HSBC has decided to wind down its wealth and personal banking business in New Zealand, the bank said on Tuesday, as it exits from less profitable businesses globally to focus on expanding in certain Asian markets.
HSBC Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photohas decided to wind down its wealth and personal banking business in New Zealand, the bank said on Tuesday, as it exits from less profitable businesses globally to focus on expanding in certain Asian markets.
The London-headquartered lender can "no longer justify investing into this business given the changing operating requirements in the market and scalability of the business", it said.its retail banking business in the market with a view to selling it.
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