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HSBC announced on Wednesday that it will be exiting the International Wealth and Premier Banking (Retail Banking) business in Bangladesh via a wind-down, which will start in the second half of the year in a phased manner.
The Group made the decision after a thorough review of the business, which assessed its relative market position within the Bangladeshi market and its strategic fit within the HSBC Group portfolio, according to a press release.
Over the course of the planned exit, HSBC will continue to support its Retail Banking customers to ensure a smooth transition. With immediate effect, the Bank will stop accepting new retail customers in Bangladesh.
HSBC’s Corporate and Institutional Banking (CIB) business in Bangladesh is not impacted by this announcement. It remains an important part of HSBC’s international network.
The Bank recognises 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.
The decision forms part of the simplification of the HSBC Group announced in October 2024.
HSBC is focused on increasing leadership and market share in areas where it has clear competitive advantage and where it has the greatest opportunity to grow and support its clients.
Customers can visit HSBC’s website page for more information: https://mail.hsbc.com.hk/bd/hsbc_notice.pdf.
They can also send email queries to:contact@hsbc.com.bdor also directly speak with customer call centre, at 16240 round the clock, 24/7 within Bangladesh, or call 09-6667-16240 if calling from overseas.