HSBC Cook Islands branch closing doors

Thursday November 06, 2014 Written by Release Published in Economy

Job losses could face local employees as HSBC announces plans to close the doors on the Cook Islands branch.

HSBC Private Bank announced that following a strategic business review of its private trust business in the Cook Islands, it has decided to wind down this business and absorb the current trustee business into its other jurisdictions. 

Bernard Rennell, Regional Head of Global Private Banking, Asia and Global Head of Private Wealth Solutions, HSBC Private Bank, said, “moving the business that has been managed in the Cook Islands to our larger administration centres is part of the wider HSBC strategy to simplify its footprint and base its businesses in areas which can best take advantage of growth opportunities.” 

The winding down of the Cook Islands business and cessation of all local services is expected to be concluded by the end of 2015. 

When CINews went to print HSBC was not available to comment.

1 comment

  • Comment Link John Temata Monday, 06 March 2017 07:15 posted by John Temata

    Do I have an account with you? OR does my wife Bernice Taia Johnson Temata have an account with you?

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