HSBC said it was 'monitoring the developments' in Greece after the country imposed capital controls and shut banks to avert financial collapse. HSBC’s $6bn of Greek assets is the most among European banks.
'Like all banks, HSBC has been working to prepare for such events and to take the necessary steps to meet relevant requirements', the company said in a statement on Monday. 'We are monitoring the developments closely and will keep customers up to date via our websites when further material information becomes available to us'.
Bloomberg News reports that the lender has cut its Greek assets from $7.3bn since the end of 2013 and they account for 3.7% of HSBC’s total net asset value, mainly comprised of loans to banks and the shipping industry, Sanford C. Bernstein estimates.
Royal Bank of Scotland has $376m of Greek exposure, also primarily to banks and shipping.
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