https://www.scmp.com/rss/524584/feed The latest news and top stories on Georges Elhedery, Group Chief Executive of HSBC. Known for his extensive career in financial services, Elhedery officially assumed his current role on 2 September 2024, succeeding Noel Quinn. He joined HSBC in 2005, progressing through various senior leadership positions including Group Chief Financial Officer from January 2023, Co-CEO of Global Banking & Markets, and CEO for the Middle East North Africa and Turkey region. He has a background in engineering and... en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Enoch Yiu Enoch Yiu Manulife, HSBC Holdings and Barclays are among the big financial firms that have announced plans to boost their adoption of artificial intelligence, in line with the Hong Kong government’s efforts to promote the use of the technology. Manulife last week said it had relocated Mark Czajkowski, chief AI officer for Asia, to Hong Kong from Singapore, and had appointed Liu Hongjuan as chief AI and data officer of Manulife Hong Kong and Macau, a newly created post, on March 9. HSBC Holdings, the... https://www.scmp.com/business/banking-finance/article/3348897/manulife-hsbc-barclays-among-big-finance-firms-pushing-ai-adoption-hong-kong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3348897/manulife-hsbc-barclays-among-big-finance-firms-pushing-ai-adoption-hong-kong?utm_source=rss_feed Fri, 03 Apr 2026 09:00:08 +0000 Themis Qi Themis Qi HSBC CEO Georges Elhedery has vowed to continue investing in China amid escalating trade tensions after witnessing new trade opportunities from Chinese companies going global. While attending the two-day China Development Forum (CDF) 2026 in Beijing on Sunday, Elhedery characterised China’s current trajectory as a “new phase of development” that would define the next era of global economic growth. Although 2025 saw steady growth in global trade, the landscape was complicated by shifting tariffs,... https://www.scmp.com/business/banking-finance/article/3347465/hsbc-vows-keep-investing-china-amid-global-tensions-new-trade-corridors-emerge?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3347465/hsbc-vows-keep-investing-china-amid-global-tensions-new-trade-corridors-emerge?utm_source=rss_feed Sun, 22 Mar 2026 06:27:09 +0000 Aileen Chuang Aileen Chuang HSBC and a joint venture led by Standard Chartered are expected to be among the first companies to obtain Hong Kong’s stablecoin licences within two weeks, according to people familiar with the matter. The number of licences and timetable had yet to be finalised and remained subject to change, but sources said a possible date was March 24. The two banks declined to comment. The Hong Kong Monetary Authority (HKMA) last month revealed that a small number of stablecoin licences would be granted... https://www.scmp.com/business/cryptocurrency/article/3346311/hong-kong-poised-grant-first-stablecoin-licences-hsbc-standard-chartered-sources?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3346311/hong-kong-poised-grant-first-stablecoin-licences-hsbc-standard-chartered-sources?utm_source=rss_feed Thu, 12 Mar 2026 09:00:08 +0000 Enoch Yiu Enoch Yiu HSBC, the largest lender in Europe and Hong Kong by assets, has signalled for the first time its intent to engage with the city’s forthcoming stablecoin regime, citing Hong Kong’s sound regulatory environment and its potential to drive innovation in the digital asset space. “We are interested in every part of Hong Kong’s innovation landscape, and we want to play a role in all of it,” CEO Georges Elhedery said in a small-group interview – in response to a question whether the bank had applied for... https://www.scmp.com/business/banking-finance/article/3345047/hsbc-signals-intent-join-hong-kongs-stablecoin-regime-amid-digital-innovation-push?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3345047/hsbc-signals-intent-join-hong-kongs-stablecoin-regime-amid-digital-innovation-push?utm_source=rss_feed Sun, 01 Mar 2026 23:30:13 +0000 Enoch Yiu Enoch Yiu HSBC Holdings unveiled a range of new growth targets and strategies on Wednesday, including plans to boost investment in Hong Kong and other high-growth markets to US$1.8 billion in the coming years. CEO Georges Elhedery said the bank would raise its return target to 17 per cent or higher from 2026 to 2028, while maintaining a sustainable dividend policy. The forward-looking commitments helped lift HSBC’s share price despite a 7 per cent decline in annual profit. Among the expansion plans, the... https://www.scmp.com/business/banking-finance/article/3344541/hsbcs-2025-profit-falls-7-beats-estimates-despite-property-woes-madoff-lawsuits?