{"id":835266,"date":"2026-07-31T08:41:14","date_gmt":"2026-07-31T08:41:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/835266\/"},"modified":"2026-07-31T08:41:14","modified_gmt":"2026-07-31T08:41:14","slug":"hsbc-closes-australian-retail-banking-business","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/835266\/","title":{"rendered":"HSBC closes Australian retail banking business"},"content":{"rendered":"

One of Australia\u2019s major banks has announced that it is shuttering its retail business.<\/p>\n

HSBC, formerly known as Hong Kong Shanghai Banking Corporation, announced on Friday that it is exiting Australia.<\/p>\n

\u201cHSBC has announced that it will be closing its retail banking business in Australia, following a review,\u201d the bank said in a statement.<\/p>\n

\u201cThe decision forms part of the simplification of the HSBC Group. This will be done in a phased manner over the next 18 months, subject to regulatory approvals.\u201d<\/p>\n

MORE: How David Jones signed its own death warrant<\/a><\/p>\n

\"HSBC<\/p>\n

HSBC is leaving Australia. Picture: NewsWire \/ Gaye Gerard<\/p>\n

The decision means HSBC will exit the Australian consumer and retail lending market. However part of the bank will remain in Australia to invest and grow its corporate and institutional private banking and asset management divisions.<\/p>\n

The bank will sell its entire $36bn Australian home and personal loan portfolio to American equity giant Blackstone. That sale is expected to be completed at in the first six months of next year.<\/p>\n

While significant the $35bn is just a small part of the total Australian mortgage market which is said to be worth around $2.5 trillion.<\/p>\n

ASX-listed non-bank lender Pepper Money will take on the management and servicing of HSBC mortgages and personal loans next year,<\/p>\n

MORE: Hated Aus store rule behind big theft surge<\/a><\/p>\n

\"\"<\/p>\n

HSBC CEO Georges Elhedery is streamlining the bank\u2019s global operations. Picture: Supplied<\/p>\n

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The decision is a significant strategy shift from CEO Georges Elhedery, who took over the job in September 2024 and has aimed at streamlining the bank\u2019s global operations.<\/p>\n

WHAT DOES THIS MEAN FOR HSBC CUSTOMERS<\/p>\n

All bricks and mortar HSBC branches in Australia will be shut down over the next 18 months.<\/p>\n

HSBC\u2019s retail business, including transactions accounts, savings accounts, term deposits and credit cards with be phased out and closed over the next year and a half.<\/p>\n

As of Friday July 31, 2026, HSBC is not accepting any new retail banking applications.<\/p>\n

HSBC will contact affected customers in coming weeks. The bank has warned customers to be wary of scammers attempting to take advantage of the situation.<\/p>\n

MORE: Jackie O\u2019s cunning $30m exit plan amid Kyle payout<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"One of Australia\u2019s major banks has announced that it is shuttering its retail business. HSBC, formerly known as…\n","protected":false},"author":2,"featured_media":835267,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[64,63,44],"class_list":["post-835266","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australia","tag-au","tag-australia","tag-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/835266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=835266"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/835266\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/835267"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=835266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=835266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=835266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}