📉 HSBC exits Retail Banking in Sri Lanka 🇱🇰 after 130+ years

📉 HSBC exits Retail Banking in Sri Lanka 🇱🇰 after 130+ years

⭕️ HSBC announced that it will sell its entire retail banking business in Sri Lanka 🇱🇰 (accounts, credit cards, retail loans) to a local bank, Nations Trust Bank.

⭕️ HSBC will retain its corporate and institutional banking operations in Sri Lanka.

⭕️ In May 2023, HSBC said it was reviewing possible exits from up to 12 countries - roughly one in five of its markets - in order to sharpen its focus on Asia.

⭕️ The bank recently exited or scaled down operations in 🇦🇷 Argentina, 🇫🇷 France (Retail), 🇯🇵 Japan, 🇰🇷 South Korea, 🇹🇭 Thailand, 🇲🇻 Maldives, 🇳🇿 New Zealand, 🇴🇲 Oman, 🇬🇷 Greece etc.

⭕️ The bank is simplifying its global operations and reducing overhead by exiting complex, lower-return markets. It is reallocating resources to selective high-growth markets in Asia 🌏, where it sees greater scale and stronger long-term growth potential.

#SriLanka 🇱🇰 #Banking #HSBC #Asia #Finance #EmergingMarkets