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3344541/hsbcs-2025-profit-falls-7-beats-estimates-despite-property-woes-madoff-lawsuits?utm_source=rss_feed Wed, 25 Feb 2026 04:32:46 +0000 Enoch Yiu,Themis Qi Enoch Yiu,Themis Qi HSBC, Hong Kong’s largest bank with a 6.2 million-strong customer base, suffered a widespread system breakdown on Friday afternoon. According to some customers, the bank’s mobile app and online services were inactive as early as 1pm, with login attempts diverted to a screen stating the system was under maintenance and would be accessible at a later time. A staff member at the bank’s Mong Kok branch said HSBC’s citywide computer network had failed early Friday afternoon, but the employee did not... https://www.scmp.com/business/banking-finance/article/3341805/hsbc-suffers-system-shutdown-stopping-services-hong-kong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3341805/hsbc-suffers-system-shutdown-stopping-services-hong-kong?utm_source=rss_feed Fri, 30 Jan 2026 07:13:47 +0000 Enoch Yiu Enoch Yiu HSBC Holdings’ exploration of options for its insurance business in Singapore may lead to a sale of the unit as the group reallocates resources to its insurance business in Hong Kong and mainland China, according to analysts. “It makes sense for HSBC to consider an exit from Singapore’s insurance market to focus on Hong Kong and mainland China, as so many mainlanders are coming to Hong Kong to buy insurance products here,” said Kenny Tang Sing-hing, chairman of the Hong Kong Institute of... https://www.scmp.com/business/banking-finance/article/3340173/hsbc-reviews-singapore-insurance-unit-amid-focus-high-growth-hong-kong-china?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3340173/hsbc-reviews-singapore-insurance-unit-amid-focus-high-growth-hong-kong-china?utm_source=rss_feed Fri, 16 Jan 2026 09:52:10 +0000 Enoch Yiu,Aileen Chuang Enoch Yiu,Aileen Chuang Following the January 8 shareholder vote that overwhelmingly approved the largest privatisation deal in Hong Kong’s history, many questions remain about the future of Hang Seng Bank, its stakeholders and the broader financial landscape. For Hang Seng Bank’s shareholders, the immediate question is what to do with the HK$106.16 billion (US$13.6 billion) windfall from HSBC Holdings for acquiring the remaining 37 per cent it does not own. “I invested in Hang Seng Bank for the long term because of... https://www.scmp.com/business/banking-finance/article/3339319/what-does-hsbcs-buyout-hang-seng-bank-mean-its-future-and-investors?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3339319/what-does-hsbcs-buyout-hang-seng-bank-mean-its-future-and-investors?utm_source=rss_feed Sat, 10 Jan 2026 02:00:10 +0000 Aileen Chuang,Enoch Yiu,Themis Qi Aileen Chuang,Enoch Yiu,Themis Qi Hong Kong’s banking sector began a new chapter on Thursday as Hang Seng Bank shareholders approved HSBC Holdings’ bid to take the lender private in a deal worth nearly US$14 billion. The proposal, under which HSBC offered shareholders HK$155 a share – 30 per cent higher than Hang Seng Bank’s HK$119 closing price on the last trading day before the announcement on October 9, received strong shareholder support, with 85.75 per cent of the votes, according to Hang Seng Bank. It surpassed the... https://www.scmp.com/business/banking-finance/article/3339044/hang-seng-bank-shareholders-set-back-hsbcs-privatisation-plan-hong-kong-lender?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3339044/hang-seng-bank-shareholders-set-back-hsbcs-privatisation-plan-hong-kong-lender?utm_source=rss_feed Thu, 08 Jan 2026 02:00:11 +0000 Themis Qi Themis Qi HSBC Holdings will host two meetings early next month on its US$14 billion buyout proposal to privatise subsidiary Hang Seng Bank. The British banking giant announced on Monday the details of the scheme document regarding the privatisation of Hang Seng Bank at HK$155 per share proposed on October 9. The court meeting and the general meeting of Hang Seng Bank shareholders will be held sequentially from 10.30am on January 8 in Hong Kong. The results of the shareholder votes at both meetings will... https://www.scmp.com/business/banking-finance/article/3336429/hang-seng-bank-shareholders-vote-hsbc-buyout-proposal-january-8?