Aug 16, 2026 – 9.00amIn 1985, Hongkong Bank was one of a handful of global lenders welcomed by then prime minister Paul Keating to set up shop Down Under. The intention was to promote competition, lift the standards of Australian finance, and drag the economy into the 21st century.Now, 40 years on, banking is as competitive as ever. But HSBC, along with others in the original group, are in partial retreat as they wind up or sell out of retail banking. The motivation for their departure is pure: to simplify their global operations and focus on where they can generate the best returns for their investors.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles