HSBC to Shut Retail Business in Bangladesh
London-based HSBC continues its global overhaul with the closure of its retail business in Bangladesh.
HSBC will begin winding down its retail business in Bangladesh in the second half of 2025, according to CEO Georges Elhedery during an earnings call with media for the bank's first-half results.
The decision was part of a broader strategic review of four markets in Asia including Australia, Indonesia and Sri Lanka. The review is ongoing for the remaining three markets with no decision yet to be made. The corporate and institutional banking business is unaffected by these reviews.
Reorganization and Simplification
The latest move is part of HSBC’s reorganization aimed at simplifying its business globally and achieving cost savings of $1.5 billion by the end of 2026. Other recently announced exits include UK life insurance, German custody and fund administration, Argentina, French home and other loans, and Uruguay.
«[W]e are simplifying the bank. In this environment, it has become increasingly important to simplify the organization and make it more agile,» Elhedery remarked.
