HSBC says to exit U.S. retail banking

Banking giant HSBC said it will end its U.S. mass market retail banking.

Late Wednesday it said it will start by selling some parts of its business and winding down others.

Europe's biggest bank has for years struggled in some European and North American markets, up against competition from larger domestic players.

In a statement the bank said it would exit retail banking for most individual and small business customers, but it will retain a small physical presence in the U.S to serve its wealthy clients.

Citizens Bank, part of Citizens Financial Group, has agreed to buy HSBC's east coast personal and small business banking business.

That includes 80 branches, and its west coast business is set to be bought by Cathay Bank, according to HSBC and separate statements from the banks.

These did not say what the two U.S.-headquartered banks paid for the businesses.