Global banking giant, Hong Kong and Shanghai Bank Corporation (HSBC), has announced its exit from the Bahamian international financial services market.
While based at the British Colonial Hilton’s Centre of Commerce on Bay Street, it was not a major player in the industry in terms of having a sizeable physical presence in this nation.
Its departure, and that of its book of business, will be a loss from a reputational/prestige viewpoint, given that HSBC is renowned as a global banking industry giant.
Comments
242realtalk 10 years, 7 months ago
And the fallout continues... Taxes what taxes, they are fees and the are negligible.
B_I_D___ 10 years, 7 months ago
...and in no way shape or form was the pullout anything to do with the harsher business climate...Why would a Chinese backed bank pull out of the Bahamas when there is currently so much invested in the Bahamas from China?
concernedcitizen 10 years, 7 months ago
The government raising taxes on the banks is a way of raising taxes w/ out looking like the bad guy .A LL THE UNDER EDUCATED , love it and say " yeah dos banks been raping us long enuf tax em " Not realizing the taxes will be passed on to them the consumer in higher fees and less loans ,and the ones that can,t pass them on will leave ..
USAhelp 10 years, 7 months ago
Chinese not stupid get out while they can.
TalRussell 10 years, 7 months ago
Why is the media trying to make this HSBC closing out as some surprise decision, like it's somehow connected to a loss of confidence in PM Christie's administration? If only their Business Editors would have spent, even a tenth of their time on International business matters, as they seem to be spending, looking out in the bushes to dig up untruths against the government, they would have known that HSBC's closing out in the Bahamaland, IS consistent with what they've done in countries like South Korea, Russia and some other 50 countries. This closing out operations plan has been in place, going back to 2011( much prior to the PLP winning the government in 2012) and was well covered by the international media. Maybe Comrade Leader Minnis will now attempt to use HSBC as his excuse to return to the floor of the House, to accuse the PM of causing an International banking loss of confidence in Bahamaland? The PM needs to be cussing this grasping at straws man out, right on the floor of the House.
banker 10 years, 7 months ago
Pardon me ma'am, but your ignorance is showing.
Item 1 -- it is amazing how you manage to weave in your hate of the FNM into a business story on banking.
Item 2 -- HSBC has internet operations that high net worth individuals value. As they are citoyennes du monde, or citizens of the world, they prefer banking centers where they can get the concierge service that these banks provide. It is indeed a loss and a black eye to the Bahamas, especially in the light that we want to be seen as a world class financial center.
Item #3: There is has been a continuous flight of capital and decline from the Bahamas. The capital under control is leaving in the billions of dollars. This is an unstoppable trend because of our archaic infrastructure.
Man, the energy that you waste in slamming the FNM at every opportunity not only is a public display of your ignorance on a world wide platform, but it also makes ALL Bahamians look like morons to the world. If you have the slightest bit of patriotism at all, you will step away from the keyboard when the Obsessive Compulsive Disorder that you suffer from in regards to the FNM strikes your brain.
CatIslandBoy 10 years, 7 months ago
Banker, you must realize that this International banking stuff is far beyond Tal's intelligence level. Good response though.
TalRussell 10 years, 7 months ago
Some of you Comrades let mt tell you this.I do know I don't know everything but don't let that fool you into believing I know nothing.
JohnDoe 10 years, 7 months ago
I know for a fact that their exit is directly related to their treatment by the Immigration Department.
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