HSBC shuts down Nairobi office in global reorganisation

Global banking conglomerate HSBC is shutting down its Nairobi office three years after it kicked off operations. HSBC opted to exit Kenya as part of the group’s restructuring that has seen it scale down operations in all its market.

International media early last year reported that Europe’s largest bank would cut 14,000 of its 240,000 global workforce as it struggles with high compliance costs. The Central Bank of Kenya (CBK), the industry regulator, said HSBC had started clearing out.