HSBC to pull out of Australian retail banking market
HSBC is exiting the Australian retail banking market, selling its local mortgage and loan portfolio to Blackstone. The bank will close its 19 branches over the next 18 months but will maintain its private and institutional banking services in the country.
Why it matters
The move represents a significant shift in the Australian financial landscape and reflects a broader trend of global banks simplifying their retail operations.
An HSBC sign is displayed outside a Sydney bank branch, which will close as the bank exits the Australian retail market. An HSBC sign is displayed outside a Sydney bank branch, which will close as the bank exits the Australian retail market. HSBC HSBC to pull out of Australian retail banking market London-based company to sell local loan portfolio to Blackstone, but will continue private and institutional banking services
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Prefer the Guardian on Google The London-headquartered HSBC is closing all Australian branches over the next 18 months after selling its local mortgage and personal loan portfolio to global asset giant Blackstone.
The transaction will end HSBC’s decades-long retail presence in Australia, although it will continue to operate private and institutional banking services, the company said on Friday .
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