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HSBC: the not-so local bank?

HSBC: the not-so local bank?

HSBC has reportedly said that it is hoping to concentrate its business on high-earning customers.

October 6, 2009 4:14 by

HSBC bank could soon begin limiting its banking services to people who earn more than AED20,000 per month, according to a report in The National. “You want to have fewer clients and serve them right instead of having lots of clients who earn less than AED20,000,” Venkatesh Srikantan, regional head of Assets and Liabilities at HSBC Middle East, told the paper. “In other words, we want fewer clients who earn less than AED20,000.”

Kipp approached Srikantan for clarification. He says that the bank does mainly cater to “those businesses and customers for whom our global connectivity gives advantage, primarily in corporate and commercial business, and in personal banking for the premium and middle class segments.

“However, we do not deny opening an account to those who earn less than AED20,000 per month salary,” he says.

The bank declined to share information about the salary range of the majority of its clients in the Middle East.

Meanwhile, the report in The National also quoted Angela Anthony Noronha, an HSBC client relationship manager, as saying that customers earning less than AED20,000 per month could no longer get complete banking services.

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  1. ali fakha on October 7, 2009 5:56 am

    I think such levels been kept by the bank is kind of discrep[encies among people and treating people onl levels .

    any bank should be fair with akll levels and not only for rich prople which is not fair at all. why they never learn from banks in usa where even for 50 dollars the bank can open account for you and even issue cheque book.

    I wonder people less than 20,000 dhs salary what they can do if other banks in uae started following similar issues. do we have to ask them you dont have any chance of banking in uae or what?

    Ofcourse we respect each bank decision if it is fair for every one also.

    I hope every one reading such articles must comment on it to let such banks knows that there are millions of people who are taking less than 20,000 dhs

  2. I k r a m on October 7, 2009 7:53 am

    C’mon HSBC, this is not fair. Don’t you think you are acting like some swiss banks. If you really start doing this you definitely will be called HIGH SNOOTY banking corporation.

  3. P Diddy on October 7, 2009 8:31 am

    HSBC is known for its double standards. Their ads and media profile are a complete opposite of the reality. As a corporate and (ex) personal banking customer of HSBC, I can safely tell you to stick to smaller regional banks who have the time and willingness to cater to their customers. Wake up HSBC. Or maybe they will only when the Central Bank whips them!

    Its very important to be carefull who you give your money too, now more then ever.

  4. Taru on October 7, 2009 11:03 am

    HSBC should change its name as High Soceity Banking Corporation and their own employees who earn less than 20 K must bank else where

  5. Sam Younes on January 5, 2010 6:47 am

    HSBC among other banks are and have always been interested in serving the wealthiest people. I am surprised that the article was even published as banks have demonstrated throughout history that they only care about the rich people and they only offer good service to those who have big deposits or can generate big incomes for them in terms of bank fees and other sources of income.

    While most people do not complain about the high service fees charged by the banks as there is no alternative and we all need to use bank accounts whether we like it or not. We should all try to exercise more scrutiny when choosing the banks we do business with. From my experience dealing with HSBC for the last few many years, HSBC should only be used if you have no other choice.

    I will not go into details, but I only hope that other people will not have the same experiences I had with HSBC.


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