The HBIB licences were quietly surrendered at the end of last year, with the Isle of Man’s Financial Supervision Commission issuing a statement earlier this week that HSBC had consolidated all Isle of Man international business within its Jersey branch.
This move appears to fit within the HSBC group’s overarching worldwide strategy of withdrawing from certain markets and streamlining business operations where appropriate.
In a statement to International Adviser, HSBC outlined that the HBIB branches in Guernsey and the Isle of Man “essentially operated as booking centres for international clients based overseas. All local customers bank in these locations with HSBC Bank plc’s high street branches”.
For some time now, the statement added, all new international accounts have been opened with HBIB in Jersey, which already served the bulk of its customers.
“During 2012, we transferred the legacy Guernsey and Isle of Man HBIB accounts to Jersey. Now that the transfer is complete, we are surrendering the HBIB branch licences in both locations. HSBC Bank plc will continue to serve local clients.”
No job losses have resulted from this exercise, HSBC stated.
HBIB still has branches in Hong Kong, Jersey and representative offices in Dubai and Johannesburg.
HSBC moved its private banking operation from Jersey to Guernsey in May last year.