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HSBC eyes sale of New Zealand retail business

11/30/2022 | 08:10am EST
FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York

LONDON (Reuters) - HSBC is reviewing its retail banking business in New Zealand with a view to selling it, a spokesperson for the bank said on Wednesday, the latest in a string of such disposals by the bank in recent years as it tries to improve returns.

"Like many organizations, HSBC regularly engages in business reviews to optimize our network operations for the long term," the spokesperson said.

The bank's wholesale banking business in New Zealand will not be impacted by the review, she added.

Bloomberg News earlier on Wednesday reported the review of the New Zealand retail business.

(Reporting by Lawrence White, editing by David Evans)


ę Reuters 2022
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