HSBC already has a growing corporate and investment banking business in Russia and an office there, but obtaining the license is a key step toward becoming the first British lender to build a retail presence in Russia.
After a decade building up its business in Latin America, the world’s third-largest bank has more recently turned its attention to fast-growing banking markets in eastern Europe and in Russia, where HSBC, like its British peers, has lagged continental European rivals.
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