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The Guardian - AU
The Guardian - AU
Business
Jonathan Barrett Business editor

HSBC to close all branches and pull out of Australian retail banking market

HSBC Australia Blackstone London
A HSBC sign outside a bank
An HSBC sign outside a Sydney branch, which will close as the bank exits the Australian retail market. Photograph: Hollie Adams/Reuters

The London-headquartered HSBC is closing all Australian branches over the next 18 months after selling its local mortgage and personal loan portfolio to the global asset giant Blackstone.

The transaction will end HSBC’s decades-long retail presence in Australia, although it will continue to operate private and institutional banking services, the company announced on Friday.

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