Being a member of the clearing house will enable HSBC Israel’s customers to conduct local current accounts transactions
HSBC Israel, the local branch of HSBC, has been accepted as a member of the banks clearing house, the bank’s operations manager said today. HSBC is scheduled to open a branch in Israel within a few weeks and the move will enable customers to conduct local current accounts transactions. HSBC is the second foreign bank to become a member of the banks clearing house in addition to the Israel bank members.
The giant British bank utilized the permit granted by the Bank of Israel to the Republic Bank for full banking services in Israel (HSBC acquired Republic Bank a year ago from the late Edmond Safra). The Israeli branch, managed by Yehuda Levy, will operate in three main areas: business banking, private banking and investment banking.
The London-based HSBC group is the world’s third largest and Europe’s largest bank. The company’s international network has a staff of 170,000 in 6,000 branches spanning 81 countries. The group’s assets totaled $600 billion in June 2000, and its shares are listed in London, New York, Hong Kong and Paris.
Published by Israel's Business Arena on 7 February, 2001