HSBC, a major London-based bank, is restructuring. Background There is a business shift towards Asia. The Canadian business is now up for discussion.
Leading bank HSBC is focused on the future of its business activities in Asia. To make it a success, the Money House in London is being rebuilt. Canadian business is the focus now.
As announced by HSBC, they also want to consider leaving the Canada subsidiary as part of a withdrawal from North America. It added that several options are currently being considered for HSBC Bank Canada. But we are still in the early stages. According to its own statements, HSBC Bank Canada is the seventh largest bank in the country and is active in retail banking and investment banking.
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In 2021, HSBC announced it wanted to leave its business with private clients and smaller companies in the United States as part of a broader restructuring. Instead, they wanted to focus on Asian trade, it was said at the time. HSBC has been successfully operating in Asia for decades and also generates a substantial portion of its multi-billion dollar profits there.
HSBC shares fall annually
HSBC shares maintained their broad sideways base in September. It was only with the most recent fall that the shares fell to around USD 25.50 thus falling to their lowest level since September 2021. Clearly oversold conditions on the short-term time frame are also visible in the MACD, where a positive signal may arise soon. However, a move above the next relevant resistance around US$30 cannot be expected at the moment. Towards the south, there is a weak buying zone between $24.30 and $25.
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