According to reports from the global
financial services sector,
HSBC may sell their American
car finance operation as it seeks to capitalise on
swiftly-growing
financial services markets . The
vehicle finance arm of the
company is thought to be worth approximately $13 billion.
HSBC has recently been under assault from the
investor Knight Vinke, and divesting an
asset such as the US
car
finance division is likely. The
business is thought to no longer be at the centre of HSBC
growth strategy.
The group chairman of the
bank, Stephen Green, issued a strategy update claiming that the
company would now focus on emerging
markets, using their global network to increase
banking services for business clients.
Green reportedly commented: If there are areas of business
where we think capital is not earning a return and there’s
nothing we can do to restructure the business to make it earn a
reasonable return, then we will follow through the logic of
that.
