HSBC to Close Maldives Branch After 22 Years

 The bank, which opened in the Maldives on May 15, 2002, has served a diverse client base, including Mid-Market Enterprises (MME), Large Local Corporates, International Subsidiaries (ISB), and financial institutions in sectors such as tourism, telecommunications infrastructure, utilities, and consumer goods.

In a brief press release, HSBC stated that the decision to close the Male branch was made after an extensive review. Despite the closure, HSBC will continue to serve its Maldivian customers through a dedicated desk at its branch in Sri Lanka, ensuring a smooth transition for both customers and staff.

According to a reliable source, HSBC has already provided the required 60-day notice of its closure to the Maldives' central bank. The primary reason for the closure is cited as a lack of profitability, with the bank reportedly having only around 150 customers in the Maldives