HSBC has stopped accepting new retail customers in New Zealand with immediate effect as part of a "wind down' exit plan for its Wealth and Personal Banking business in the country.
The closure is expected to happen over several years in a phased manner, it said in a statement today (13 June).
"The decision has come after a strategic review of the business and reflects the rapidly evolving commercial, regulatory and technology environment for running a sustainable retail business.
"Over the course of the planned exit, HSBC will continue to support its Wealth and Personal Banking customers to ensure a smooth transition to other service providers."
HSBC, which has been operating in New Zealand for over 35 years, said it remained committed to the New Zealand market and will continue to operate and grow its Wholesale Banking business.
This includes Commercial Banking and Financial Institutions & Government, along with its Markets & Securities Services business.
"Each of these businesses are primarily focused on supporting internationally-oriented clients that benefit from the HSBC Group's unique global network and international financial capabilities," it said.
