HSBC PHILIPPINES is set to absorb its retail banking unit HSBC Savings Bank as the lender aims to streamline its operations in the country.
“HSBC will combine the retail bank operations of HSBC Savings Bank and HSBC Philippines under the latter entity,” the global lender’s local unit said in a statement on Tuesday.
The move aims to streamline the bank’s operations to support the growth of its retail customer base. The merger is set to begin within the“These changes will ensure we continue to build a market leading franchise in the Philippines and a bank that’s fit for the future.
It said its services will not be disrupted with the change as it aims for “a seamless transition of customer accounts from the savings bank to HSBC Philippines.”
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