HSBC Plans to Shut Australia Retail Unit, Recycle $0.3B FX Losses
HSBC expects to wind down its remaining Australian retail operations within 18 months. About $0.3 billion of foreign currency translation reserve losses will be recycled to the income statement, with net proceeds used for general corporate purposes.
HSBC
HSBC is set to exit its remaining Australian retail banking business over the next 18 months, according to a company statement.
The process will involve recycling around $0.3 billion of accumulated foreign currency translation reserve losses back to the income statement. Net proceeds from the wind-down will be allocated to general corporate purposes.
Source: First Squawk