HSBC gives up on new NZ retail business

The bank will wind down its NZ retail business. (Image: Getty)

Tue, 13 Jun 2023

HSBC is quitting wealth and personal banking in New Zealand and won’t be accepting new retail customers as it winds down the local business over several years and focuses on its commercial division. The London-headquartered bank started a strategic review of the NZ retail business late last year, which it today said reflected the rapidly changing commercial, regulatory and technology environment. The bank has been operating in NZ for more than 35 years and said it remains committed to the local market where it will keep operatin...

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