After 40 years, global banking giant HSBC is to all but exit the Australian market.
The bank has sold its Australian lending business, with those holding home and personal loans to be serviced by Pepper Money going forward.
HSBC will also wind down its entire retail banking business over the next 18 months, affecting everything from transaction accounts to term deposits and credit cards.
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The bank is no longer accepting new retail customers.
HSBC will retain an Australian presence but for corporate banking only.
“For now, customers can continue to bank with us as normal and will receive information from HSBC outlining the subsequent changes to the products held, noting there is no action required at this point,” the company said in a statement on Friday.
“HSBC is focused on increasing leadership and market share in the areas where it has clear competitive advantage and the greatest opportunities to grow and support its clients.”
In an email to customers on Friday, HSBC said Pepper Money was due to manage and service its loans from the first half of 2027.
“For each product you hold with HSBC, you’ll receive dedicated communications in the coming weeks to guide you through the upcoming changes,” it said.
“Our customer service teams will remain available to support you through this time.”
Customers using HSBC online can continue to self-service through their banking app and online banking.
“Over the next 18 months, all HSBC branches in Australia will close in a phased manner. Please visit our website to find your closest available branch and the latest branch closure dates,” the bank said.
