Commenting on the issue, a HSBC spokesperson said the company’s global strategy for retail banking and wealth management is to offer and grow the wealth business in markets where it can achieve scale.
"Consistent with this strategy, after detailed review of our MENA business, we will discontinue sales of any new Wealth Investment or Wealth Insurance products in Lebanon, Jordan and Bahrain from 07 October 2013," the spokesperson added.
The global lender further said that its existing customers will continue to receive basic services and their wealth investments will be maintained until maturity and the closing decision has not affected any job.
HSBC’s wealth management operation comes under its retail and wealth management division, and the lender is mulling to absorb the affected employees in retail and wealth management units.
Under a global review of entire operation initiated by chief executive Stuart Gulliver, HSBC is divesting or shutting down its non-profitable and non-core business units and it has already disposed of or closed approximately 54 operations around the globe since May 2011.
Trading across 80 nations and regions, the bank has a strong market shares across the faster-growing markets, and is well positioned to benefit from the long-term trends in the global economy.
