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Business

HSBC to rationalize Philippines branch network

Lawrence Agcaoili - The Philippine Star
HSBC to rationalize Philippines branch network
Paul Faulhaber, senior vice president and head of wealth and personal banking at HSBC Philippines, said the bank would close its Quezon City branch on Dec. 29 and its Binondo branch on Feb. 16 next year.
AFP / File

MANILA, Philippines — British banking giant HSBC is rationalizing its network in the Philippines by shutting down or relocating major branches in the country over the next three months amid the ongoing COVID-19 pandemic.

Paul Faulhaber, senior vice president and head of wealth and personal banking at HSBC Philippines, said the bank would close its Quezon City branch on Dec. 29 and its Binondo branch on Feb. 16 next year.

Faulhaber also said its Ortigas branch located at Discovery Suites along ADB Ave. would also be transferred to the lower ground level of the Shangri-La Plaza in Mandaluyong City on Jan. 4 next year.

According to HSBC, accounts of clients at the Quezon City branch would be transferred to the Ortigas branch and clients of Binondo branch would be transferred to the Makati branch.

Client in Quezon City, Ortigas, and Binondo have until Dec. 15 to retrieve the contents of their safety deposit boxes.

“As part of our strategy, we regularly review our services to meet the changing needs of our clients while ensuring the business operates efficiently,” Faulhaber said.

Aside from Ortigas and Makati, HSBC also has branches in Bonifacio Global City as well as Cebu and Davao.

HSBC has been doing business in the Philippines for the past 145 years.

“HSBC remains committed to growing our wealth and personal banking business in the country, with the aim of providing a broad range of financial services to our key target markets while using our global expertise and footprint to connect clients to international opportunities,” Faulhaber said.

He also urged clients to conveniently manage their accounts via www.hsbc.com.ph or through HSBC mobile banking app anytime and anywhere.

“We understand you need to stay on top of your finances now more than ever.  We are here to help you so you can continue to access and manage your HSBC bank accounts through Online Banking, while you and your family stay safely at home,” he said.

HSBC is the 15th largest bank in the Philippines in terms of assets with P172.93 billion and 18th in terms of capital with P15.33 billion as of end-June.

It ranked 17th in terms of deposits with P119.17 billion and 18th in terms of loans with P59.27 billion.

HSBC

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