HSBC Savings ceases operations
HSBC SAVINGS Bank, (Philippines), Inc. has received approval from monetary authorities to surrender its banking license to the Bangko Sentral ng Pilipinas (BSP).
HSBC Savings Bank has stopped operating effective Oct. 2, BSP Deputy Governor Chuchi G. Fonacier said in a circular letter dated Oct. 9.
“The Monetary Board, in its Resolution No. 1274 dated Sept. 28, 2023, approved the voluntary surrender by HSBC Savings Bank (Philippines), Inc. of its banking license to the BSP,” the central bank said.
HSBC Savings Bank is a wholly owned subsidiary of the Hongkong and Shanghai Banking Corp. Ltd. (HSBC) group and is classified as a thrift bank in the Philippines.
HSBC Philippines said in December that it is simplifying its banking structure in the country to support the growth of its retail banking customer base and has combined the retail operations of HSBC Savings Bank and HSBC Philippines under the latter.
This involved opening new accounts in HSBC Philippines for all clients of its thrift arm. The lender also rebranded the HSBC Savings Bank branch in Alabang, Muntinlupa City and closed branches in San Juan City and Makati City.
Services related to investment and insurance were centralized through the bank’s wealth management business, HSBC Investment and Insurance Brokerage, Philippines, Inc., which was established in September 2022.
“The restructuring and addition of the HSBC Savings Bank branches will fit in with HSBC’s plan to enhance its retail banking business in the Philippines, where the Group has been expanding and upgrading its branches across the Philippines over the past two year,” HSBC earlier said.
HSBC has branches in Metro Manila, Cebu and Davao. — KBT
