HSBC will exit the Georgian retail banking sector by early
2012.
The decision follows HSBC’s decision in the first
half of the year to withdraw from the retail
markets in Poland and
Russia.
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As part of the phased withdrawal,
HSBC Bank Georgia will stop undertaking new business
immediately, though existing customers will continue to receive
full banking services. A complete withdrawal is expected by early
next year, giving customers time to make the transition to a new
bank.
The decisions are all part of HSBC’s strategic review
designed to cut costs and boost earnings.
Guy Lewis, CEO, HSBC Bank Georgia, said the bank has “limited
size and scale” in Georgia. “Despite considerable efforts, we feel
now is the right time to withdraw from the market. We’ve informed
the regulator and our employees, and will be informing our
customers as we work towards securing a smooth exit,” he added.
HSBC Bank Georgia was launched in Tbilisi in June 2008.
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