HSBC Holdings is set to announce the sale of its French retail unit to the private equity firm Cerberus, putting an end to a lengthy sale process that began more than 18 months ago.

Will McLane is expected to help the London-based bank develop strategic initiatives, look for acquisition opportunities and form technology partnerships, a person familiar with the matter said.

The London-based banking giant announced a plan this week to exit the mass-market U.S. retail business and focus on managing the wealth of affluent globe-trotters. But other international banks will provide stiff competition.

Acquiring the U.K. bank’s East Coast branches and online-only bank is “great for our balance sheet, great for our physical footprint” and will accelerate the growth of Citizens’ own direct bank, says Chief Executive Bruce Van Saun.

The London-based banking giant is selling 90 of its branches and shuttering about three dozen more. The 20 or so branches it is retaining will be transformed into international wealth centers.

The technology is simulating the work of teams of analysts and traders to pick stocks and rebalance asset allocations in the bank's newest investment index.

The London company poured cold water on speculation a deal to divest its 152-branch network in the United States was imminent. But biding its time here while focusing on issues in other parts of its global operation could drive up the price in a seller’s M&A market.

The U.K. banking giant is reportedly mulling an exit from retail banking in the United States. It could attract more interest if it tries to sell its network in pieces instead of looking for a single buyer, analysts say.

HSBC's management is looking at a complete withdrawal from its retail operations in the U.S., although a full exit from other businesses in the country is unlikely, according to a person familiar with the matter.

HSBC for the first time is offering customers a way to send funds instantly across borders to other HSBC customers via a mobile device.