Partly so: "The transaction will include the transfer of the branch’s clients, banking assets and liabilities, and will provide *transferred clients with continued access to banking services, HSBC said* . HSBC has separately agreed that Absa Bank will provide HSBC's equities and securities finance clients with access to the South African market, as HSBC winds down all its legal entities in the country." Reuters. Read article here: www.reuters.com/business/finance/hsbc-transfers-south-africa-business-firstrand-bank-2024-09-26/
That's a truthful assessment and conclusion. What do you think it means for the banking sector in South Africa. Will that cause other international financial institutions to leave the country?
It's merge go and see the actual contract
Partly so: "The transaction will include the transfer of the branch’s clients, banking assets and liabilities, and will provide *transferred clients with continued access to banking services, HSBC said* .
HSBC has separately agreed that Absa Bank will provide HSBC's equities and securities finance clients with access to the South African market, as HSBC winds down all its legal entities in the country." Reuters. Read article here: www.reuters.com/business/finance/hsbc-transfers-south-africa-business-firstrand-bank-2024-09-26/
Well as an investor I'm sad, but that bank sponsors lots of things in Europe so they only want money in south africa.
That's a truthful assessment and conclusion. What do you think it means for the banking sector in South Africa. Will that cause other international financial institutions to leave the country?