HSBC Kiulap branch to shut down in August

National 1 minute, 34 seconds

BANDAR SERI BEGAWAN

HSBC Brunei will be closing one of its branches in the capital in August following the bank’s decision to wind down its operations in the sultanate.

“Following the Group’s strategic review of our business, HSBC will be winding its operations in Brunei. In line with this development, please be advised that Kiulap branch will cease operations on August 1, 2016,” HSBC Brunei said in a statement posted on its website yesterday.

HSBC’s ATM at the Brunei International Airport will also stop its operations on July 1.

HSBC advised its clients to go to the Seri branch, located at Kompleks Mohammad Yussof, Jalan Tutong, as it is still fully operational and the closest branch to the Kiulap outlet.

The bank said customers can go to the ATM located at Times Square Shopping Complex as this is closest ATM to the airport.

The Kiulap branch is the first of the nine HSBC branches that will be closing its doors in line with the bank’s plan to wind down its operations in Brunei.

“The closing of branches and ATMs is part of our progressive winding down process,” HSBC Brunei said, adding that it will give notice “at least three months in advance of branch closure and two months in advance of ATM removal”.

The London-based lender said last month the move is in line with its strategy to “optimise its global network and reduce complexity, outlined during the HSBC Investor Update on June 9, 2015”.

HSBC Brunei had said affected staff will be treated “fairly and in line with the (bank’s) values and statutory requirements”.

HSBC said it will contact customers over the coming months to give specific details and requirements with regards to their bank accounts and the bank’s services.

HSBC Brunei was established in 1947 and opened its first branch in the capital which was then known as Bandar Brunei.

The Brunei Times