HSBC Bank (Russia)
| Company type | Subsidiary |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1996 |
| Headquarters | Moscow , Russia |
Area served | Russia |
| Owner | Expobank (since 2024) |
| Parent | HSBC Holdings plc (until 2024) |
OOO HSBC Bank (RR) (in Russian: ООО Эйч-эс-би-си Банка (РР); commonly referred to as HSBC Russia) functioned as a subsidiary of HSBC Holdings plc, with its main office located in Moscow, Russia. The institution provided banking solutions for both individual clients and corporate entities. In 2024, ownership of HSBC Russia was transferred to Expobank.
History
HSBC made its entry into the Russian banking sector in 1996, initially concentrating on corporate banking services aimed at facilitating international trade and business operations following the dissolution of the Soviet Union.
The year 2009 saw HSBC Russia broaden its scope to include retail banking by inaugurating its first branch dedicated to individual consumers, delivering a comprehensive suite of financial products.
By 2011, due to economic challenges, HSBC opted to withdraw from the retail banking segment in Russia. It divested parts of its retail portfolio to Citibank, focusing instead on commercial and wholesale banking activities. This transaction encompassed four branches in Moscow and one branch in Saint Petersburg, while private banking was scaled down to a representative office. The aggregate asset value involved in the sale was approximately 305.8 million Russian rubles as recorded in March 2011.
In June 2022, amid escalating geopolitical tensions and sanctions linked to the Russian invasion of Ukraine, HSBC declared its intention to divest its Russian operations, forecasting a loss near $300 million upon exit.
By February 2024, approval for the sale of HSBC’s Russian division to Expobank, owned by businessman Igor Kim, was granted by Russian President Vladimir Putin. The transaction was finalized in May 2024, concluding HSBC’s nearly three-decade presence in the Russian market.
In November 2024, HSBC discontinued payment processing services for personal banking clients from Russia and Belarus, reflecting the broader withdrawal of international banks from these markets due to sanctions imposed after the Ukraine conflict.