{"id":94635,"date":"2025-02-20T00:00:00","date_gmt":"2025-02-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/02\/20\/hsbc-to-exit-bahraini-retail-banking-business-unveils-plan-to-cut-costs\/"},"modified":"2025-02-20T00:00:00","modified_gmt":"2025-02-20T00:00:00","slug":"hsbc-to-exit-bahraini-retail-banking-business-unveils-plan-to-cut-costs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/02\/20\/hsbc-to-exit-bahraini-retail-banking-business-unveils-plan-to-cut-costs\/","title":{"rendered":"HSBC to exit Bahraini retail banking business + unveils plan to cut costs"},"content":{"rendered":"

HSBC to sell its retail banking business in Bahrain: <\/strong>The lender will sell its Bahraini retail banking operations to the Bank of Bahrain and Kuwait (BBK), HSBC Bahrain said in a notice<\/a> to customers. The move is pending the Central Bank of Bahrain\u2019s approval and is expected to be completed in 4Q 2025. The lender didn\u2019t disclose the value of the transaction. <\/p>\n

The details: <\/strong>HSBC will transfer its retail loans, deposits, and accounts of some 76k customers to BBK. The sale doesn\u2019t include the bank\u2019s corporate and private banking businesses in the GCC nation.<\/p>\n

Part of a wider restructuring agenda:<\/strong> The decision to sell comes as the lender continues a sweeping overhaul as it shifts its focus away from low-returning consumer banking activities. HSBC has also laid off 40 investment bankers in Hong Kong, following an earlier decision to shut down its M&As and equities businesses in Europe and the Americas, a source with knowledge of the matter told Reuters<\/a>. <\/p>\n

And a plan to cut costs: <\/strong>The lender \u201caims to generate approximately USD 300 mn of cost reductions in 2025, with a commitment to an annualised reduction of USD 1.5 bn in our cost base expected by the end of 2026,\u201d it said in 2024 earnings (pdf)<\/a>. \u201cTo deliver these reductions, we plan to incur severance and other up-front costs of USD 1.8 bn over 2025 and 2026, which will be classified as notable items. We are focused on opportunities where we have a clear competitive advantage and accretive returns, and we aim to redeploy around USD 1.5 bn of additional costs from non-strategic activities into these areas, over the medium term.\u201d<\/p>\n

REMEMBER- <\/strong>HSBC\u2019s restructuring drive began when Georges Elhedery took over as CEO in September<\/a>. One of his first major moves as CEO was to reorganize HSBC\u2019s global structure<\/a>, grouping the lender\u2019s Middle East, North Africa, and Turkey (MENAT) operations with Asia-Pacific operations under a newly formed Eastern Markets division. At the same time, Elhedery merged HSBC\u2019s commercial banking business with its global banking and markets team, creating a new wholesale banking unit to streamline operations. The bank has also been doubling down on wealth and premier banking, particularly in the Middle East and Asia.<\/p>\n

The lender reported a \u201cstrong 2024 performance,\" <\/strong>with its income after tax coming at USD 25 bn, up USD 400 mn y-o-y and revenues stable at USD 65.9 bn. As for its financials for 4Q 2024 \u2014 the bank reported a net income of USD 600 mn, up USD 400 mn from the same period in 2023, reflecting the one-off USD 3 bn impairment charge related to its stake in Bank of Communications last year, according to its website<\/a>. Revenues were down 11% y-o-y to USD 11.6 bn, primarily due to foreign currency losses from the sale of HSBC\u2019s Argentina business.<\/p>\n

Despite strong earnings, the overhaul has left some investors cautious.<\/strong> HSBC gained 1.38% on the Hong Kong Stock Exchange but fell some 0.21% on the LSE during yesterday\u2019s trading. The restructuring-related expenses the lender is expected to incur are much more than initially anticipated, according to Citigroup analysts. <\/p>\n

