HSBC Holdings PLC's (HBC) Canadian unit said Wednesday it will wind down its consumer finance operation in Canada following an extensive review and after having failed to find a buyer for the business.
The closure will affect about 500 employees in 75 offices across Canada, HSBC Bank Canada said in a statement. HSBC Financial Corp. is the legacy business of Household International acquired by HSBC in 2003 and already wound down in the U.S. and the U.K., it noted, adding that the business operated under the HSBC Finance banner in Canada on a stand-alone basis, separate from HSBC Bank Canada branches.
The decision will have no impact on HSBC's banking operations in Canada, the company said, adding that the country remains a key global market for HSBC.
The HSBC Bank Canada MasterCard business won't be affected and will remain a key part of HSBC Bank Canada's offering to retail and commercial banking customers, it said.