HSBC to Wind Down Maldives Branch

Photo: Rubaitul Azad on Unsplash

The Hong Kong and Shanghai Banking Corporation (HSBC) has decided to shut down its branch in the Maldives within the next 6-12 months. The move comes as part of the bank’s strategic restructuring efforts.

HSBC, one of the world’s largest banks renowned for its diverse banking services, stated in a press release that the decision follows a full review of the company’s operations in Maldives.

HSBC reassures customers that alternative banking channels will remain operational, with a designated Maldives desk at HSBC Srilanka.

Launched in 2002, HSBC Maldives caters to wholesale banking clients; HSBC decided to cease retail banking operations in the Maldives during April 2016.

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