HSBC Holdings PLC's North American arm is taking a breather from expanding its modest U.S. branch network after adding 125 branches in the past five years.

The $390 billion-asset lender said it is focusing more on increasing deposits through its online banking offerings and by drumming up new business from people who live in international hubs like Seattle and San Diego. It has also stopped offering free checking accounts.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.