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☆ HSBC hires Silicon Valley Bank bankers to focus on tech, healthcare
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, April 11 (Reuters) - HSBC Holdings plc's (HSBA.L) U.S. unit has hired dozens of Silicon Valley Bank bankers led by David Sabow, who most recently led the technology and healthcare banking segment for the California-based bank that collapsed last month. HSBC USA said in a statement the hiring will help the bank establish a dedicated banking practice focused on serving companies in technology and healthcare, as well as investors who support them. HSBC has initially assembled a team of more than 40 bankers in the San Francisco Bay Area, Boston and New York City as part of this initiative, it said. Reporting by Saeed AzharOur Standards: The Thomson Reuters Trust Principles.

☆ HSBC board recommends shareholders vote against spin-off resolution
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, April 3 (Reuters) - HSBC Holdings Plc's (HSBA.L) board is unanimous in recommending that shareholders vote against proposals to restructure the bank and pay fixed dividends, its chairman, Mark Tucker, told Hong Kong shareholders on Monday. The comment came as Ken Lui, an individual HSBC shareholder and leader of a Hong Kong-based investor group, called for a break up of the bank. His second proposed resolution calls on HSBC to restore pre-COVID-19 dividend levels. Tucker told the shareholders a restructuring or spin-off of its Asia business, as demanded by Lui, would create a major period of uncertainty for clients, and employees and shareholders would be disrupted. Reporting by Selena Li; Editing by Sumeet Chatterjee, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ HSBC brushes aside Hong Kong investor's Asia spin-off proposal
▼ + stars: | 2023-04-02 | by ( Selena Li | ) www.reuters.com time to read: +4 min

HONG KONG, April 3 (Reuters) - HSBC Holdings PLC (HSBA.L) on Monday pushed aside a proposal by an activist shareholder in Hong Kong to spin off its mainstay Asia business, reiterating the adverse impact on the Asia-focussed bank's cost and clients. The comment came as Ken Lui, an individual HSBC shareholder and leader of a Hong Kong-based investor group, called for the break up of the bank. The Hong Kong meeting is being held ahead of HSBC's main annual general meeting in the British city of Birmingham on May 5, to discuss its 2022 results and "other matters of interest", an earlier notice shows. On Lui's demand for higher dividends, Quinn told the Hong Kong shareholders that the London-headquartered bank intended to get the payouts back to pre-COVID level as soon as possible. ($1 = 7.8499 Hong Kong dollars)Reporting by Selena Li; Editing by Sumeet Chatterjee and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Citizens, one of the largest U.S. regional banks, is preparing to submit an offer in the auction of the business, which is called SVB Private, the sources said. The FDIC, which now controls the Silicon Valley Bank assets, and Citizens Financial declined to comment. It has since asked for separate offers for SVB Private and Silicon Valley Bank by March 24. SVB Financial Group (SIVB.O), the former parent of Silicon Valley Bank which filed for bankruptcy protection last week, is not part of the process. A big part of it comprises Boston Private, a wealth manager acquired by Silicon Valley Bank in 2021.

☆ Texas adds HSBC to energy sanctions list
▼ + stars: | 2023-03-21 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. REUTERS/Tyrone Siu(Reuters) - A Texas official on Monday added HSBC Holdings to an energy sanctions list, widening a crackdown on companies which in the state’s view are too focused on energy transition. Republican-led U.S. states have alleged companies are prioritizing environmental, social and governance policies (ESG) over their financial responsibilities to their shareholders. The move could prohibit Texas’ governmental entities from investing in one of Europe’s biggest banks. Florida’s chief financial officer said in December his department would pull $2 billion worth of its assets managed by BlackRock Inc, a sizeable divestment by a state opposed to the asset manager’s ESG policies.

