WELLINGTON (Dow Jones)--HSBC Holdings PLC's (HBC) New Zealand unit has no plans to exit the country and the unit isn't under review, it said Wednesday.
"We are not pulling out of any markets in Asia," Lesley Pope, head of marketing and communications for HSBC New Zealand, told Dow Jones Newswires. She said a Financial Times article early this week that stated the bank was weighing the sale or closure of retail operations in seven countries, including New Zealand and Pakistan, was incorrect.
When asked if the New Zealand unit was under review Pope said "no, there are always ongoing reviews within businesses, but no."
HSBC has previously said it will focus on six core Asian markets outside of Hong Kong where profit is growing fastest, and two strategic markets with strong future earnings potential. The key Asian markets are Australia, China, India, Indonesia, Malaysia and Singapore, while the strategic markets are Taiwan and Vietnam.
"That does not mean we are exiting other sites," Pope said.
-By Rebecca Howard, Dow Jones Newswires; +64-4-471-5990; email@example.com
Copyright (c) 2012 Dow Jones & Company, Inc.
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