HSBC has decided to wind down its operations in Brunei, which comprise retail, commercial and global banking services, as part of the group's global review of businesses, the bank said in a press statement.

This move is not a reflection on the economic environment in Brunei, but is instead a significant step in HSBC's stated goal to optimise its global network and reduce complexity, outlined during the HSBC Investor Update on June 9, 2015, the statement noted.

"Globally, there is a very challenging operating environment for all banks and HSBC's strategy is founded upon supporting trade and investment flows across the world's major trade corridors."

The bank said the wind-down will commence today (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 said its 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 the group's values and statutory requirements, the statement said.

HSBC customers are encouraged to visit their local branch or call the bank's service hotline to find out about how this impacts them.

Autoriti Monetari Brunei Darussalam (AMBD) said it is aware of HSBC Brunei's future strategic business plans for its presence in Brunei Darussalam.

It is working closely with HSBC Brunei to ensure that there is minimal disruption to customers, staff, the financial sector, and the economy of Brunei Darussalam.

Source:
@BRUDIRECT.COM

by BruDirect.com

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