HSBC not quitting New Zealand

HSBC is not exiting any markets in Asia, the bank said yesterday in rebuttal to an article in the Financial Times on Tuesday.

The FT had reported that the group was set to scale back its Asian operations and was considering the sale or closure of seven Asian retail businesses from Pakistan to New Zealand. Banking Day published a follow-up report based on the FT article yesterday.

The FT had cited Peter Wong, chief executive of HSBC in Asia, as its source.

HSBC said yesterday that this was a case of "misreporting" and said in a statement that "the strategy in the Asia Pacific region is to have strong, balanced and diversified geographies and business."