On Tuesday, HSBC (HSBA.L) announced it would close its wealth and personal banking division in New Zealand as it leaves less lucrative areas worldwide to focus on Asian markets.
A strategic assessment will phase the procedure over several years, it said.
The London-based lender said it could “no longer justify investing into this business given the changing operating requirements in the market and scalability of the business.”
The bank announced last year that it was considering selling its retail banking unit.
The London-Hong Kong dual-listed bank withdrew from New Zealand.
In May, Chief Financial Officer Georges Elhedery told Reuters that Europe’s largest lender is considering exiting one in five areas to focus on Asian expansion.
Its drive to Asia has led to planned sales of France, Greece, Russia, and Canada operations.
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