HSBC to exit US retail banking

(FILES) This file photo taken on August 28,2011 shows elderly customers (C) entering a branch of HSBC bank in Hong Kong. Europe's largest bank HSBC said on February 14,2016 it would remain headquartered in Britain, rejecting a move to Hong Kong despite concerns about increased regulation in the UK and a possible split from the EU. AFP PHOTO/ FILES/ Antony DICKSON

HONG KONG: HSBC has announced it is withdrawing from the United States mass market retail banking by selling some parts of the money-losing business and winding down others, a long-awaited move as the lender steps up a shift in focus to Asia, its biggest market.

Europe’s biggest bank has for years been trying to shrink its presence in some European and North American markets where it has struggled against competition from larger domestic players.