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June 16, 2009updated 04 Apr 2017 1:13pm

HSBC, Nordea up the ante in Russia

Europes biggest bank, HSBC, will open five retail branches during June in Russia four in Moscow and one in St Petersburg as part of its $200 million Russian expansion programme

By Douglas Blakey

Europe’s biggest bank, HSBC, will open five retail branches during June in Russia – four in Moscow and one in St Petersburg – as part of its $200 million Russian expansion programme. Further branch openings will follow, with the emphasis on organic growth.

In March, the bank said it would inject $200 million of new capital into its Russian arm, to fuel the bank’s expansion plans across all business lines.

HSBC, which has offered a corporate banking service in Russia since 1997, celebrated its retail launch with a series of attention-grabbing events, including a lavish outdoor party in one of the most exclusive suburbs of Moscow and a three-day outdoor concert.

The bank is concentrating its retail customer acquisition energies on customers with at least RUB75,000 ($2,400) while its mass affluent Premier offering will be aimed at clients with savings of at least RUB1.5 million.

Nordea, meanwhile, has announced it is to rebrand its Russian subsidiary, Orgresbank, under the Nordea name. The Nordic region’s largest lender has had an established retail presence in Russia since 2006 via an initial 75 percent stake, since raised to 100 percent, in the regional lender.

In early June, Nordea said the subsidiary would adopt the former’s brand, with branch signage set to switch by the end of the year.

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