HSBC to shut down New Zealand wealth, personal banking business

HSBC is shutting down its wealth and personal banking operations in New Zealand, as it shifts its focus on Asian market expansion rather than less profitable businesses, the bank announced on Tuesday.

The process will go into action over several years in a phased manner, HSBC added.

“HSBC can no longer justify investing into this business given the changing operating requirements in the market and scalability of the business,” the bank stated.

The London-based bank had previously announced its decision to review its retail banking business in the market with a view to selling it, and New Zealand is the latest market it has decided to withdraw from.

HSBC’s plans to turn to Asian markets have caused planned sales of its businesses in France, Greece, Russia, and Canada.