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.
The process, as a result of a strategic review, will happen over several years in a phased manner, it said in a statement.
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.
Read More : HSBC Announces Closure of Wealth and Personal Banking Business in New Zealand