The Financial Times reports that HSBC Holdings (00005.HK) is assessing its retail banking business outside the United Kingdom and Hong Kong, which may lead to a reduction of operations in countries like Mexico to further cut costs.

It is reported that HSBC is considering reducing its Consumer business outside core markets, focusing on wealthier high-end clients, with Mexico being one of the markets under review. Additionally, the group is also reviewing its business in countries like Malaysia and Indonesia, believing that focusing on high-end banking rather than mass markets will be more beneficial for the group.

Reports indicate that HSBC has yet to make a final decision, but further business reductions would mark the latest sign of the group refocusing on its core businesses in Hong Kong and the United Kingdom, as well as its wealth management business, following global expansion in the early 2000s.

HSBC's stock price opened lower today (13th), down 0.13%, reaching a low of 74.45 Hong Kong dollars, currently reported at 74.55 Hong Kong dollars, down 0.47%, with a transaction volume of 0.5323 million shares, involving 39.7489 million Hong Kong dollars.