Of Special Interest
24th February 2012
HSBC to exit Japan retail
HSBC is to close its retail banking business in Japan. This is to include its Premier business for the affluent group. Last year it sold its wealth business in Japan to Credit Suisse.
The bank wrote to customers earlier this week and stopped accepting new premier account deposits from yesterday (Thursday). Its Nagoya branch closes at the end of April and the other branches at the end of July. The planned withdrawal from Japan had been widely leaked. It is part of the bank's strategic plan to withdraw from retail banking in countries where it has a small market share and little likelihood of growing this significantly.