HSBC established its presence in Russia in 1996, focusing primarily on corporate banking services to support international businesses operating in the country after the dissolution of the Soviet Union.

[1] In 2011, HSBC agreed to sell parts of its Russian retail banking business to Citibank as part of plans announced earlier in the year to focus on commercial and wholesale banking in Russia, citing the challenging economic environment and the need to focus on more profitable areas of its business.

The bank sought approval from the Government of Russia for the sale, anticipating a projected loss of $300 million US dollars from the exit.

[5] The transaction was completed in May 2024, marking HSBC's full exit from the Russian market after nearly three decades of operation.

[6] In November 2024, HSBC ceased processing all payments from Russia and Belarus for its personal banking customers, aligning with the broader trend of international banks withdrawing from Russia due to financial sanctions imposed after the invasion of Ukraine.