HSBC first UK operator in Russia

HSBC Bank plc has received a licence for its Russian subsidiary allowing it to take deposits from retail clients. HSBC already has a growing corporate and investment banking business in Russia. This licence, however, is a key step towards the Bank developing a retail business in Russia.
After a decade building up its business across North, Central and South America, HSBC, the world’s third-largest bank, has more recently turned its attention to fast-growing markets in Eastern Europe and in Russia.
Shaun Wallis, Chief Executive Officer at HSBC Malta said: “HSBC has a growing Corporate Banking, Treasury and Investment Banking business in Russia and now we are looking to grow our Retail business. Hopefully these services will become useful for Maltese doing business with Russia.”