Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit CompletedHSBC
HSBC
HSBC Holdings plc is a British multinational investment bank and financial services holding company. It is the second largest bank in Europe.
Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit CompletedGlobal 500, is an annual ranking of the top 500 corporations worldwide
Global 500Glob.Revenue, mln.USD
65938
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. HSBC has stopped processing all payments from Russia or Belarus for personal banking customers.
The Company Statement
May 29, 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. Expobank JSC successfully closed the deal and acquired 100% of the shares of HSBC Bank (RR) LLC from HSBC Europe B.V.
November 22, 2024 | HSBC stops processing Russia payments for retail customers |
September 24, 2024 | Yevgeny Prigozhin secretly used JPMorgan and HSBC for Wagner payments |
March 28, 2024 | Foreign firms' losses from exiting Russia top $107 billion |
February 19, 2024 | Putin Allows Sanctioned Expobank to Buy HSBC’s Russian Unit |
February 19, 2024 | Putin allowed Expobank to acquire all shares of HSBC Bank |
December 22, 2023 | HSBC Greenlit by US to Sell Russian Business amid Sanctions |
December 12, 2023 | US sanctions proposed buyer of HSBC's Russian business |
November 16, 2023 | Western investors spooked as Moscow mulls compulsory share purchase plan |
October 30, 2023 | British HSBC has postponed the sale of its Russian business until 2024 |
September 18, 2023 | Sovcombank demanded from HSBC a debt in the form of the ruble equivalent of 12,958 ounces of gold |
September 08, 2023 | HSBC to halt corporate remittances to and from Russia |
September 08, 2023 | As war grinds on, HSBC halts Russia payments |
April 23, 2023 | HSBC noticed Ukrainian sanctions, Hong Kong bank began to refuse transactions to Russian companies |
March 02, 2023 | HSBC Russia ETF closure leaves only one in Europe |
March 02, 2023 | The Foreign Investment Subcommittee received an application for the sale of HSBC's subsidiary in Russia |
March 01, 2023 | HSBC Applies for Sale of Russian Unit |
February 27, 2023 | HSBC AM shuts last Russia ETF in Europe one year on from Ukraine invasion |
February 21, 2023 | HSBC takes $300 million hit on Russia business sale, says deal on track for 2023 |
January 02, 2023 | BP, Unilever, and HSBC have failed to properly exit Russia after Ukraine war, new report warns |
November 17, 2022 | HSBC restricts financing for Russians in Hong Kong |
July 21, 2022 | HSBC agrees deal to sell Russian unit to Expobank |
July 06, 2022 | HSBC Is in Talks to Sell Russian Unit to Expobank, Sources Say |
February 28, 2022 | HSBC orders staff to drop Russian banks VTB, VEB |
February 28, 2022 | HSBC orders staff to drop Russian banks VTB, VEB-memo |
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