TORONTO — The group head of HSBC Holdings Plc says the bank is looking to potentially sell its Canadian division in part because it's had strong interest from other banks looking to buy it.

On an earnings call Tuesday, Noel Quinn said the bank was also considering a sale of HSBC Bank Canada because of its relatively small market share in the country, and because of its limited interconnectivity with HSBC's international operations.

He says potential buyers may attribute significantly greater value to the business than it has for HSBC in its profit stream.

HSBC initially reported in early October that it was reviewing its strategic options with respect to its wholly owned subsidiary in Canada, while noting the review is at an early stage.

Quinn's comments come as HSBC Bank Canada reports its highest pre-tax profit on record at $298 million for the third quarter, up from $234 million for the same quarter last year.

After tax net income was $219 million for the quarter ending Sept. 30, up from $171 million last year.

This report by The Canadian Press was first published Oct. 25, 2022.

© 2022 The Canadian Press. All rights reserved., source Canadian Press DataFile