Today, HSBC Holdings PLC HSBC stated its decision to exit its wealth and personal banking business in New Zealand.
As per the strategy, the bank will wind down the business over several years in a phased manner.
HSBC will continue to operate its Wholesale Banking and Markets & Securities Services businesses in New Zealand.
The move is at par with HSBC's strategy to exit less profitable businesses globally and focus on expansion opportunities in Asian markets, as per Reuters.
Last year, the bank decided to review the retail banking business. Consequently, HSBC sold its business in Canada to Royal Bank of Canada RY for C$13.5 billion.
Related: HSBC Explores Canada Unit Sale, But Domestic Players Might Be Discouraged In Bidding: Reports
Yesterday, HSBC launched a new HSBC Innovation Banking unit, which includes the formerly acquired Silicon Valley Bank UK arm.
Price Action: HSBC shares closed lower by 0.94% at $38.09 on Monday.
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