HSBC to exit Australian retail banking, sell $36bn to Blackstone
Business
HSBC is calling it quits on retail banking in Australia after about 40 years.
The bank plans to sell its $36 billion local mortgage and personal loan portfolio to Blackstone, with the deal wrapping up in the first half of 2027.
Over the next year and a half, all 19 branches will close, and everyday products like savings accounts, credit cards, and term deposits will be phased out.
Around 2,000 HSBC staff face uncertainty
This move follows a strategic review, as HSBC struggled to compete with Australia's Big Four banks and Macquarie, who control most of the market.
The future for around 2,000 local staff is still uncertain.
Most of the retail banking team will stay on during the transition, and Pepper Money (hired by Blackstone) might offer roles to some affected workers.