Volume. 12231

HSBC closes account of UK carpet shop with Persian in its name
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Shop owners, Sara and Graham Barber, are angry with the way they have been treated by HSBC. 
Shop owners, Sara and Graham Barber, are angry with the way they have been treated by HSBC. 
British multinational banking and financial services company, HSBC, has closed the account held by a UK carpet company, with the owners claiming they have used the lender for 25 years and the reason is because it has the name Persian in its title, despite having no business dealings with Iran, the Daily Mail reported.
The bank - which used the catchphrase ‘the world’s local bank’ - told the owners of Persian Carpet Studio, based in Sudbury, Suffolk, they had a month to move their business to another bank as their account was being terminated.
“They claim they are in the business to support people with entrepreneurial flair, but they closed us down after 25 years with not even a meeting to explain why they are doing it,” the carpet business’ secretary, Graham Barber, was quoted as saying.
“I know why, it’s the word Persian but they will not tell us. When people think of Oriental carpets, everyone says Persian.
“We sell carpets from all over the Far East, we just happen to be called Persian Carpets. We do no direct banking with Iran and never have done.”
Barker said it’s only links to Iran were when his daughter bought carpets from an Iranian businessman at a carpet fair in Hamburg. The report that while HSBC honored payments for the first two carpets, it did not process the third payment and two days later sent out the letter informing them their account was to be terminated.
(Source: The Daily Mail)

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