HSBC winding down retail banking business in Bangladesh

DHAKA, July 31 (Xinhua) -- The Hong Kong and Shanghai Banking Corp Ltd (HSBC) has announced to wind down its retail banking business in Bangladesh in a phased manner starting in the second half of this year.

The decision follows a review of its retail operations in the country, aligning with the global HSBC Group portfolio, HSBC Bangladesh said in a statement on Wednesday.

As part of the exit plan, it said the bank would immediately stop onboarding new retail customers and would work to ensure a smooth transition for existing clients.

HSBC said its Corporate and Institutional Banking (CIB) operations in Bangladesh will remain unaffected. "The Bank recognizes the importance of Bangladesh to its corporate and institutional clients and continues to invest in the CIB business to drive two-way trade and investment flows," HSBC said.

The move aligns with HSBC's global strategy, announced in October 2024, to streamline operations and focus on markets with stronger growth opportunities. ■