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HSBC to abort small retail operations in Poland

HSBC has decided to close its retail and wealth management operations in in Poland to focus on corporate and wholesale banking in the country.

The UK-based banking group said its retail banking operations, including HSBC Premier, HSBC Advance and Business Direct, will close on 28 October 2011.

HSBC Poland CEO Alan Jarman said the decision has been taken after a strategic review which revealed serving corporate and institutional clients was the strongest opportunity for HSBC in Poland.

"That’s why we’re repositioning HSBC Poland to focus on better serving those clients with international needs," Jarman added.

HSBC entered the Polish retail market in 2007 and had more than 1,200 branches and PLN170bn ($60.7bn) in assets at the end of first quarter 2011.

The decision is on contrary to its plans revealed in May that it was reviewing its retail activities in more than three dozen countries.