Kuala Lumpur, Malaysia – HSBC is reportedly reviewing its retail banking operations overseas, particularly in Malaysia and Indonesia as well as in Mexico, as first reported by the Financial Times.
According to the report, the bank is shifting its focus beyond its core markets to reduce its consumer footprint and prioritise serving wealthier “premier” clients.
Moreover, it has been reported that HSBC is considering a substantial reduction of its retail operations in Mexico and is evaluating its presence in countries like Malaysia and Indonesia, with an eye toward capitalising on opportunities in premier banking.
It is worth noting that HSBC has been ramping up its wealth management division, especially in the United Kingdom and Hong Kong where most of its clients are coming from.
In September this year, the global financial services company was reported recruiting hundreds of bankers to serve rich clients in the UK. A month later, the company tapped actor Tony Leung Chiu-wai as part of HSBC’s launch of its wealth programme “Wealth. Growing at every stage” in Hong Kong.
Retail banking exits are increasingly becoming common across markets in Asia, most notably Citigroup’s exit in 10 APAC markets, which included Taiwan, the Philippines, and Indonesia.
