Clean Break: the company completely halting Russian engagements or exiting Russia

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HSBC Holdings plc is a British multinational investment bank and financial services holding company. It is the second largest bank in Europe.

 
 
 
 
 
 

Clean Break: the company completely halting Russian engagements or exiting Russia

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United Kingdom
Finance & Payments

Global 500, is an annual ranking of the top 500 corporations worldwide

Global 500
Income, mln.USD
33
Staff(RF), 2021
200
Glob.Revenue, mln.USD
67013
Capital(RF), mln.USD
218
Assets(RF), mln.USD
439

Has a subsidiary bank in Russia. HSBC said it still expects to complete the sale of its Russia business in first-half 2023, in the most significant update on the progress of the deal since it said in July 2022 it had agreed to sell the unit to local lender Expobank. HSBC Group will end money transfer services to and from Russia and Belarus for its corporate clients next month as financial institutions react to Western sanctions over the war in Ukraine.

The Company Statement
February 19, 2024

Continues to work. Breaks ties with sanctioned banks. HSBC agrees deal to sell Russian unit to Expobank. The South China Morning Post reported on Monday, October 17, 2022 that Hongkong and Shanghai Banking Corporation (HSBC) had sent a letter to most of its Russian clients in the city over the suspension of retail investment services because of sanctions enacted by the European Union. However, the suspension would not affect clients’ personal savings accounts or other personal banking needs, the report noted. The British financial conglomerate HSBC expects the deal for the sale of its Russian business to be closed in the first half of 2024. HSBC greenlit by US to sell Russian business amid sanctions. Putin allowed Expobank to acquire all shares of HSBC Bank.

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Statements Archive
March 28, 2024Foreign firms' losses from exiting Russia top $107 billion
February 19, 2024Putin allowed Expobank to acquire all shares of HSBC Bank
December 22, 2023HSBC Greenlit by US to Sell Russian Business amid Sanctions
December 12, 2023US sanctions proposed buyer of HSBC's Russian business
November 16, 2023Western investors spooked as Moscow mulls compulsory share purchase plan
October 30, 2023British HSBC has postponed the sale of its Russian business until 2024
September 18, 2023Sovcombank demanded from HSBC a debt in the form of the ruble equivalent of 12,958 ounces of gold
September 08, 2023HSBC to halt corporate remittances to and from Russia
September 08, 2023As war grinds on, HSBC halts Russia payments
April 23, 2023HSBC noticed Ukrainian sanctions, Hong Kong bank began to refuse transactions to Russian companies
March 02, 2023HSBC Russia ETF closure leaves only one in Europe
March 02, 2023The Foreign Investment Subcommittee received an application for the sale of HSBC's subsidiary in Russia
March 01, 2023HSBC Applies for Sale of Russian Unit
February 27, 2023HSBC AM shuts last Russia ETF in Europe one year on from Ukraine invasion
February 21, 2023HSBC takes $300 million hit on Russia business sale, says deal on track for 2023
January 02, 2023BP, Unilever, and HSBC have failed to properly exit Russia after Ukraine war, new report warns
November 17, 2022HSBC restricts financing for Russians in Hong Kong
July 21, 2022HSBC agrees deal to sell Russian unit to Expobank
July 06, 2022HSBC Is in Talks to Sell Russian Unit to Expobank, Sources Say
February 28, 2022HSBC orders staff to drop Russian banks VTB, VEB
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