Here's a strong indicator that the global finacial crisis is hitting China hard! Here's two headlines:
HSBC taps JP Morgan for potential Canada exit
HSBC eyes sale of multibillion-dollar Canadian business
HSBC is considering selling its business in Canada, worth billions of dollars and one of the biggest international banking brands in the country ...
"We are currently reviewing our strategic options with respect to our wholly owned subsidiary in Canada," the bank said in an emailed statement on Tuesday.
HSBC declined to comment on the potential valuation of the business, but it had assets of C$125 billion ($92 billion) as of June 30 and total equity of C$5.8 billion, according to its latest financial results.
The business, unlike some others HSBC has tried to dispose of in recent years, is profitable, making C$490 million before tax in the first half of this year ...
The review is at an early stage, the spokesperson said, and no final decision has been taken ...
Read full article Here.
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