HSBC will close its personal banking services in the country in phases this year, said a statement issued by the bank yesterday.
With immediate effect, the bank will stop accepting new individual customers in Bangladesh.
"The Bank made the decision after a thorough review of the business, which assessed its relative market position within the Bangladeshi market and its strategic fit within the HSBC Group portfolio," read the statement.
Over the course of the planned exit, the bank will continue to support its IWPB customers to ensure a smooth transition, it added.
However, the wind-down of retail banking will not impact HSBC's Corporate and Institutional Banking (CIB) operations in Bangladesh.
"The Bank recognises the importance of Bangladesh to its corporate and institutional clients and continues to invest in the CIB business to drive two-way trade and investment flows," HSBC said.
The decision underscores part of its goal to simplify the HSBC group, announced in October 2024 and increase market share in areas where it has a clear competitive edge.
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