The British HSBC bank has applied for a retail banking licence in Russia. The bank plans to become the first British bank to enter the Russian retail banking sector. HSBC is to be involved in personal banking and small business services. If the licence is issued, the bank will be able to conduct transactions using phone or Internet banking services without opening retail units. The application was filed in October 2006. However, the decision has yet to be approved.
Source: BANKI.RU, February 12, 2007
