HSBC has decided to wind up its New Zealand retail banking operations. Photo: JAKUB PORZYCKI / AFP
HSBC bank is winding down its retail banking businesses in New Zealand to focus solely on commercial banking.
The London-based bank, which has been operating in Aotearoa for 35 years, has stopped accepting new retail customers.
A spokesperson said the winding down of the bank's wealth and personal banking business would be phased over several years.
"The decision has come after a strategic review of the business and reflects the rapidly evolving commercial, regulatory and technology environment for running a sustainable retail business," they said.
"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."
The bank would continue to operate and aim to grow its wholesale banking business in Aotearoa, which included commercial banking and financial institutions and government, which focused on supporting "internationally-oriented clients".
Effective immediately, the bank will not be accepting new home loan applications or requests for top-ups on existing loans. Applications submitted before 13 June will be honoured.
Customers with fixed home loans ending before 13 September will be given another six months, giving them time to refinance elsewhere. Loans maturing after that date will go onto floating rates while customers find someone else to bank with.
Other services, such as revolving credit and overdrafts, are being phased out - HSBC urging customers to get in touch to close their accounts.
The Auckland branch would stay open for now, the bank saying it will give "due notice" before it shuts.
More information can be found on the HSBC website.
