HSBC To Exit New Zealand Wealth and Personal Banking Business
June 13 2023 - 4:53AM
Dow Jones News
By Elena Vardon
HSBC Holdings said on Tuesday that it is winding down its wealth
and personal banking business in New Zealand.
The global lender--which is listed both in London and Hong
Kong--said the decision was taken after a strategic review of the
business through which it concluded that it can no longer justify
investing in it "given the changing operating requirements in the
market and scalability of the business."
The wind down will take place over several years in a phased
manner, it said, adding that the bank remains focused on its
wholesale banking business in the country.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
June 13, 2023 04:38 ET (08:38 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Hsbc (LSE:HSBA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Hsbc (LSE:HSBA)
Historical Stock Chart
From Jul 2023 to Jul 2024