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!

 

[Doddler]

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.

Though they say they’ll be winding down the various accounts over the next 18 months. That means some accounts might be closed before then.

Real bummer - it’s my main bank too, and the HSBC Global multicurrency account has been great.

 

[NM]

My HSBC Qantas Rewards card has been a great card, but will be cancelling it before end of first year. With no annual fee for the first year and 1.5 QFF points per dollar spend with extra bonus points for QF spend, I have earned over 140K QFF points in 10 months just from what would have been normal spending. Of course with no annual fee there was also no sign-up bonus. But earning 140K point in 10 months for no fee was a pretty good deal.

So I suppose with HSBC exit from the local market, the option to "churn" to this card again in the future is unlikely to exit.

Some members may be interested in getting the HSBC Star Alliance card before it is withdrawn to take advantage of the Star Gold status.

 

[moa999]

Last of the big foreigners challenging out Big 4 (or maybe 5 now with Macquarie).

First Citi, now HSBC.

 

[Be.au]

Some members may be interested in getting the HSBC Star Alliance card before it is withdrawn to take advantage of the Star Gold status.

HSBC are no accepting applications for new accounts from today.

 

[NM]

HSBC are no accepting applications for new accounts from today.

ok, then its too late for taking advantage of that one. Glad I managed to make some gravy while I was able.

 

[esseeeayeenn]

Does any other bank offer international banking and something like Premier?

 

[AuSammy]

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

Pepper also bought out RAMS - transitions overnight tonight then no more RAMS.

 

[dairyfloss]

We have our primary banking with HSBC (Premier), incl. home loan, offset and cash management accounts, and a Qantas Premier M/C. The split between Pepper for loans and wherever the other accounts and credit card ends up will be an administrative headache. Hoping one/more of the banks might swoop in with offers for lost HSBC customers who aren't on fixed terms to jump ship to a holistic solution elsewhere. They certainly could use some new customers in the current economy!

 

[esseeeayeenn]

We have our primary banking with HSBC (Premier), incl. home loan, offset and cash management accounts, and a Qantas Premier M/C. The split between Pepper for loans and wherever the other accounts and credit card ends up will be an administrative headache. Hoping one/more of the banks might swoop in with offers for lost HSBC customers who aren't on fixed terms to jump ship to a holistic solution elsewhere. They certainly could use some new customers in the current economy!

I don't think the credit cards and bank accounts will end up with anyone. I think they will just be wound up.