Shortly after announcing a sale of its Canada unit, HSBC said it is now reviewing its New Zealand retail unit with the possibility of offloading the business.
HSBC is reviewing its retail business in New Zealand, according to a spokesperson, with various options being considered, including a sale.
«Like many organizations, HSBC regularly engages in business reviews to optimize our network operations for the long term,» the spokesperson said, adding that the wholesale business would not be impacted. «This process is still in its early stages with no decisions made on any next steps at this point.»
Global Rejig
HSBC is rejigging its global business by shifting resources, primarily to Asia, in order to improve profitability, especially due to criticism from top investor Ping An.
The New Zealand review occurs shortly after HSBC agreed to sell its Canada unit to RBC for around $10 billion.
Separately, the British lender has also announced that it would shut 114 branches in the UK starting from April 2023 due to reduced usage and increased adoption of digital banking.
