HSBC to close 23 branches in Turkey

The Turkish unit of HSBC Holdings Plc will reduce its number of branches to 44.

In a written statement, the bank said, "While we are redesigning our operations in Wealth Management and Retail Banking to better capitalize on future growth opportunities, we remain firmly focused on our Corporate and Global Banking services."

The statement added, "The actions we have taken will increase our efficiency, optimize our operations, and support us in providing the best banking services to our customers through our 44 branches in Turkey."

According to data from the Banks Association of Turkey, the bank had 67 branches and 1,712 employees as of September. The bank's statement did not specify how the number of employees would be affected following the new arrangements.