The big picture: <\/strong>\u201cWe are creating a simple, more agile, focused bank built on our core strengths. We continue to take deliberate and decisive steps \u2026 I have put in place a smaller, core team of exceptionally talented leaders driven by a growth orientated mindset and a firm focus on dynamically managing our costs and capital,\u201d Elhedery said<\/a>.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are in the red in early trading this morning<\/strong>, Japan\u2019s Nikkei is down 1.3%, the Shanghai Composite is down 0.2%, and so are the Hang Seng (-1.7%) and the Kospi (-0.6%).<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

TASI<\/strong><\/p>\n<\/td>\n

\n

12,318<\/p>\n<\/td>\n

\n

-0.1% (YTD: +2.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n

\n

1,538<\/p>\n<\/td>\n

\n

+0.2% (YTD: +1.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

NomuC<\/strong><\/p>\n<\/td>\n

\n

31,430<\/p>\n<\/td>\n

\n

+0.2% (YTD: -0.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n

\n

USD 3.75 Sell<\/p>\n<\/td>\n

\n

USD 3.75 Buy<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates<\/strong><\/p>\n<\/td>\n

\n

5.0% repo <\/p>\n<\/td>\n

\n

4.5% reverse repo<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong> <\/p>\n<\/td>\n

\n

30,875<\/p>\n<\/td>\n

\n

+0.9% (YTD: +3.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,593<\/p>\n<\/td>\n

\n

-0.3% (YTD: +1.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

5,389<\/p>\n<\/td>\n

\n

+0.3% (YTD: +4.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

6,144<\/p>\n<\/td>\n

\n

+0.2% (YTD: +4.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,713<\/p>\n<\/td>\n

\n

-0.6% (YTD: +6.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,461<\/p>\n<\/td>\n

\n

-1.3% (YTD: +11.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 76.08<\/p>\n<\/td>\n

\n

+0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 4.26<\/p>\n<\/td>\n

\n

+6.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,936<\/p>\n<\/td>\n

\n

-0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 96,382<\/p>\n<\/td>\n

\n

+0.8% (YTD: +3.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL: TADAWUL-<\/p>\n

The TASI <\/strong>fell 0.1% yesterday <\/strong>on turnover of SAR 6 bn. The index is up 2.3% YTD.<\/p>\n

In the green:<\/strong> EIC (+7.1%), Etihad Etisalat (+5.5%) and Zain KSA (+3.7%).<\/p>\n

In the red: <\/strong>SAL Logistics (-7.9%), SFICO (-4.6%) and Nice One (-4.5%).<\/p>\n

\n

THE CLOSING BELL: NOMU-<\/p>\n

The NomuC<\/strong> rose 0.2% yesterday <\/strong>on turnover of SAR 36.9 mn. The index is down 0.1% YTD.<\/p>\n

In the green:<\/strong> Alrazi (+7.3%), Lamasat (+6.7%) and Sama Water (+5.3%).<\/p>\n

In the red:<\/strong> TMC (-9.0%), Dar Almarkabah (-7.0%) and Almohafaza for Education (-6.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The move is pending the Central Bank of Bahrain\u2019s approval and is expected to be completed in 4Q 2025<\/p>\n","protected":false},"author":1,"featured_media":94636,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2565],"tags":[19,10,55,2587,59],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-banking","tag-enterpriseam-ksa","tag-financial-markets","tag-hsbc","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"3d4a9fd8-986c-4f63-8bbf-08786b6a25ae","order":"13","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/2\/569.jpg","photo_position":"above","homepage_title":"","full_issue_title":"HSBC to exit Bahraini retail banking business + unveils plan to cut costs","related_issue":[94611],"teaser":"The move is pending the Central Bank of Bahrain\u2019s approval and is expected to be completed in 4Q 2025","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.20e6bd85-f25c-4aa4-b520-8a1a72f63d22.mp3"},"yoast_head":"\nHSBC to exit Bahraini retail banking business + unveils plan to cut costs - 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