HSBC Brunei winding down operations

Press statement from HSBC’s Brunei website: Following a strategic review, HSBC will be winding down its operations in Brunei, which comprise retail, commercial and global banking services.

This is part of the Group’s global review of businesses and represents a significant step in HSBC’s stated goal to optimise its global network and reduce complexity, outlined during the HSBC Investor Update on 9 June 2015. This is not a reflection of the current economic environment in Brunei.

The wind down will commence on April 6, 2016, and HSBC Brunei will no longer take on any new accounts, facilities or business from that date. To minimise the impact or inconvenience to our customers, the process will be phased over time and HSBC Brunei will ensure that all existing obligations to clients are met.

HSBC Brunei will communicate with each of its customers over the coming months to provide them with specific details and requirements relating to their services and accounts with the Bank.

Any impacted staff are to be treated fairly and in line with our Group values and statutory requirements.

HSBC customers are encouraged to visit their local branch or call the bank’s service hotline on 2252252 to find out about how this impacts them. We apologise for the inconvenience caused. To read further on questions for customers related to HSBC, you can click here for their FAQs.

HSBC has been one of my main banks since Day 1.

HSBC Brunei celebrating their 60th anniversary, feting their staff and their families back in 2007.

What I feel: Sad, of course. Rumours have been circulating beginning of the year with regards to HSBC’s status in Brunei. I chose not to authenticate it until an official statement is released (or getting inside scoop). Hence, it was made official yesterday and plus with headliners in the today’s newspapers. This is the third international bank that I’m aware that had huge changes though UOB is still operational after the purchase by Baiduri Bank. The other bank being Citibank which closed its door back in March 2014.

I’ve been an HSBC customer for more than two decades now and it was also the first bank that I opened my personal savings account. So yea, I have a lot of sentiments on the breaking news from HSBC Brunei.

The “winding down” of HSBC Brunei would affected a few hundred HSBC (Brunei) employees and senior management personnels. It is also such an untimely manner as Brunei is experiencing economic downturn.

The exit strategy from HSBC has been a global approach. There were other markets that have been affected too. Furthermore, it seems that HSBC (globally) are on the defensive front after a string of scandals that hampered the World’s Local Bank reputation. It will be tough now for HSBC globally but I’m pretty sure they will climb back up again. As for Brunei, this could be a permanent goodbye after being in Brunei for 69 years.