HSBC Egypt shuts down 'some' SMEs accounts

Egypt: HSBC Bank Egypt has confirmed it has shut down a number of its small and medium sizes enterprises’ (SMEs) accounts in the country, Daily News Egypt has reported. The HSBC Group has been conducting a global review of all of its businesses since May 2011, in an effort to streamline its business and improve its return on capital, said Omnia Samra, head of communication at HSBC. “We have evaluated the SMEs accounts and we’ve decided to terminate some of them – not all,” Samra said. “HSBC has closed some of its business banking accounts many of which were inactive and none of which were borrowing accounts,” she said. []

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