SMEs in UAE vent fury over HSBC closures

Tarek Saad

2) to continue my previous comments please I need a good advise what I should do . Now I am in real risk with this action and my business is in risk .i am very very disappointed and all banks dealing with us as Ex HSBC with bug suspicion .

Tarek saad

1) I have a RAK free zone company since 2011 and Rak advise me to open the corporate account at HSBC my company growing every year in stable success all the time the communication with HSBC made either by official internet banking inbox massages or by direct email to the company email address or by tele conversation , the P.O BOX is not the main communication with the bank espiialley with the important issues , on September 23rd made wire transfare personally at Jabel Ali branch at second day went to bank ask for depict card but the shocked me with the closing the account and decision has been taken since June and the will issue a bank check with my company balance. One week after I got the checks but hardley to find a bank accept my company to open bank account which cuse many projects loss to me , now I have have new bank account with other bank but I can't release my HSBC checks that gave to my bank with over 2 weeks the corresponding bank inform us they checks under investigation-

M Gordon

We never wanted to be an HSBC client in the first place but had little choice once Lloyds bailed out. We new from reports in the business network how bad HSBC perform as a financial institution. Now HSBC are dropping us as as they shed thier SME's. Good thinking HSBC!

Unfortunately they have forgotten that SME's are their future existence not to mention the life blood of most countries core economies!

What they have done to us (SME's) will not be forgotten. Perhaps they should check the qualifications of their own decision makers! Any school of business will teach you the importance of helping SME's.

Good for other local banks though. More power to them.

dominic docherty

I am a ex lloydstsb retail and corporate bank account holder. We have been moved to HSBC after they completed their service. Now the 8am to 5pm 6 days a week has become 8am to 3pm 5 days a week. Although they don?t do anything international on a Sunday so really its 4 days a week.
They want us to continue to bank with them but their customer service and the tools they use internally are so terrible that the service they are offering is beyond pathetic. International transfers taking over 2 weeks, queries to relationship managers go unanswered....
We are moving our business to a local UAE bank... cant wait to be rid of them.

clarify

I dont know if they are getting worse or desperate.

I am a Premier customer. Have been for years.
Had an email from them yesterday asking if I wanted to become a Premier customer as I meet the requirements.

I asked them why they sent it. A mistake they said.
Sure enough, another email blast out saying sorry and to ignore it.

Maybe HSBC is just desperate and getting even more worse?
Sad.

HSBC Group should be looking into the Dubai operation. Quite a pantomime going on here.

exHSBCPrem

I had a call on thursday as an individual from the Premier relationship team. Not heard from him in well over a year.
He wanted to know why I had reduced my investments in HSBC.

Well this article, and the many others that get published on HSBC Dubai, is the reason. I have not reduced my investments in HSBC world-wide, just in Dubai.

They have lost the plot.
I dont know why, but nobody in HSBC seems to care anymore. So I am looking after myself.

Peter

Has everyone forgotten the great comments from the HSBC CEO exactly 3 years back ... here's a link to help remind you:
http://dev.arabianbusiness.com/jail-works-for-recouping-debt-hsbc-boss-304078.html

So why anyone would bank with a Group where this sort of mentality prevails is beyond me. And their thinking is the same in the other GCC countries as well. I closed my HSBC account several years ago and never looked back.

Imran Farooqui

Been a corporate customer for 8 years, personal banking for 18 years and foreign currency account in home country for 3 years, plus credit card holder of the same bank for 18 years... it really hurts, just a stupid letter, arrives 28 days later giving me 60 days to close my corporate account ! With no recourse, no explanation or alternates or even a letter which would assist us in opening a branch in another bank.
Not just hurt and disappointed but angry. Pathetic and ridiculous, I sincerely hope they flounder.

Bring Back Lloyds TSB!

This just beggars belief! The Dubai Government should take a very dim view of HSBC who are stymieing the natural growth of the Emirate by taking this appalling decision. HSBC should be prevented from expanding any further within the Emirate, if you cannot support the growth of your host country, you do not deserve the support of your host.

Monkey Tennis

In its defence, a branch network is still a key distribution channel for SMEs and Central Bank rules limit all foreign banks to a maximum of 8 full service branches putting all of them at a huge disadvantage to local banks and, therefore, forcing them to look at the higher end of the sector - if you know you have limited capacity, you're going to concentrate it on your most profitable customers. So strategically there is some justification (but I agree their service and attitude stinks).

Dear

25 years dealing with HSBC-UAE (personal and business) with milestones of disappointments and habit was the only reason I kept my accounts with HSBC. But in terms of interest rates they offer the lowest on savings, In terms of investment baskets, more three losing trials. In terms of financing, the most demanding and complicated procedures.
I think it is time to consider a full closure with this unfaithful and arrogant bank.


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