HSBC issues remittances challenge to Citi

Following HSBC's March acquisition of US consumer finance group Household International and November's purchase of top-five Mexican bank Bital, the bank said it is now well placed to service Mexican workers in the US sending money home. If successful, the move could be a potential windfall for the FX department, as it would account for the forex component of these services, which are charged at retail rates.

HSBC chief executive Stephen Green said: "An overlooked new market opportunity will be

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