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HSBC Starts Migration of Services to Euro
The Hongkong and Shanghai Banking Corporation Limited announced Thursday it will start to migrate its services to euro on October 1, 2001 so that most of its customers need not take any action as the new euro currency begins to replace the national currencies of the 12 European Monetary Union (EMU) countries in January 2002.
The move aims to ensure that the final transaction from national currency deposits and facilities to euro denominations will be as hassle-free as possible for customers, according to a press release by HSBC, one of the world's largest banking and financial services organizations.
The bank will automatically convert the majority of its customers' accounts held in the EMU national currencies to euro at the close of business on December 31, 2001. Euro banknotes will become available at most HSBC branches in Hong Kong starting on January 2, 2002.
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