I've had three calls this evening from people on the subject of HSBC, none of whom were aware of my earlier posts on this thread. The rumour these people have heard is the same. HSBC is pulling out of Turkey and you'd better get yer money cos otherwise you are going to lose it. It would appear that this rumour has spread from the Ex-Pratts site, and people - with and without HSBC accounts - are going round with some amount of glee spreading this horrible rumour, and quoting the FT article contained in that horrible website as authority of all sorts of doom and gloom consequences. The FT article says nothing about how HSBC intends to exit Turkey, and certainly says nothing at all that people with money in the Turkish HSBC will lose all their money, when HSBC finally exits. And as I said earlier HSBC would never consider i,t let alone do it - as one of the largest banks in the world - the reputational risk/loss would be business threatening across the globe for HSBC, and besides which the Turkish authorities, banking code and law would never allow it to happen.
What is happening with HSBC is that they have made a business decision that probably says Turkey is a tough place to operate in as a non-Turkish business and the returns on investment is poorer than other parts of the world, so time to go. In investment terms you can only spend your pound once and HSBC it seems prefer to invest that money elsewhere.
Finally a word about some of the dumb, thick between the ear,s no nothing, knuckle dragging chimps spreading these rumours - go on UBT say it like it is. These are generally people you wouldn't ask their opinion on anything, although they always want to give it! So why do people listen to them when talking about something as important and serious as people's finance and banking arrangements. Especially by listening which gives them, in their minds, some sort of credence to what they are saying. And I am sorry to say that this area of the world has attracted a disproportionate number of these scare mongering corporal Jones .... sad.
