HSBC decides to withdraw from Georgian banking market

As a result of changes in the global strategy, the British HSBC Bank has decided to leave Georgia, HSBC Georgian representative office said in a statement sent to Trend.

"The decision was made based on the HSBC Group decision made in May this year on "strategic bottom" to review business portfolio, which implies reallocation of the bank's capital aimed to ensure that the bank became a leading international bank," the statement said.
Withdrawal from the Georgian market is a logical continuation of the HSBC decision to close retail business in Poland and Russia, said the statement.

The process of closing HSBC Georgia owned by HSBC will begin with the suspension of the service. Despite this, all contractual obligations will be completely fulfilled. The final closing of HSBC Georgia is scheduled for early 2012. During the remaining time, the transition of customers to other banking systems will be ensured.

The CEO of HSBC Georgia Guy Louis said that the bank rendered incomplete banking services, and despite taking significant measures in the country, it is time to safely withdraw from the Georgian market.

"For this, we will timely provide information about the closing of the bank to regulatory commissions and we thank all partners in Georgia for their cooperation," he said.


/Trend/