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3336429/hang-seng-bank-shareholders-vote-hsbc-buyout-proposal-january-8?utm_source=rss_feed Mon, 15 Dec 2025 03:44:42 +0000 Enoch Yiu Enoch Yiu HSBC Holdings, the biggest lender in Hong Kong and Europe, has appointed veteran accountant Brendan Nelson as group chairman, according to its filing to the Hong Kong stock exchange on Wednesday. Nelson, 75, has been serving as interim chairman since October 1, replacing Mark Tucker, who stepped down to become non-executive chairman of insurer AIA. The appointment surprised the market after HSBC CEO Georges Elhedery said a day earlier at a global banking summit in London that Nelson was not... https://www.scmp.com/business/banking-finance/article/3335051/hsbc-names-veteran-accountant-brendan-nelson-new-chairman-amid-asia-growth-push?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3335051/hsbc-names-veteran-accountant-brendan-nelson-new-chairman-amid-asia-growth-push?utm_source=rss_feed Wed, 03 Dec 2025 09:28:13 +0000 Enoch Yiu Enoch Yiu When Alvin Kwock, co-founder of digital insurer OneDegree, took part in the inaugural Hong Kong FinTech Week in November 2016, it was held at a venue suitable for only a few hundred people. “As it was the first ever fintech event in Hong Kong, only fintech start-ups were interested, no big financial institutions paid attention,” Kwock said. “People did not have a clear idea of fintech as it was still in an exploratory stage.” In the years since, fintech in Hong Kong has gone through a sea... https://www.scmp.com/business/banking-finance/article/3334469/work-progress-hong-kong-reaps-fruits-fintech-seeds-sown-nearly-10-years-ago?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3334469/work-progress-hong-kong-reaps-fruits-fintech-seeds-sown-nearly-10-years-ago?utm_source=rss_feed Sat, 29 Nov 2025 02:00:10 +0000 Jeffie Lam Jeffie Lam Beijing’s point man on Hong Kong affairs has met a delegation led by HSBC Group CEO Georges Elhedery, marking his second meeting with the bank’s leadership in eight months. But the Hong Kong and Macau Affairs Office did not reveal what was discussed in the meeting between its director, Xia Baolong, and Elhedery in Beijing on Thursday. Xu Qifang, the executive deputy director of the office and veteran HSBC banker Peter Wong Tung-shun also attended the meeting. During his meeting with group... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3333621/beijings-point-man-hong-kong-affairs-meets-hsbc-ceo-georges-elhedery?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3333621/beijings-point-man-hong-kong-affairs-meets-hsbc-ceo-georges-elhedery?utm_source=rss_feed Fri, 21 Nov 2025 02:41:18 +0000 Aileen Chuang Aileen Chuang Global trade tensions, stoked by China-US tariffs, are settling into a steadier balance as the world braces for fresh challenges from rapid technological disruptions, financial leaders said on Tuesday at a summit in Hong Kong. The China-US relationship had entered into a more “stable equilibrium” after last week’s talks between the leaders of the world’s two biggest economies, despite the noise on the surface over tariffs and other trade disputes, said William Ford, chairman and CEO of US... https://www.scmp.com/business/banking-finance/article/3331423/china-us-ties-find-stable-equilibrium-tech-disruptions-loom-financial-leaders?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3331423/china-us-ties-find-stable-equilibrium-tech-disruptions-loom-financial-leaders?utm_source=rss_feed Tue, 04 Nov 2025 04:25:23 +0000 Enoch Yiu Enoch Yiu Challenges from commercial property credit quality will persist for Hong Kong banks next year, though these may be balanced by prospects in capital markets and yuan business, according to the head of the city’s de facto central bank. “The Hong Kong Monetary Authority will continue to monitor the credit quality of the property sector, which will continue to be a challenge for the banking sector next year,” said chief executive Eddie Yue Wai-man in an exclusive interview. However, there was