HSBC winding down wealth, personal banking business in New Zealand

The bank can no longer justify investing into this business, it said in a statement.

HSBC is pulling out from the wealth and personal banking market in New Zealand.

The London-headquartered bank said in a statement that it can "no longer justify investing into this business given the changing operating requirements in the market and scalability of the business.”

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A spokesperson for HSBC said that the bank is helping its local customers to switch to other personal and wealth service providers and in the coming months it “remains business as usual” for its customers and staff.

Here’s more from Reuters.