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HSBC to close all branches and pull out of Australian retail banking market
London-based company to sell local loan portfolio to Blackstone but will continue private and institutional banking services
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The London-headquartered HSBC is closing all Australian branches over the next 18 months after selling its local mortgage and personal loan portfolio to the global asset giant Blackstone.
The transaction will end HSBC’s decades-long retail presence in Australia, although it will continue to operate private and institutional banking services, the company announced on Friday.
HSBC has 19 Australian branches, which will close in a “phased manner”, a spokesperson told Guardian Australia.
The bank representative said it was too soon to share details about job losses, given that the sale is subject to regulatory approval. The bank would need the majority of its retail banking team during the winding down period, the spokesperson said.
HSBC quits Aussie retail banking after nearly 40 years
All HSBC bank branches in Australia are set to close following the sale of its $36 billion mortgage and personal loan book to US financier Blackstone.
The banking giant announced on Friday it had reached an agreement to offload the portfolio, with non-bank lender Pepper Money set to manage the loans once the deal is complete.
Licensed since Paul Keating opened the market in 1986, HSBC has announced it will exit Australian retail banking. AP
The transaction, valued at about $36 billion, is expected to be finalised in the first half of 2027, subject to regulatory approvals.
HSBC said customers don’t need to take any action right now, with more updates to come as the transition gets underway.
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