HSBC will exit its wealth and personal banking business in New Zealand, according to media reports.
The exit is expected to happen via a phased wind-down that will take several years, with the bank no longer accepting new retail customers.
In a statement seen by other media outlets, HSBC said: “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.
“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 will continue to operate its wholesale banking business, including commercial banking, financial institutions and government as well as, its markets and securities services business.
This comes after HSBC Canada announced the sale of its banking business to the Royal Bank of Canada last year in a $10.1bn (£8bn, €9.3bn).
International Adviser has reached out to HSBC for a comment but the bank did not reply in time for publication.