hsbc leaving australia

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HSBC is exiting the Australian retail banking market after nearly 40 years by selling its home and personal loan portfolio to Blackstone.

HSBC is closing all its branches and withdrawing from the Australian retail banking sector after almost 40 years of operation. This exit involves selling its $25 billion home and personal loan portfolio to investment firm Blackstone. The decision marks HSBC's strategic move to wind down its local retail banking business in Australia. Customers can expect changes as HSBC transitions out of the retail market, focusing on other areas of banking globally.