HSBC pulls out of Japanese retail banking
HSBC yesterday said it will pull out of the retail banking business in Japan, including the HSBC Premier service meant for clients who hold more than 10m yen (£79,405) in financial assets.
The latest move by Europe’s biggest bank follows its retreat from Japan’s top-tier private banking business, which covers clients who hold more than 200m yen in assets, selling the business to Credit Suisse in December.
“I am writing to you today to inform you with regret that we will be discontinuing our HSBC Premier service in Japan,” HSBC said in a release addressed to the clients of the service.
The decision followed its review of the company’s global business strategy, it said.
Last year the company outlined a strategy in which chief executive Stuart Gulliver said he wants to cut annual costs by $3.5bn and sharpen the bank’s focus on Asia by quitting countries or businesses where it lacks scale.