Middle-east Arab News Opinion | Asharq Al-awsat

HSBC to scale back Islamic business - ASHARQ AL-AWSAT English Archive
Select Page

DUBAI, (Reuters) – HSBC Holdings is to significantly scale back the presence of its global Islamic banking operations, it said on Thursday, as part of a wider restructuring at the U.K.-based bank.

The bank will focus its Islamic finance business on customers in Malaysia and Saudi Arabia and keep a limited presence in Indonesia, the bank said in a statement.

Except for wholesale banking operations, it will no longer offer Islamic products in the United Kingdom, the United Arab Emirates, Bahrain, Bangladesh, Singapore and Mauritius, it added.

HSBC is cutting thousands of jobs and exiting non-core businesses as part of Chief Executive Stuart Gulliver’s plans to cut costs and improve profitability at the bank.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube