HSBC Turkey announcement

JoandJelly · Post by **JoandJelly** » Tue 01 Mar 2016 3:34 pm

For info I have just seen the following on the HSBC AS website:

HSBC Turkey Public Announcement
HSBC Group has announced it will remain committed to Turkey, with the objective of building a sustainable and profitable banking organization.
HSBC Turkey CEO, James Emmett stated that “Back in June 2015, HSBC Group announced its intention to sell Turkey operations. The process has been concluded with a decision to remain committed to Turkey. In line with this decision, we will maintain our wholesale banking business and refocus our retail banking network. As HSBC Turkey we will continue to support our customers through our international connectivity and trade expertise and help our customers achieve their ambitions with our global expertise in wealth management.”

HotHippo · Post by **HotHippo** » Wed 02 Mar 2016 12:36 pm

That's good news - thanks for sharing it.

HH

ljarvo · Post by **ljarvo** » Wed 02 Mar 2016 9:30 pm

If you read the Turkish press - HSBC stayed in Turkey due to the positive sale of the Brazil operation and not a good enough offer for the Turkish entity. So what happens to the TRNC branches in my opinion is still undecided.

Dalartokat · Post by **Dalartokat** » Thu 03 Mar 2016 9:19 am

ljarvo wrote:If you read the Turkish press - HSBC stayed in Turkey due to the positive sale of the Brazil operation and not a good enough offer for the Turkish entity. So what happens to the TRNC branches in my opinion is still undecided.

Exactly, nothing to get too excited about yet. HSBC wanted the Asian market and because that went a bit pear shaped HSBC could not follow through. So at the moment it's stuck with Turkey AS which is flattening. As soon as things change for HSBC they will be out. No loyalty to anyone.