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)

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