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HSBC closing retail business in Australia over next 18 months

Be.au

Be.au

Member
Joined
Feb 19, 2013
Posts
145
Qantas
Platinum
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.

 
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.
 
BJReplay said:
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.
Click to expand...
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.
 
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.
 
NM said:
Some members may be interested in getting the HSBC Star Alliance card before it is withdrawn to take advantage of the Star Gold status.
Click to expand...
HSBC are no accepting applications for new accounts from today.
 
Be.au said:
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.

Click to expand...

Pepper also bought out RAMS - transitions overnight tonight then no more RAMS.
 
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!
 
dairyfloss said:
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!
Click to expand...
I don't think the credit cards and bank accounts will end up with anyone. I think they will just be wound up.
 
I can see that my credit card annual fee was only charged in April. Here's hoping they give a full year out of the card, otherwise, they'd better give a pro rata refund...
 
I realised I opened my first account with HSBC when I was 13, because I thought it seemed exotic and much more interesting than the local banks. That was nearly three decades ago and I’ve consistently been with them (plus other banks) since then. They’ve had some great products but also the local market will just be a bit more bland without them.
 
Interesting….A Chinese bank pulling out of Australia when they are trying to woo and influence the Pacific region. Having said that, I will be disappointed to lose my Star Alliance Visa card 😞
 
My main bank home loan too.
It's a bummer, but I'll start the process to remortgage with another non Big 4 bank right away.
I'm not being forced to go to pepper jack.

1st Citi now HSBC the market here starting to look very drab.
 
Yep I was with Citi until NAB swallowed them and killed the benefits. Moved to HSBC which also was great for international and travel with the multi currency account (and the 2% cashback card).

Got the email from HSBC today which suggests they'll be closing everyones accounts rather than selling them to another bank.

Guess I'll move to Macquarie now?
 

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