HSBC loses South African banking licence after 30 years

HSBC has lost its South African banking licence, with the Reserve Bank confirming the withdrawal of authorisation for its Johannesburg branch effective September 18, 2026, completing a withdrawal that began in 2024 after three decades in the country. The bank announced its exit in September 2024 as part of a strategy to refocus on Asia and the Middle East. FirstRand took over its corporate and investment banking clients, while Absa secured access for global equities clients, and its private banking office closed in 2025. The departure follows a broader retreat by international lenders in South Africa, including BNP Paribas closing operations in 2024. The domestic market remains dominated by major local groups like Standard Bank, FirstRand, Absa, Nedbank and Capitec.