HSBC to wind down operations in Algeria after 18 years

The British banking giant HSBC has decided to gradually end its operations in Algeria, concluding an 18-year presence in the country. This move is part of a broader strategic effort to streamline the group’s operations and refocus on markets with higher growth potential. The bank has officially informed Algerian authorities of its withdrawal plan. Throughout the transition, HSBC has pledged to honor its commitments to staff and clients while assisting the latter in migrating to other financial institutions. Since receiving its license in 2008, the bank had operated solely as a branch serving corporate clients, multinationals, and state institutions, rather than the general public. While the group briefly considered exiting the market in 2016, the current plan marks a definitive step toward ceasing activities. Throughout its history, the group has faced significant controversies, including global money laundering scandals and the SwissLeaks tax evasion affair, which included references to several prominent Algerian figures.