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HSBC goes retail in Russia

Published: 10 June, 2009, 09:42


Europe’s biggest bank, HSBC, has started retail lending in Russia. Analysts say, HSBC is one of the few foreign lenders taking the chance to enter the local market.

 
1 COMMENT
GlendaleBrigade June 10, 2009, 13:02 quote
0

ewww. Too bad for Russia. The reason the middle class has been "unscathed" is probably because HSBC had never entered the country until now. Eventually the Russian middle class will be eaten away as it has in the US. Europeon bankers are the core of any financial crisis as they create "credit" and "money" out of thin air as they do in the US. Eventually it will lead to more poverty.

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