming businesses, the bank said Wednesday.

HSBC, Europe's largest bank in terms of market value, said the Japanese unit holds $2.7 billion in assets. Financial terms for the deal were not disclosed.

In May, HSBC announced plans to cut $3.5 billion in costs by selling some units, closing several less-profitable retail banking operations and laying off roughly...
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