Yerevan/Mediamax/. Russian “subsidiary” of HSBC bank is renouncing work with retail and private banking and the focus will be made on the corporate sector and the investment banking. RBC Daily newspaper reads today that during its work in Russia, HSBC has been changing development plans for already the fourth time.

HSBC became the only western “subsidiary”, where the chairmen of the board have changed six times since 2001 and the development plans have been revised a few times, the newspaper reads. First the bank intended to work in Russia with large corporate customers, and in 2005 it decided to actively develop investment banking. From 2008 to 2010, the bank was building retail and branch network and last year it announced development of mortgage.