HSBC considers leaving Turkey as part of its cost-cutting program
It has been reported that HSBC considers exiting Turkey as part of its cost-cutting program although the bank has not commented on the matter.
The British-based HSBC Bank is considering withdrawing from Turkey temporarily under the cost-cutting policy of its top executives.
It was also mentioned that the bank could go into contraction in other markets as well where it has subscale operations, including Armenia, Greece and Oman.
On the other hand it was also reported that a spokesman for HSBC had declined to comment on the matter.
The exit of the bank, which has been operating in Turkey since 1990, would be one of the country’s biggest withdrawals.
The Competition Authority had recently launched a preliminary investigation into 20 banks operating in Turkey. While no clear information was provided on the scope of the investigation, the Competition Authority said in a statement: “such preliminary investigations are being carried out in all sectors. There is also a preliminary investigation into the banks. It is out of the question for us to make a statement at this stage before this process is concluded.”
The Ministry of Treasury and Finance had issued a fine of TL 187.1 million to YAPI KREDI Bank and a fine of TL 94.7 million to AKBANK, a couple of days ago.
