Indian PSBs plan to exit Hong Kong as strict regulations, Covid woes pinch

State Bank of India (SBI) will likely be the only PSB in Hong Kong, alongside private sector banks ICICI and HDFC

Amid strict rules, losses on trade financing business, and Covid regulations, Public Sector Banks (PSBs), such as Union Bank of India and Punjab National Bank, are slowly moving out of Hong Kong. 

Once a premier global financing hub, now, Hong Kong has seen the exit of four PSBs, some of which are in the final stages of shut down, out of 8 public sector banks while others are contemplating the future of their operations after the Coronavirus pandemic. According to a report in The Economic Times, State Bank of India (SBI) will likely be the only PSB in Hong Kong,