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HSBC Holdings Newsroom
Transmouth Holdings (00005) plans to reduce its Business in Mexico to further cut costs.
Given that HSBC's scale in Mexico is not competitive, the bank will explore significantly reducing its local Retail Trade, but will not consider completely withdrawing from the market.
[Hong Kong Stock Connect] It is reported that HSBC Holdings (00005) is assessing its retail Banking Business outside of the United Kingdom and Hong Kong to further cut costs.
According to reports citing sources, HSBC Holdings (00005) is assessing its retail banking operations outside the United Kingdom and Hong Kong in order to further reduce costs, and may shrink its operations in Mexico. Insider sources indicate that HSBC is looking beyond its core markets to reduce Consumer business and focus on wealthier 'premier' clients. Additionally, given HSBC's lack of competitive scale in Mexico, the bank will explore significant cuts to its local retail business, but will not consider a complete withdrawal from the market. Furthermore, HSBC is also evaluating its presence in countries like Malaysia and Indonesia.
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