HSBC has announced plans to wind down its wealth and personal banking business in New Zealand.
The move, announced in a statement on Tuesday, is the result of a strategic review which will see it exit from less profitable businesses globally to focus on expanding in a number of Asian markets. The process of winding down the business will happen over several years in a phased manner, and HSBC said that it will help its local customers to switch to other personal and wealth service providers in the country.
HSBC said that it can "no longer justify investing into this business given the changing operating requirements in the market and scalability of the business.”
The bank last year launched a review of its retail banking business in New Zealand, with selling the unit at one point considered.
New Zealand is the latest market in which HSBC has announced plans to downsize as part of the ongoing pivot to Asia. It said that it would continue to operate and expand its wholesale banking business in the country, though this unit mostly serves international clients such as commercial banking and financial institutions and government-related businesses.
The company has already triggered planned sales of its businesses in France, Greece, Russia and Canada
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