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HSBC is one of the world's largest banking and financial services organisations, serving around 39 million customers across its wealth and personal banking, commercial banking and global banking & markets segments. The bank was established in Hong Kong in 1865 and now operates in 62 countries. In 1993, the lender moved its headquarters to London following its acquisition of Midland Bank in the UK.
The dozen MPF account providers are due to complete the shift to the new electronic platform, which allows for day-to-day adjustments of holdings, by the end of 2025
With the Fed expected to start cutting rates before the end of the year, margins for lenders will narrow, potentially exposing threats in other areas. Hong Kong’s banks have made provisions and shored up balance sheets to ward off China property risk
Borrowers should heed warning this is not the time to lightly undertake property purchases, mortgages or other decisions that weigh on financial security.
Return of mainland tourists does not mean business as usual for city retailers, who must think outside the box as circumstances change.
The public should pay heed to warnings against the relevant risks when purchasing property, taking out mortgages or borrowing money for other purposes.
Banking is a fundamental utility like water and electricity, and that’s precisely why democratic societies are increasingly turning to its use as a method of censorship and repression.
For now, bank bosses in London seem to have earned some goodwill by paying a dividend and resisting calls to break up the lender.
Moves by banks to help female entrepreneurs with start-ups and advances in the financial services industry come at critical time for economy.
- Insurer has sold about 5.6 million HSBC shares, reducing its stake in the lender to 7.98 per cent from 8.01 per cent, according to an exchange filing
- Move comes days after reports that Ping An voted against the re-election of departing HSBC CEO Noel Quinn as a director
OK Lim faced charges of cheating HSBC Holdings and instigating a Hin Leong employee to forge documents, according to a newspaper report. The charges involved a total of US$111.7 million.
Banks like HSBC and Standard Chartered are urging the British government to amend a proposed legislation that aims to impose restrictions on doing business in China.
China’s exports returned to positive growth in April amid a recovery of global demand, but analysts said the focus should still be on sustaining momentum in domestic demand.
Quinn last year defeated Ping An’s long campaign to get HSBC to spin off its Asia business.
Hong Kong’s biggest lenders including HSBC, Standard Chartered and BOCHK will keep their key lending and deposit rates unchanged, meaning local businesses and mortgage borrowers will have a longer wait for the cost of borrowing to decline.
The bank has ‘quite an active pipeline’ of loans based on such collateral owned by ultra-high-net-worth individuals, who are often asset-rich but liquidity-constrained, private banker says.
Mainland China visitors to Hong Kong during the golden week holiday period will be offered a host of freebies by banks vying for their business amid growing interest in the city’s cash-for-residency scheme.
Quinn said it was the ‘right time’ to look for a better work-life balance as the lender’s net profit slipped 1 per cent from a year ago to US$10.2 billion, surpassing the US$9.24 billion profit expected by analysts polled by Bloomberg.
Global investors turn constructive on Chinese stocks after a series of stock market reforms aimed at strengthening scrutiny and boosting returns to shareholders.
More than 40 of the 50 jobs the Wall Street firm plans to cut will be from Hong Kong and mainland China. Morgan Stanley joins a host of banks that have laid off bankers this year.
Tokenisation has proved to be cheaper, more efficient and better than ‘the old-fashioned way of trading’, Noel Quinn says, but HSBC will stay ‘away from crypto’.
Generative AI can be used to find new types of attacks, but companies are also using the tech to assess these threats, Microsoft’s head of Responsible AI said at HSBC’s Global Investment Summit.
HSBC plans to host another global investment summit in the city early next year after this year’s sell-out inaugural conference drew 3,500 attendees, an overwhelming success in proof that ‘Hong Kong is back’.
The numbers do not lie, Hong Kong’s financial regulators told the HSBC Global Investment Summit on Tuesday. The city’s market has shown resilience and competence through several years of economic headwinds.
The future of China’s economic growth depends on strong innovation in the technology sector and – despite the current headwinds – investors would be wrong to sleep on the country’s potential, industry leaders says.
‘I’m confident that as global investors, you can see the far-reaching promise of Hong Kong for yourself,’ Chief Executive tells HSBC summit.
The HSBC Global Investment Summit will be the largest such conference in the city, filling the void left by Credit Suisse, which last held its flagship event in March 2023 before its eventual demise.
Global fund managers have become more positive about Chinese stocks after the securities regulator took a flurry of forceful measures to halt a three-year decline, according to a joint-venture brokerage of HSBC Holdings.
Hong Kong’s revamped investment-migration scheme is paying off for insurers such as Prudential Hong Kong, which is planning to expand its product line to appeal to wealthy would-be Hongkongers.
Monetary authority announces a nine-point plan that offers reassurance about access to credit relief amid market rumours of loans being called early.
HSBC Gold Token, which will be available on the lender’s online banking and mobile app, is the first such retail product to be issued by a bank, according to HSBC, as the government pushes for more digital assets to be rolled out for public use.
HSBC, Standard Chartered and BOCHK – the city’s three note-issuing banks – will keep their lending and deposit rates unchanged, meaning borrowers will have to keep waiting for interest relief.
City’s biggest bank and start-up hub aim to build ‘international fintech corridor’ to further Hong Kong’s goal of being an international hub for such technology.
The CSRC under Wu Qing will aim to develop 10 first-class brokerages including two or three that can compete with top global names like Goldman Sachs and Morgan Stanley by 2035.
Hong Kong will play a key role in Janus Henderson’s Asia expansion plan because the city is a portal to China, while the new investment-migration scheme will create demand for investment products, CEO Ali Dibadj says.
The HKMA’s new wholesale central bank digital currency project aims to enhance interbank settlements for tokenised money. A planned sandbox will test settlement of tokenised real-world assets.
