HSBC Holdings PLC will exit from its U.S. retail and small-business banking operations as the bank shifts its focus to wealth management and international banking, especially in Asia.

The banking giant said late Thursday that it will exit 90 of its 148 branches in the U.S. through a series of transactions. HSBC HSBC, +0.06% has entered into agreements to sell parts of its business to Citizens Financial Group Inc.’s  CFG, +1.47%  Citizens Bank and Cathay General Bancorp’s  CATY, +1.64%  Cathay Bank. It also plans to wind down around 35 to 40 branches.

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