| HSBC expands in Central Asia's biggest economy |
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17/07/2008 02:51 (784 Day 13:15 minutes ago) | |||||
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The FINANCIAL -- HSBC has opened its first branch in Astana, the capital of Kazakhstan, increasing its presence in Central Asia's biggest economy.
The new branch offers a full range of retail and commercial banking products and services as well as foreign exchange and capital markets expertise. This is the first of three branches scheduled to be opened in the country this year, with plans for a second branch in city of Atyrau already well underway. Over the medium term, HSBC aims to build a network of branches in major cities across Kazakhstan.
Simen Munter, CEO, HSBC Bank Kazakhstan, said: "We believe that HSBC , with its network in over 80 countries and territories, has a compelling advantage over local institutions and one which we aim to maximise by offering our banking services to customers across Kazakhstan."
Tony Mahoney, Group General Manager, International, HSBC Bank plc, added: "As Kazakhstan develops so will appetite for increasingly sophisticated banking products and services. This is something that HSBC as a leading international bank is very well placed to provide."
Kazakhstan has a population of around 15 million and is the ninth largest country in the world. It has become an important growth market in recent years, fuelled by free market policies and a supportive environment for foreign investment, as well as a wealth of natural resources.
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