![]() ![]() HSBC is no longer accepting new applications for home loans including top-ups of existing loans, term deposit applications, account opening applications, and debit Mastercard applications. We will continue to honour our obligations to all customers under any existing agreement, or to those who have received formal Letters of Offer, as well as pre-approval letters issued prior to the date of this letter," Milicich says. Please rest assured that we remain committed to supporting you throughout the entire wind-down process. "We have therefore made the decision to wind-down our wealth and personal banking business, which will happen over several years in a phased manner. In an email to customers on Tuesday afternoon Martine Milicich, HSBC NZ's Country Head of Wealth and Personal Banking, says it has become clear that HSBC can no longer justify investing into its NZ business given the changing operating requirements in the market and scalability of the business. 'Start engaging with other financial services providers' Late last year HSBC said it was reviewing its NZ retail banking operations with a sale one of a number of options under consideration. The bank's 2022 profit after tax was $46.92 million. As of December 31, 2022, HSBC NZ had residential mortgages of $1.6 billion, with total gross lending at $4.7 billion. HSBC has been operating in NZ for more than 35 years. However, the Bank will stop accepting any new retail customers in New Zealand, with immediate effect," HSBC says. "Over the course of the planned exit, HSBC will continue to support its wealth and personal banking customers to ensure a smooth transition to other service providers. HSBC says it'll continue operating and growing its NZ wholesale banking business, which includes commercial banking and financial institutions and government business, plus markets and securities services business. The bank says the decision follows a strategic review and reflects the rapidly evolving commercial, regulatory and technology environment for running a sustainable retail banking business. HSBC says it'll wind-down its New Zealand wealth and personal banking business over several years, and is stopping accepting new NZ retail customers with immediate effect. ![]()
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