DHAKA: HSBC is closing the accounts of Middle Eastern customers not only from Syria, but also from Sudan, Iran and other countries effective March 20.
The global banking giant confirmed that it is discontinuing the accounts of customers from countries that are subject to significant sanctions from the European Union, United States or both.
The countries are selected based on an ‘internal risk assessment’.
An HSBC spokesperson, however, clarified that the ban is not across the board. HSBC refused to disclose the full list of countries for which the accounts will be closed, but it confirmed the list does not include any country in which HSBC operates a branch network.
Exempted from the ban are customers who have relationship managers. These clients are classified as either ‘Advance’ or ‘Premier’ and are required to maintain a minimum balance of Dh100,000 and Dh350,000 respectively.
‘This is not a blanket ban of all customers from certain sanctioned countries. As long as customers with connections to sanctioned countries satisfy our due diligence requirements for Premier or Advance, then we will continue to bank with them,’ an HSBC spokesperson told Gulf News.
Other international banks in the UAE, however, assured they don’t have any immediate plans to impose a similar ban.
Standard Chartered said they are not cutting off ties with clients on the basis of their passport.
BDST: 1333 HRS, FEB 18, 2013
Edited by Robab Rosan, Cultural Affairs Editor- eic@banglanews24.com
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