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According to a statement released by the bank on Tuesday, HSBC has made the decision to wind down its wealth and personal banking operation in New Zealand. This comes as the bank departs from less profitable industries throughout the world in order to focus on growth in select Asian regions.
It was stated in a statement that the procedure, which is the outcome of a strategic assessment, will take place in a staged way over the course of several years.
According to the statement made by the lender with headquarters in London, it is “no longer possible to justify investing into this business given the changing operating requirements in the market and the scalability of the business.”
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Closure of HSBC’s New Zealand wealth and personal banking.
The bank said in December of last year that it was evaluating its retail banking operation in the market with the intention of selling it. This decision comes as a result of that announcement.
The London and Hong Kong dual-listed bank has most recently opted to withdraw from the market in New Zealand, which is located on the map.
According to statements made to Reuters in May by the chief financial officer Georges Elhedery, the largest lender in Europe is considering the possibility of withdrawing from around one in five of the areas in which it now participates in order to place a greater emphasis on expanding its presence in Asia.
The company’s strategic shift toward Asia has already resulted in the anticipated sale of its companies in Canada, France, Greece, and Russia.