 HSBC to close retail banking operation in Russia April 25, 2011 - 13:18 AMT PanARMENIAN.Net - Europe's largest bank, HSBC, has decided to close its retail banking operation in Russia and concentrate on servicing corporate clients, a document obtained by Reuters showed on Monday, April 25. "We encourage all customers to close their HSBC Premier and HSBC Plus accounts before June 30, 2011," the document said. HSBC will follow British Barclays, which earlier this year said it will sell its Russian unit and focus on investment banking, as it was unable to compete in local retail business.   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news Viva sees growing demand for cloud services  In recent years, medical institutions are starting to make use of Viva’s cloud servicesTurkey replacing term "Central Asia" with "Turkestan" in textbooks The Turkish Ministry of Education is replacing the term "Central Asia" with "Turkestan" in textbooks.Armenian, German presidents meet in Berlin Armenian and German Presidents Vahagn Khachaturyan and Frank-Walter Steinmeier met in Berlin.Armenia assumes presidency of Mediterranean Network of Regulatory Authorities The Commission on Television and Radio of Armenia said it expects productive cooperation in various formats. |
