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The story
Founded by Thomas Sutherland in 1965.1
HSBC was granted an Australian banking licence in 1986 after the Australian federal government changed the rules to allow foreign banks into the country. HSBC was one of the first foreign banks to enter Australia, the first being Chase-AMP.
In 1986, HSBC Australia launched its Commercial Financial Services offering, followed by Personal Financial Services in 1991. It achieved profitability in 1992.
In 1995, it introduced discount home loans in Australia, and 1997 saw the introduction of telephone banking and credit cards. HSBC InvestDirect (Australia) Limited was established in 1998.
In 2001, HSBC Australia acquired NRMA Building Society Limited, and launched Internet banking for personal customers.
Further deals followed in 2005, when the bank's Australian asset management business was sold to Challenger Financial Service, and 2006, with the sales of its broker-originated mortgage book to Firstmac; margin lending portfolio to St. George; and online stockbroking business to E-Trade. HSBC Australia, as well as the acquisition of the Westpac sub-custody business in Australia and New Zealand. A global investment arm launched in 2008.
By January 2025, HSBC was studying options to restructure its Australian business including a sale of its consumer banking business, while keeping the commercial banking operation.
In July 2026, HSBC announced that they would close their Australian branches within 18 months. HSBC's mortgage and personal loan portfolio will be sold to Blackstone pending regulatory approval. HSBC's other retail products will be discontinued.
From Wikipedia’s article on HSBC Bank Australia, shared under CC BY-SA 4.0.5