Report: HSBC reviews future in Bermuda - Royal Gazette

Scott Neil

Published Jun 3, 2020 at 8:00 am (Updated Jun 3, 2020 at 7:18 am)

Future review: Bermuda is reported to be on a list of countries where HSBC is looking to see if any divisions can be sold or closed (File photograph)

Bermuda is on a list of countries where HSBC Holdings is reconsidering or reviewing its future, according to reports.

The HSBC board is pushing for the restart of a restructuring programme and to come up with more radical changes, including the possible sale of its US business alongside operations in smaller “non-strategic countries”, The Financial Times reported last week.

It said senior figures at the bank had said some of the more marginal businesses that were previously given the benefit of the doubt were being re-examined.

The countries where the bank is looking to see if any divisions can be sold or closed, are said to include Bermuda, along with Malta, the Philippines, and New Zealand. Other countries mentioned in a report by the International Investor include Greece, France and Turkey.

HSBC was formed in Hong Kong 155 years ago. It is now headquartered in London, and is Europe’s largest lender. Executives are said to be planning to redirect resources to Asia, its historical heartland and profit centre. It has regional headquarters in Hong Kong.

HSBC bought Bank of Bermuda in 2004.

When asked by The Royal Gazette if the bank was considering selling or closing its Bermuda business, a HSBC spokesperson said: “HSBC does not comment on media speculation.”

In February, HSBC said it would slash 35,000 jobs globally over the next three years. It said it planned to merge its private banking and wealth businesses, and axe European stock trading.

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