HSBC will immediately stop onboarding new retail customers in Bangladesh but will support existing clients during the exit process. HSBC is set to ex
HSBC will immediately stop onboarding new retail customers in Bangladesh but will support existing clients during the exit process.
HSBC is set to exit its International Wealth and Premier Banking (Retail Banking) operations in Bangladesh, with a phased wind-down set to commence in the latter half of the year.
This decision follows a comprehensive review of the business, which evaluated its market position in Bangladesh and its alignment with HSBC Group’s overall strategy.
As part of this transition, HSBC will cease onboarding new retail customers in Bangladesh immediately, while continuing to support existing clients throughout the exit process.
HSBC’s Corporate and Institutional Banking (CIB) operations in Bangladesh will remain unaffected by this decision.
This move is part of a strategy for simplification within HSBC Group, which was outlined in October 2024, focusing on strengthening market leadership in areas where the bank has a competitive edge and growth potential.
In a separate development, HSBC has instructed all managing directors to work from the office for a minimum of four days a week starting in October, reported Bloomberg.
The London-based bank instructed senior managers “to set the tone from the top” as “in-person interactions are essential to how we lead and deliver for our customers,” according to a memo obtained by Bloomberg News.
A bank spokesperson verified the memo’s contents.
The memo clarified that in-office work encompasses activities conducted at the bank’s premises, client meetings, and attendance at conferences or similar events.
As the demand for office space increases, HSBC is preparing to relocate to a new headquarters in London next year, although it faces a projected shortfall of 7,700 desks, as reported earlier this year by Bloomberg.
In addition, HSBC is considering selling its retail bank in Australia to streamline global operations, according to a recent report by the Australian Financial Review.
The sale, managed by Citi, may attract local lenders looking to enhance their credit card services.
Credits: retailbankerinternational.com
