HSBC eyes New Zealand sale, axes UK branches as empire shrinks

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The story "HSBC eyes New Zealand sale, axes UK branches as empire shrinks" was covered 3 months ago by Channel News Asia, a news publisher based in Singapore.

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HSBC eyes New Zealand sale, axes UK branches as empire shrinks - Channel News Asia

Quick Summary:

LONDON :HSBC announced on Wednesday a possible sale of its New Zealand business and plans to close 114 branches in Britain, in the latest retrenchment by the bank as it strives to improve returns amid criticism from a top investor.

Retail banking profits have also come under pressure worldwide from low-cost digital rivals that avoid the expense of running large branch networks.

FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019.