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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 Aarti Nagraj
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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