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It is not just fintech start-ups who have struggled to conquer America. US retail banking has been a graveyard of failed dreams for most overseas lenders. Drawn by America’s size, wealth, and economic growth, HSBC, NatWest, and Spain’s BBVA all gave it a go before throwing in the towel. French lender BNP Paribas called it quits last month. The FT explores why.
The foreign adventurers have often had global scale, but that helps less on the retail side than it does with investment and institutional banking and even wealth management. Retail products vary widely from country to country, limiting the ability to share costs. Even when lenders do attract deposits, finding ways to employ them profitably are complicated by US rules aimed at keeping capital local.
https://www.ft.com/content/a6e3a37c-e652-4a13-83bc-b663f38ad038?sharetype=blocked
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