HSBC is withdrawing from retail banking in Australia, closing all branches over 18 months after selling its local loan portfolio to Blackstone, while keeping private and institutional banking services.
Key facts
- HSBC will close all Australian branches over the next 18 months.
- The bank has sold its local mortgage and personal loan portfolio to global asset manager Blackstone.
- The move ends HSBC's decades-long retail banking presence in Australia.
- HSBC will continue to operate private and institutional banking services in Australia.
- The announcement was made on Friday, according to the Guardian.
London-headquartered HSBC is pulling out of the Australian retail banking market, closing all of its branches in the country over the next 18 months, according to the Guardian. The decision brings to an end a retail presence that has spanned decades.
The withdrawal follows the sale of HSBC’s local mortgage and personal loan portfolio to Blackstone, the global asset management giant. The Guardian reported that the transaction will end the bank’s retail operations in Australia.
Despite exiting retail banking, HSBC said it will continue to operate its private and institutional banking services in the Australian market. The company made the announcement on Friday, according to the Guardian.
The closures are set to take place gradually, with the bank indicating the branch wind-down will occur over an 18-month period. The Guardian did not report specific figures on the number of affected branches or customers.
The move reflects a narrowing of HSBC’s focus in Australia toward its private and institutional operations, while stepping back from the everyday consumer banking services it has offered locally for years.
Why it matters
HSBC's exit reshapes the competitive landscape for retail banking customers in Australia, with mortgage and personal loan accounts moving to Blackstone. For everyday customers relying on HSBC branches, the phased closures over 18 months signal changes to how they access banking services.
Frequently asked questions
Is HSBC leaving Australia entirely?
No. According to the Guardian, HSBC is closing its retail branches and exiting retail banking, but it will continue to operate private and institutional banking services in Australia.
Who is buying HSBC's Australian loan portfolio?
HSBC has sold its local mortgage and personal loan portfolio to Blackstone, a global asset management giant, according to the Guardian.
How long will the branch closures take?
The Guardian reported that HSBC will close all of its Australian branches over the next 18 months.