HSBC taps JP Morgan for potential Canada exit -source


HSBC taps JP Morgan for potential Canada exit -source © Reuters. FILE PHOTO: People pass by a branch of HSBC bank adorned with colours of the Pride rainbow flag symbolizing gay rights, in downtown Toronto, Ontario, Canada June 13, 2017. REUTERS/Chris Helgren

TORONTO (Reuters) – HSBC is working with JPMorgan Chase & Co (NYSE:) as the UK lender reviews its Canada business for a potential sale, a source familiar with the matter told Reuters on Tuesday.

Earlier, HSBC said it is considering selling its business in Canada, worth billions of dollars, as it looks to beef up returns as demanded by its largest shareholder.

JPMorgan and HSBC declined to comment.

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