Even the most international of banks, Citi and HSBC, are now well into years-long efforts to cut back their local banking presences around the world. They, and many other banks that once harboured global ambitions, have been selling up, especially in retail banking, and quitting country after country.
But retail networks are a curious construct in banking. They don’t just serve individuals. Typically, they also serve businesses, all the way up from small local operations such as coffee shops and one- or two-person start-ups, sometimes to the mid-cap corporations covered by commercial banks.
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