HSBC closing retail business in Australia over next 18 months

[Be.au]

HSBC has announced that it will be closing its retail banking business in Australia, following a review.

HSBC has entered into a sale agreement for its home and personal loan portfolio, subject to regulatory approval. As part of this, Pepper Money is expected to manage and service these loans from the first half of 2027.

The remainder of HSBC Australia's retail banking business including transaction accounts, savings and term deposits, credit cards, foreign currency accounts, wealth and investment products, will be wound down in a phased manner over the next 18 months. We're no longer accepting applications for new accounts.

https://www.hsbc.com.au/content/dam/hsbc/au/docs/help/changes-to-hsbc-australia-customer-communications.pdf

 

[kpc]

Not great as HSBC is my main bank

 

[BJReplay]

Bummer.

Was trying to work out what to do in a Post-October world re point earning cards. I worked out a while ago that Amex Platinum wasn't worth the fees for my spending pattern; HSBC Premier was, even with the fee.

CBA Ultimate was barely worth it after the restriction of transfer partners for the travel insurance (used it again, recently - it really is good), and overseas transactions.

Was very close to downgrading CBA as I couldn't put enough through the card to keep it open until October to re-assess.

Don't really have enough points with HSBC to be useful, either, though probably can earn them over the next 18 months.

Hmmm.

 

[oz_mark]

Winder where that leaves the Star alliance card.

 

[SYD]

Winder where that leaves the Star alliance card.

I was pondering that when your post appeared!