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HSBC to close 'some' Mideast customers' accounts
- Middle East: Saturday, February 09 - 2013 at 04:55
HSBC has said it is set to close the accounts of some customers in the Middle East and North Africa with links to sanction-targeted nations, as the lender looks to cut the heavy compliance costs associated with them, Reuters has reported. The list of countries included Iran and Syria, as well as other nations around the world. While declining to provide further specifics, an HSBC spokeswoman said the list did not include any country in which HSBC operates a branch network. The change would only affect those who were not Advance or Premier class customers, which require a minimum monthly salary of Dhs15,000 or the maintaining of Dhs100,000 in the account at all times.
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