HSBC's chief executive Noel Quinn said it would expand its investment bank in the US, despite the UK lender unveiling plans to pull of out retail banking in the country.

Quinn said the US was an "important contributor to our growth plans" and that it would look to build out its wholesale banking unit, despite agreeing to sell parts of its retail business in the country two US regional banks, Citizens Financial Group’s Citizens Bank and Cathay General Bancorp’s Cathay Bank.