HSBC Considers Scaling Back Global Retail Banking Operations

HSBC has begun reviewing its retail banking operations outside the UK and Hong Kong on Thursday. This move indicates a potential reduction of its consumer banking presence in several countries, including Mexico. According to reports, the bank is focusing on servicing wealthier "premier" clients as part of a broader strategy.

The bank's shift towards "premier" wealth banking became apparent last month with its rebranding in Britain, targeting affluent customers. Jose Carvalho, head of HSBC UK's wealth and personal banking, confirmed that this direction aligns with the bank's overall strategy.

Last week, HSBC, headquartered in London, announced significant changes in its senior management team. These changes are part of the new CEO Georges Elhedery's plan, which started in September, to reduce costs and improve decision-making processes. Elhedery emphasizes the importance of servicing "premier" clients and strengthening the bank's wealth management services.

According to reports, HSBC is considering significantly scaling back its retail banking footprint in Mexico. The review also encompasses the bank's operations in Malaysia and Indonesia, where HSBC may shift its focus more toward premier banking services.

HSBC did not provide any comments regarding the reported review of its retail banking operations.