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
Latest News
-
British financial sector optimism falls at fastest rate since 2022 amid Budget concerns
-
TransUnion to buy Monevo
-
Global banks to axe 200,000 jobs by 2030 as AI takes over human tasks, finds Bloomberg
-
Lloyd's of London chief executive officer Neal to step down in 2025
-
JPMorgan becomes final major Wall Street bank to exit climate alliance
-
Visa and Qashio partner on B2B travel payments solution
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories