HSBC Plans To Exit Retail Banking Business In New Zealand
Portfolio Pulse from Lekha Gupta
HSBC Holdings PLC (NYSE:HSBC) announced its decision to exit its wealth and personal banking business in New Zealand, winding down the business over several years. The bank will continue to operate its Wholesale Banking and Markets & Securities Services businesses in the country. This move aligns with HSBC's strategy to exit less profitable businesses globally and focus on expansion opportunities in Asian markets.
June 13, 2023 | 10:50 am
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HSBC's decision to exit its wealth and personal banking business in New Zealand aligns with its strategy to focus on expansion opportunities in Asian markets.
HSBC's decision to exit its wealth and personal banking business in New Zealand is in line with its strategy to focus on more profitable businesses and expansion opportunities in Asian markets. This move is unlikely to have a significant short-term impact on the stock price, as it is part of the bank's ongoing strategic plan.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 100
NEUTRAL IMPACT
HSBC sold its business in Canada to Royal Bank of Canada (NYSE:RY) for C$13.5 billion last year.
The mention of Royal Bank of Canada (RY) in the article is related to HSBC's sale of its Canadian business to RY last year. This information is not new and is unlikely to have any short-term impact on RY's stock price.
CONFIDENCE 90
IMPORTANCE 40
RELEVANCE 50