HSBC, headquartered in London, is set to close all 19 of its Australian branches over the next 18 months. This follows the sale of its local mortgage and personal loan portfolio to global asset giant Blackstone.
The transaction will mark the end of HSBC's decades-long retail presence in Australia. However, the company confirmed it will continue to operate private and institutional banking services in the country.
The branch closures will occur in a "phased manner," according to a bank spokesperson. Details regarding potential job losses are not yet available, as the sale requires regulatory approval. HSBC's non-mortgage retail products, including transaction accounts, savings, term deposits, and credit cards, will also be phased out.
Blackstone has appointed lending group Pepper Money to service the loans once the sale is completed, which is anticipated in the first half of 2027. Pepper Money is expected to advertise roles that may be filled by current HSBC employees.