HSBC to shut down retail banking in Bangladesh

HSBC has announced its decision to phase out its retail banking business in Bangladesh from the second half of this year. HSBC Bangladesh said in a statement today that the decision was taken after a review of its retail operations in the country in line with the HSBC Group’s portfolio globally. As part of the exit plan, the bank will immediately cease onboarding new retail customers and work to ensure a smooth transition for existing clients. HSBC’s corporate and institutional banking (CIB) operations in Bangladesh will not be affected. “The bank recognises the importance of Bangladesh to its corporate and institutional clients and continues to invest in the CIB business to drive two-way trade and investment flows,” HSBC said. The move is in line with HSBC’s global strategy announced in October 2024, which streamlines operations and focuses on markets with strong growth opportunities.