London-headquartered HSBC has decided to wind down its wealth and personal banking business in New Zealand following a strategic review.
HSBC will close its wealth and personal banking (WPB) business in New Zealand via a wind-down, according to a statement. The bank has stopped accepting new retail customers in New Zealand and the wind-down is expected to occur over several years in phases.
«The decision has come after a strategic review of the business and reflects the rapidly evolving commercial, regulatory and technology environment for running a sustainable retail business,» the bank said.
«Over the course of the planned exit, HSBC will continue to support its wealth and personal banking customers to ensure a smooth transition to other service providers.»
2022 Review
In 2022, HSBC said it was reviewing the New Zealand WPB business and eyeing a possible sale.
HSBC has been operating in the country for over 35 years and will continue to run and grow its wholesale banking business, which includes commercial banking as well as financial institutions and government, alongside its markets and securities services business.
