- Posted September 21, 2013 by
HSBC UK to close Iranian's bank accounts in two months' time
Recently HSBC UK sent letters to its Iranian account holders (mostly Iranian students in UK) informing them that their accounts would be closed in two months' time. This caused many problems to Iranian students in UK.
The interesting or maybe ridiculous thing is that there is an inconsistency in this policy between banks in UK. While HSBC UK recently decided to cancel the contracts of its Iranian clients, other banks still provide services.
While this decision is not made by the UK government, HSBC clients are wondering about the cause of this decision. There is also a debate about the legality of this decision.
Months ago, few banks in Germany started sending similar letters to their clients, however, as it was not considered legal, soon they reconsidered their decision.
Further investigations show that the Iranian clients who had very high balances in their accounts are exempted from this decision. In other words, HSBC shuts out Iranian clients—unless they’re seriously rich.