HSBC is to close down its retail operations in Russia, making it the second foreign bank to leave the state-dominated sector in as many months.
The decision by HSBC, on the back of a similar plan at Barclays, comes as both rethink their global strategies to cut back on operations that are a drag on group profitability.
But their departures also highlight the increasing dominance and competitiveness of state-owned banks, primarily Sberbank and VTB, in the short period since Barclays and HSBC attempted to break into the market less than three years ago.
您已閱讀31%（555字），剩余69%（1222字）包含更多重要信息，訂閱以繼續(xù)探索完整內(nèi)容，并享受更多專屬服務(wù)。