HSBC abandons Russian retail banking

HSBC is pulling out of the Russian retail-banking sector with immediate effect.
An “important announcement” on the group’s Russian website states “we have made the decision to concentrate our business in Russia on servicing corporate clients”.
Accordingly: “The retail banking operations, including HSBC Premier and HSBC Plus, will be closed to new business with immediate effect, and existing business will be phased out in line with contractual obligations.”
The group adds that it remains “strongly committed” to the Russian market but that its resources are to be concentrated on corporate and institutional customers who can still receive “a wide range of corporate banking, investment banking and financial markets products and services”.
Retail customers are invited to contact their relationship manager or visit their local branch to discuss alternative banking arrangements at another financial institution.