no... https://www.scmp.com/business/banking-finance/article/3330408/property-credit-quality-issues-manageable-hong-kong-banks-hkmas-eddie-yue-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3330408/property-credit-quality-issues-manageable-hong-kong-banks-hkmas-eddie-yue-says?utm_source=rss_feed Mon, 27 Oct 2025 02:20:05 +0000 Enoch Yiu Enoch Yiu In an effort to promote a more vibrant image of Hong Kong, the countryside and hiking trails will be showcased to over 300 top bankers attending next week’s Global Financial Leaders’ Investment Summit, which will be opened with a video address by China’s Vice-Premier He Lifeng. BlackRock co-founder Larry Fink and General Atlantic chairman and CEO William Ford will be among the first-time attendees of the fourth edition of the financial summit, which runs from November 3 to 5, according to Hong... https://www.scmp.com/business/banking-finance/article/3330351/boardrooms-hiking-trails-hkma-courts-top-bankers-business-and-leisure?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3330351/boardrooms-hiking-trails-hkma-courts-top-bankers-business-and-leisure?utm_source=rss_feed Sun, 26 Oct 2025 23:30:18 +0000 Bloomberg Bloomberg HSBC Holdings has named David Lindberg CEO of its ring-fenced UK bank, ending a long search, as the lender undergoes its biggest overhaul in a decade. Lindberg, most recently head of retail banking at NatWest Group, would start on December 8 and also joined the group operating committee, according to a statement. He is replacing Ian Stuart, who will start his new role as group customer and culture director following a handover period. CEO Georges Elhedery has undertaken the biggest overhaul of... https://www.scmp.com/business/banking-finance/article/3329801/hsbc-names-new-ceo-ring-fenced-uk-division-amid-biggest-overhaul-decade?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3329801/hsbc-names-new-ceo-ring-fenced-uk-division-amid-biggest-overhaul-decade?utm_source=rss_feed Tue, 21 Oct 2025 09:13:15 +0000 Julie Zhang Julie Zhang Hong Kong FinTech Week 2025 in November aims to be an all-in-one marketplace for global cutting-edge technologies, with international buyers from areas including the Middle East and Global South coming to the city to shop for opportunities, according to senior InvestHK officials. Last year’s event was almost like a “study trip” for some delegations, according to King Leung, global head of financial services, fintech and sustainability at the government agency, which is responsible for attracting... https://www.scmp.com/business/china-business/article/3329286/hong-kong-fintech-week-expects-investment-action-serious-buyers-investhk-says?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3329286/hong-kong-fintech-week-expects-investment-action-serious-buyers-investhk-says?utm_source=rss_feed Fri, 17 Oct 2025 01:30:16 +0000 Julie Zhang Julie Zhang Chinese electric-vehicle maker Li Auto’s founder and CEO Li Xiang topped Hong Kong’s paid director ranking for 2024 with a total remuneration package of about HK$680 million (US$87.4 million). According to the latest director pay league table published by Webb-site on Sunday, the financial data platform founded by corporate governance activist David Webb, Li’s HK$679.78 million package was made up of HK$676.78 million in stock options and a HK$2.83 million base salary. The ranking table analysed... https://www.scmp.com/business/china-business/article/3328757/li-auto-ceo-tops-hong-kongs-highest-paid-directors-list-2024-webb-site?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3328757/li-auto-ceo-tops-hong-kongs-highest-paid-directors-list-2024-webb-site?utm_source=rss_feed Mon, 13 Oct 2025 04:46:07 +0000 Aileen Chuang Aileen Chuang HSBC Holdings’ US$13.6 billion bid to take full control of Hang Seng Bank could be enticing enough for investors to cash out as the deal creates long-term value for the London-based bank, although some analysts said the offer could be sweeter. On Thursday, HSBC offered to acquire the remaining 36.5 per cent stake in Hang Seng Bank it does not own at HK$155 per share, a 30 per cent premium over the previous closing price. The bank owns 63.5 per cent of Hong Kong’s largest domestic bank. The... https://www.scmp.com/business/banking-finance/article/3328525/hsbcs-us136-billion-buyout-offer-good-enough-hang-seng-bank-investors?