A notice on the bank’s UK retail banking website informed customers that the bank had decided to stop handling transactions from these countries, advising individuals to make alternative arrangements for such payments. This move follows HSBC's previous exit from business banking in Russia, which was completed in May 2024 with the sale of its local entity. The decision came two years after HSBC first revealed plans to divest from its Russian operations in June 2022.
The bank’s actions are part of a wider trend where global financial institutions have withdrawn from Russia in response to its invasion of Ukraine in February 2022 and the resulting international sanctions.
In addition, Washington has imposed new sanctions on Russia's Gazprombank, preventing the state-controlled lender from handling any new energy-related transactions that concern the US financial system.
In October 2024, HSBC announced the launch of its new jointly-owned Embedded Finance venture, SemFi by HSBC, intending to provide optimised solutions to business clients.As a joint venture between HSBC and Tradeshift, SemFi aimed to integrate HSBC payment, trade, and financing solutions across a range of ecommerce and marketplace venues, including Tradeshift’s B2B network.
Initially, the jointly owned venture focused on offering its solutions in the UK, allowing small and medium-sized enterprise (SME) suppliers on ecommerce venues to access digital invoice financing from the bank while benefiting from an improved experience.
In September 2024, HSBC decided to roll out a financing plan worth HKD 5 billion (USD 641 million) aimed at helping small and medium-sized enterprises (SMEs) in Hong Kong. The initiative was designed to simplify the loan application process for eligible SMEs by providing pre-approved credit limits.
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