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HSBC to stop retail lending in Hungary

UK-based HSBC has decided to stop its retail lending in Hungary and end its activities in the country within three years, laying off 282 staff, Index.hu reported.

HSBC decided to stop retail lending in Hungary after it reviewed the activity and concluded that “retail lending is not in and of itself a strategic division,” the bank told Index.hu.

HSBC gained a foothold in Hungary when it bought Beneficial Magyarország in 2001, but the bank has been active on the lending market for only a year, since it transformed the company into HSBC Credit. HSBC Credit closed its branches on March 15. (MTI – Econews)