The difficulties of operating in unstable emerging markets was demonstrated this month when HSBC, amid an invasion by Russian forces, removed the family of its chief executive in Georgia from Tbilisi, two months after the bank’s $17 million start-up in the city had opened. HSBC said that it remained committed to operating in Georgia. However, these new customers appeal to HSBC as a source of profits while mainstream U.S. and U.K. customers produce fewer profits.
Do these guys look like their regulators are on the ball? What about India, where regulators said credit card interest above 30 percent is oppressive, so banks raised rates as high as 50 percent? Intelligent people everywhere know exactly what is going on.
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