HSBC Group announced plans to stop servicing corporate clients from Russia and Belarus. This was reported by Nikkei Asia with reference to internal documents of one of the subsidiaries and a representative of HSBC Bank.
This became known to the publication from a notice sent to its corporate clients by one of the banks of the group – Hang Seng Bank in Hong Kong. The letter to the bank's partners stated that from October 27, the bank stops processing commercial payments due to "an increasingly difficult regulatory situation."
The document also says that the decision was made to "minimize operational activities with Russia and Belarus, even if such activities are permitted by applicable laws and regulations," Nikkei notes.
Now corporate clients of HSBC in Hong Kong can conduct financial transactions with partners in Russia, despite the sanctions of the UK and the European Union against Moscow.
HSBC confirmed to the publication that they plan to limit commercial payments to Russia and Belarus.
"Although HSBC has taken many steps to comply with regulatory requirements, in practice it is becoming increasingly difficult due to the current global restrictions," a representative of HSBC Bank told Nikkei Asia.
Hongkong and Shanghai Banking Corporation (HSBC) is one of the largest financial companies in the world with headquarters in London. The company's divisions operate in 62 countries, serving more than 39 million customers. Works with individuals, corporate investors, governments of different countries and international organizations.
