HSBC is to close down its retail operations in Russia, making it the second foreign bank to leave the state-dominated sector in as many months.
The decision by HSBC, on the back of a similar plan at Barclays, comes as both rethink their global strategies to cut back on operations that are a drag on group profitability.
But their departures also highlight the increasing dominance and competitiveness of state-owned banks, primarily Sberbank and VTB, in the short period since Barclays and HSBC attempted to break into the market less than three years ago.
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