HSBC Russia CEO Stuart Lawson is quite content with the 30 percent annual growth of private banking market in Russia.
Photo: ITAR-TASS, ITAR-TASS
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HSBC Stakes on Private Capital Inflow
One of the global bank giants, Britain’s HSBC is approaching Russia’s market of private banking, which currently manifests the annual growth of 30 percent. HSBC will have to look for the clients in regions, the analysts forecast.
The fact that Russia’s subsidiary of HSBC is setting up a private banking department was first reported by a few sources close to the bank and then confirmed by HSBC Russia CEO Stuart Lawson. The launch of the office is slated for the third quarter of this year and its chief will be Natalia Solodovnikova, who has headed the private banking department at Deutsche Bank in Zurich.
HSBC ranks the second in the list of global bank giants. It has over 10,000 offices in 83 states of the world. Today’s capitalization equals $180.81 billion. Moscow HSBC was incorporated in 1996. Until recently, the bank has been represented on Russia’s market of private banking by the division of Swiss office of HSBC, containing to the intercourse of Russia’s clients with the Swiss branch, where the accounts were opened.
Nowadays, quite a number of foreign banks operate on the private banking market of Russia, which isn’t surprising actually. This market surges 30 percent a year (its size was $12 billion in 2007), said Andrei Movchan, who is the CEO at Renaissance Investment Management. “All biggest players of the world will be eventually represented here,” the official forecasted.
www.kommersant.com
All the Article in Russian as of May 28, 2008
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