According to media reports, banking giant HSBC has received a license which permits the group's Russian subsidiary to take deposits from retail clients.
At present, HSBC has already established itself in the corporate and investment banking business in Russia. The license will significantly boost its presence in the country and is a vital step in becoming the first British lender to build a retail presence in the region, reports The Scotsman.
After placing a decade’s worth of effort into building up its business in Latin America, the banking group has recently turned its attention to more rapidly-growing markets in eastern Europe and Russia, where it is faced with less competition.
Cited in The Scotsman, Stephen Green, chairman of HSBC, said the Russian retail banking market was crying out for good quality service from international competitors. He added that HSBC’s growth in Russia would most likely be organic.