London-based HSBC has operated in Oman since 1948. Credit: BIld av malcolm swallow från Pixabay.

The process will take place over several years in a phased manner. HSBC has said it will continue to honour its obligations under existing agreements, Letters of Offer and pre-approval letters.

The move comes after last year, in December, the bank said it would review its New Zealand retail operations.

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HSBC’s private banking arm has been under significant pressure lately. In December 2021, the Financial Conduct Authority imposed fines of $85.2m on HSBC for failings in its anti-money laundering processes.

Despite this, the sector registered $1.8bn in operating revenues in 2021, marking a 7.1% increase from the previous year.

Taylan Turan, group head of Retail Banking and Strategy at HSBC Wealth and Personal Banking, told RBI in an interview that the bank plans to target a market of 90 million international customers in 10 markets.

“Fast forward to 2023, and HSBC is relaunching an international products and services campaign – to better support customers across borders, for a seamless cross-border experience, whether they’re moving for work, study or to live in a new location”, Turan said. “Ten markets are targeted: as well as the US, the relaunch includes Australia, Canada, mainland China, Hong Kong, India, Singapore, UAE, UK, Channel Islands & Isle of Man.”

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In a February 2021 strategic update, HSBC Holdings disclosed its strategic shift to revamp the Asian wealth market, pledging to invest $6 billion to expand in Hong Kong, China, and Singapore. In 2021, the Asian wealth business attracted net new invested assets of $36 billion. In Asia, WPB wealth revenue – which comprises wealth, insurance, private banking, and asset management – grew by 10% to $5.8 billion.