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HSBCi

The Hongkong and Shanghai Banking Corporation is one of Hong Kong's biggest banks. It was founded in Hong Kong on March 3, 1865, and in Shanghai one month later. Its headquarters are located in London.

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Some financial groups are said to be considering relocating head offices from Hong Kong to other Asian cities. So the expected relocation of three top HSBC executives from London will come at just the right time.

  • HSBC’s Asia operations are ‘motoring’ as lender looks to future growth from its biggest revenue driver, CEO Noel Quinn says
  • Bank recently prevailed in a shareholder vote that sought to force its management to split the Asian arm
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Hong Kong stocks are likely to rebound from heavy sell-offs in the second half of the year as a potential easing of monetary policy boosts China’s economic recovery, says Hang Seng Qianhai Fund Management.

HSBC, Hong Kong’s biggest lender, will upsize its lending scheme tailored for start-ups to US$3 billion as it expands its support to technology and new economy companies in the Greater Bay Area after surfeit of deposits from clients of its newly acquired tech-focused banking unit.

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The UK’s Competition and Markets Authority has provisionally found that five big banks including HSBC shared “competitively sensitive” information about British government bond trades.

HSBC poached 42 bankers and misused SVB’s confidential, proprietary and trade secret information following the takeover in late March, complaint says.

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HSBC Life has invested US$20 million to upgrade its technology and introduce a range of new medical insurance services for clients, according to CEO Edward Moncreiffe.

The platform, called Cosmic, is meant to make it easier for financial institutions to share information on risky clients, and detect and deter scams, money laundering and terrorism financing.

HSBC has agreed to buy out its China fund management joint venture partner’s stake in HSBC Jintrust Fund Management, giving it greater access to the nation’s US$3.8 trillion mutual fund market.

A group of minority shareholders had called for the bank to consider radical change, including spinning off its Asia business. HSBC’s biggest shareholder Ping An Insurance Group has also been pushing the lender to make changes to enhance shareholder value.

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Sun Hung Kai Properties sold all 191 flats on offer by 5.30pm on Thursday, hours after HSBC raised its best lending rate by 12.5 basis points to 5.75 per cent.

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Analysts have raised their consensus price target for HSBC stock to the highest level since July 2019, spurred by gains in its first-quarter performance.

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Analysts are unanimous on another US rate increase this week. Most of them say it would likely be the last in the current tightening cycle. They are equally split on whether HSBC and its peers will raise their prime rates.

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HSBC’s pre-tax profit rose to US$12.9 billion, beating analysts’ expectations. The bank said it would pay its first quarterly dividend since 2019 of 10 US cents a share.

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Banks in Asia should be able to withstand ‘knock-on effects’ from recent banking stresses sparked by the collapse of two US lenders and the rescue of Credit Suisse, according to S&P Global Ratings.

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Ping An Insurance Group, China’s biggest insurer, said its recommendation to list HSBC’s Asian operations in Hong Kong would not result in value destruction or higher costs for the bank.

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Structural reforms proposed by Ping An Insurance Group, including a spin-off of HSBC’s Asian business, would “significantly dilute” HSBC’s international business model, the London-based lender said.

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Ping An In, HSBC’s biggest shareholder, said the bank should remain a majority shareholder of a separately listed Asia business as part of a restructuring, similar to its majority stake in Hang Seng Bank.

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HSBC’s sale of its French retail banking business is ‘less certain’ as a sharp rise in interest rates has increased capital requirements for its Cerberus-backed buyer, the bank said.

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Bank of East Asia plans to set up its first branch in Hainan province, as officials in China’s largest free-trade hub court foreign investment in the financial sector.

For the second time in eight months, UK-based HSBC chairman Mark Tucker and CEO Noel Quinn flew in to host an informal meeting alongside Hong Kong-based Asia-Pacific chairman Peter Wong Tung-shun with over 1,000 shareholders.

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HSBC paid £1 for a £1.4 billion business when it acquired the UK unit of Silicon Valley Bank earlier this month, CEO Noel Quinn says. It has since lured billions of deposits from global tech start-ups.

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HSBC’s board of directors has recommended that investors reject shareholder proposals that are calling for it to increase dividend payments and consider a radical restructuring.

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HSBC’s move to keep its prime rate unchanged was followed by its subsidiary Hang Seng Bank, crosstown rivals Standard Chartered and Bank of China (Hong Kong). Analysts said this will have a positive impact on Hong Kong’s property sector and economy.

Grammy-winner Pharrell Williams helps HSBC launch new offering ahead of the government’s ‘Wealth for Good’ forum as both private and public sectors push to advance the city as a wealth hub.

Bank of England, European Central Bank say shareholders will bear losses before bondholders in bank insolvencies after the decision to wipe out US$17 billion in Credit Suisse debt in rescue.

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