HSBC to close Maldives branch after over two decades

HSBC is set to close its branch in the capital Male after 22 years of operations.

HSBC opened its doors in Maldives on May 15, 2002 to cater to a growing base of clients across Mid-Market Enterprises (MME), Large Local Corporates (Large Corporate), International Subsidiaries (ISB) and financial institutions, in sectors such as tourism, telco infrastructure, utilities and consumer goods.

HSBC is brief press release said it had reached the decision to close the Male branch after an extensive review.

Despite closing its branch, the bank will continue to serve its customer base through a desk established in its branch in Sri Lanka. The bank also assured a smooth transition for its customers and staff. 

According to reliable source, HSBC has already sent in the required 60 day notice of its closure to Maldives' central bank. 

The primary reason behind the decision is a lack of profitability as it only has around 150 customers in the Maldives, the source added.