KUALA LUMPUR, 5 April 2016: Following a strategic review, HSBC will be winding down its operations in Brunei, which comprise retail, commercial and global banking services. The winding down commences tomorrow and HSBC Brunei will no longer take on any new accounts, facilities or business from then on, HSBC said in a statement released here. This is part of the group’s global review of businesses and represents a significant step in HSBC’s goal to optimise its global network and reduce complexity outlined during the HSBC Investor Update on June 9, 2015. “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. Staff affected by the closure will be treated fairly and in line with the group values and statutory requirements, HSBC said.
HSBC is to wind down its operations in Brunei as part of the bank's overall strategy to reduce complexity. The bank said it would close all branches and offices by March 31, 2018, with a focus on "reducing costs for customers".