Of Special Interest
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
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.