HSBC is reviewing its retail banking operations outside the UK and Hong Kong, which could see it substantially scale back operations in other countries, including Mexico, the Financial Times reported on Thursday, citing people familiar with the discussions.
The bank is looking outside its core markets to reduce consumer presence and focus on wealthier “premier” customers, the report said.
When the bank relaunched its “premier” wealth banking brand in Britain last month in pursuit of wealthy clients, HSBC UK’s head of wealth and personal banking, Jose Carvalho, told Reuters the move plays into the bank’s broader strategy.
Last week, the London-headquartered bank announced a raft of senior management departures and appointments as its new CEO Georges Elhedery aims to streamline costs and improve decision-making.
Elhedery, who took the helm in September, is keen to focus on clients in the bank’s “premier” category as well as in wealth management, FT said.
HSBC may look at significantly cutting its retail presence in Mexico, while reviewing its positions in countries such as Malaysia and Indonesia, where it could benefit from focusing on premier banking, according to FT.
HSBC declined to comment.
Source : Reuters
Prefunded pensions in Denmark, the Netherlands and Sweden pair income security with fiscal sustainability, but…
Rising income inequality in Western high-income countries threatens democratic governance and social cohesion, and AI…
Geopolitical tensions are often seen as a source of inflation. But this is only part…
Interest in the role of cultural norms, institutions, and development has resurfaced in recent years…
Policymakers are asking whether generative AI is reshaping labour demand, and the literature has found…
Every year, governments and development organizations spend billions on business upgrading programs — training, mentorship,…