HSBC Bank Georgia JSC () was a subsidiary of
HSBC Holdings plc
HSBC Holdings plc ( zh, t_hk=滙豐; initialism from its founding member The Hongkong and Shanghai Banking Corporation) is a British universal bank and financial services group headquartered in London, England, with historical and business li ...
headquartered in
Tbilisi
Tbilisi ( ; ka, თბილისი, ), in some languages still known by its pre-1936 name Tiflis ( ), ( ka, ტფილისი, tr ) is the Capital city, capital and List of cities and towns in Georgia (country), largest city of Georgia ( ...
,
Georgia
Georgia most commonly refers to:
* Georgia (country), a country in the South Caucasus
* Georgia (U.S. state), a state in the southeastern United States
Georgia may also refer to:
People and fictional characters
* Georgia (name), a list of pe ...
. The bank provided
personal banking
Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking (corporate ba ...
and
corporate banking
Wholesale banking is the provision of services by banks to larger customers or organizations such as mortgage brokers, large corporate clients, mid-sized companies, real estate developers and investors, international trade finance businesses, i ...
services. In 2011, HSBC announced that it would close its Georgian business.
History
HSBC Bank Georgia JSC, a subsidiary of HSBC Holdings plc, commenced operations in Tbilisi in June 2008, marking HSBC’s entry into the Georgian banking sector. The bank was a locally licensed joint venture, with HSBC Holdings plc holding a 70% ownership stake and members of overseas businesses holding the remaining 30%. HSBC’s presence in Georgia was part of its strategy to expand into emerging markets and provide comprehensive banking services to corporate clients.
In September 2011, following a strategic review, HSBC announced its decision to exit the Georgian market, citing limited size and scale as the primary reasons for withdrawal. Guy Lewis, Chief Executive of HSBC Bank Georgia, stated that despite considerable efforts, the bank felt it was the right time to withdraw from the market.
In December 2011, HSBC Bank Georgia entered into an agreement to sell its legacy personal and mortgage loan portfolio to Bank Republic JSC, a subsidiary of the Société Générale Group. The value of the gross assets sold was approximately USD 4.5 million as of November 23, 2011. The full withdrawal from Georgia was completed by early 2012.
See also
*
List of banks in Georgia (country)
References
{{DEFAULTSORT:Hsbc Bank Georgia
Banks of Georgia (country)
Banks established in 2008
Banks disestablished in 2011