HSBC said it sold the factoring assets and liabilities of HSBC Bank USA to CIT Group's Commercial Services business unit.
The acquired assets are about $1 billion before assumed liabilities with net assets acquired of about $270m, it said.
Terms of the deal were not disclosed.
'HSBC's decision to exit the domestic factoring business was made as a result of our new strategic plan's emphasis on our core US businesses,' said Martin Glynn, president and chief executive of HSBC Bank USA.