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3328525/hsbcs-us136-billion-buyout-offer-good-enough-hang-seng-bank-investors?utm_source=rss_feed Fri, 10 Oct 2025 08:58:33 +0000 SCMP Editorial SCMP Editorial HSBC’s privatisation of Hang Seng Bank ends the subsidiary’s publicly traded status after more than half a century. It comes amid worsening real estate loans in Hong Kong following a fall of 30 per cent in property prices from their 2021 peak across both residential and commercial sectors. The privatisation follows lay-offs at Hang Seng in May, ahead of a local HSBC leadership reshuffle last month. But the parent group and the Hong Kong government have been quick to cast the surprise delisting... https://www.scmp.com/opinion/comment/article/3328399/amid-property-slump-hang-seng-privatisation-makes-good-business-sense?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3328399/amid-property-slump-hang-seng-privatisation-makes-good-business-sense?utm_source=rss_feed Thu, 09 Oct 2025 22:45:07 +0000 Salina Li Salina Li On Thursday afternoon, hours after HSBC Holdings announced a plan to privatise subsidiary Hang Seng Bank, the local lender’s headquarters in Central was crowded with customers queuing for services. Among them were many elderly people, including five who told the Post they were not aware of the news and were unsure if it would have an impact on their bank accounts. London-based HSBC would buy all outstanding Hang Seng Bank shares for HK$155 each in cash, or a premium of 30 per cent over the... https://www.scmp.com/business/article/3328356/plan-privatise-hang-seng-bank-elicits-mixed-reactions-customers?utm_source=rss_feed https://www.scmp.com/business/article/3328356/plan-privatise-hang-seng-bank-elicits-mixed-reactions-customers?utm_source=rss_feed Thu, 09 Oct 2025 08:16:19 +0000 Peggy Sito,Aileen Chuang Peggy Sito,Aileen Chuang HSBC Holdings announced a plan to privatise its Hang Seng Bank subsidiary, drawing the curtains on half a century of the unit’s publicly traded status in an unexpected move to simplify its structure amid worsening real estate loans in Hong Kong. The London-based bank would buy all outstanding Hang Seng Bank shares for HK$155 each in cash, or a premium of 30 per cent over the stock’s Wednesday closing price of HK$119, according to a statement to the Hong Kong exchange on Thursday. The Hang Seng... https://www.scmp.com/business/banking-finance/article/3328293/hsbc-announces-plan-privatise-hang-seng-bank?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3328293/hsbc-announces-plan-privatise-hang-seng-bank?utm_source=rss_feed Thu, 09 Oct 2025 00:38:20 +0000 Enoch Yiu Enoch Yiu HSBC Holdings, Hong Kong’s largest lender, on Tuesday opened a 23,000-square-foot wealth management centre in the International Commerce Centre (ICC), which is expected to give a boost to the city’s struggling office market and help the bank serve its wealthy clients. The centre is located on the 99th floor of the ICC and it is HSBC’s largest wealth management office globally. It features 51 meeting rooms for 100 staff to meet with clients, plus two event spaces that can host banquets for up to... https://www.scmp.com/business/banking-finance/article/3324777/hsbc-opens-wealth-centre-way-icc-boost-hong-kongs-weak-office-rental-market?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3324777/hsbc-opens-wealth-centre-way-icc-boost-hong-kongs-weak-office-rental-market?utm_source=rss_feed Tue, 09 Sep 2025 02:15:07 +0000 Enoch Yiu Enoch Yiu HSBC, the largest banking group in Europe and Hong Kong by assets, expects provisions for bad debt to keep rising this year amid challenges in Hong Kong’s commercial real estate market and potential fallouts from trade tariffs and swings in global interest rates. The UK lender, whose Asian base is in Hong Kong, and its subsidiary Hang Seng Bank, made a combined US$500 million in provisions on offices and retail properties in Hong Kong in the first half, according to its results published on... https://www.scmp.com/business/article/3320086/hsbc-plans-us3-billion-stock-buy-back-after-29-drop-second-quarter-profit?utm_source=rss_feed https://www.scmp.com/business/article/3320086/hsbc-plans-us3-billion-stock-buy-back-after-29-drop-second-quarter-profit?utm_source=rss_feed Wed, 30 Jul 2025 04:49:43 +0000