HSBC Exits Australian Retail Banking

Note: This section contains information in English only.
Source: Dukascopy Bank SA
HSBC is shutting down its Australian retail banking operations and closing all 19 branches over the next 18 months, following the sale of its $36 billion mortgage and personal loan portfolio to Blackstone. The non-bank lender Pepper Money will manage the acquired loan book, while HSBC shifts its local strategy entirely toward corporate, private, and institutional banking. 

The exit marks the end of HSBC's decades-long effort to capture market share in Australia's $2.5 trillion mortgage sector, which remains heavily dominated by the country's major domestic banks
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