London based HSBC Holdings Plc is looking to open new bank branches in Russia after receiving a retail banking license, the Financial Times reported on its Web site Saturday.
The bank will now be able to expand its operations into selling credit cards, mortgages and loans to Russian consumers, according to the report. Jonathan Hartley, recently appointed HSBC's chief executive in Russia, said HSBC would look at opening a number of branches - probably less than 10 - in Russia this year, according to the Financial Times. This would initially be in the Moscow area, although the location would depend on finding suitable sites and gaining permission from relevant authorities, according to the report. „We see evidence of a fast take-up of consumer finance products from a very low base,” Hartley was quoted as saying. HSBC plans to expand through offering direct internet and telephone banking services as well as branches, the FT reported. (marketwatch.com)