HSBC to wind down New Zealand wealth and personal banking business

HSBC has decided to wind down its wealth and personal banking business in New Zealand.

In a note on its website, the bank said: "Following a strategic review of our Wealth and Personal Banking business in New Zealand, it has become clear that we can no longer justify investing into this business given the changing operating requirements in the market and scalability of the business.

"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."

HSBC added that it will honour its obligations under any existing agreements, formal Letters of Offer and pre-approval letters. However, there will be changes to its product and service offering with immediate effect.