Household HSBC Watch

Iran has withdrawn around $75 billion from Europe to prevent the assets from being blocked under threatened new sanctions over Tehran’s disputed nuclear ambitions, an Iranian weekly said. Where will Iran put the money? We researched news articles from Manama Bahrain and other Middle East nations. We must raise the question on the minds of many Americans and citizens of EU countries. Will HSBC Plc benefit from a big push in Islamic finance? For those who remember the pressure on banks in Iran true Islamic banking in the Middle East is a great work-around. It is no accident.

Iran’s intent is prevent the assets from being blocked. “Part of Iran’s assets in European banks have been converted to gold and shares and another part has been transferred to Asian banks,” Mohsen Talaie, deputy foreign minister in charge of economic affairs, was quoted as saying. Asian banks? Remember, HSBC is the Hong Kong Shanghai Bank Corp. Let’s follow this money to see where it goes.