☆ Exclusive: Some Credit Suisse counterparties curb dealings as bank heads into scenario meetings -sources
▼ + stars: | 2023-03-17 | by ( Shankar Ramakrishnan Stefania Spezzati Sumeet Chatterjee | Shankar Ramakrishnan | Stefania Spezzati | ) www.reuters.com time to read: +5 min

Credit Suisse declined to comment. Credit Suisse intends to borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank in what it called "decisive action" to boost its liquidity on Thursday. The five people with direct knowledge of the bank's trading counterparties requested anonymity because of the sensitivity of the situation. Credit Suisse has said that it is a strong, global bank. Among possible scenarios, analysts, bankers and investors speculate that Credit Suisse could sell or wind down some of its existing businesses with a break-up potentially on the cards.

☆ Exclusive: Some Credit Suisse counterparties put curbs on new dealings involving lender -sources
▼ + stars: | 2023-03-17 | by ( Shankar Ramakrishnan Stefania Spezzati Sumeet Chatterjee | Shankar Ramakrishnan | Stefania Spezzati | ) www.reuters.com time to read: +4 min

[1/3] The logo of Societe Generale bank is pictured on an office building in Nantes, France, March 16, 2023. Credit Suisse declined to comment. These five people with direct knowledge of the matter requested anonymity because of the sensitivity of the situation. Societe Generale has maintained existing counterparty positions with Credit Suisse, which it had cut back in recent weeks, but it is not increasing them, according to two sources with direct knowledge of the situation. Another global bank has reduced its unsecured exposure to Credit Suisse, which includes all lending with no collateral, according to a person with knowledge of the matter.

☆ Short sellers are doubling down on these European banks — and Credit Suisse isn't their top target
▼ + stars: | 2023-03-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Short-sellers are sitting on nearly $2 billion in profit from bets against the European banking sector this month so far. The worries heightened in Europe on Wednesday as Credit Suisse shares fell by 24% — its biggest daily loss. However, data shows that Credit Suisse — Switzerland's second-largest lender — doesn't even make the list of the top five most-shorted European Banks. BNP Paribas remains the biggest target for short-sellers, with $3.1 billion in total wagers expecting shares to fall. The following table shows the European lenders that saw the largest increase in shorts over the past 30 days.

☆ Asian bank stocks sink as Credit Suisse fear roils markets
▼ + stars: | 2023-03-15 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Banking stocks in Asia fell on Thursday, dragging the broader markets lower, as troubles at Credit Suisse sparked fears that banking turmoil is spreading around the world. The lender said it would borrow up to 50 billion Swiss Francs ($53.7 billion) from the Swiss National Bank. In Hong Kong, Standard Chartered (SCBFF) sank nearly 4%. Local bank BOC Hong Kong was down 3.1%. The bank failures had already forced US regulators to take emergency measures on Sunday to protect deposits at both lenders: Silicon Valley Bank and Signature Bank.

WASHINGTON/SINGAPORE, March 13 (Reuters) - U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank (SIVB.O) threatened to trigger a broader financial crisis. Silicon Valley Bank (SVB), a mainstay for the startup economy, was a product of the decades-long era of cheap money, with unique risks that made it especially vulnerable. With the Fed poised to continue raising interest rates, investors said the financial system may not be fully out of the woods just yet. Goldman Sachs' analysts said they no longer expect it to raise rates at that meeting, amid the stress in the banking sector. A senior U.S. Treasury official said the actions taken would protect depositors, while providing additional support to the broader banking system, but officials and regulators were continuing to monitor financial system stability.

☆ Asian bank stocks tumble as US systemic concerns prevail
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +3 min

In Hong Kong, shares of HSBC Holdings opened roughly 1.7% lower at a two-month trough while Standard Chartered Bank shares fell nearly 1% to a one-month low. U.S. banks lost over $100 billion in stock market value late last week following the collapse, while European banks lost around another $50 billion in value, according to a Reuters calculation. U.S. state regulators on Sunday also closed New York-based Signature Bank (SBNY.O), which became the next casualty of the banking turmoil after SVB. Elsewhere in Asia, Japan's Topix (.TOPX) was last 2% lower, dragged heavily by financial stocks. Shares of Singapore's largest bank DBS (DBSM.SI) slid to their lowest since late October last year, at S$32.71 ($24.32), while OCBC's shares (OCBC.SI) lost close to 1.5%.

☆ 'A huge relief': Startups react to Silicon Valley Bank UK's HSBC rescue deal
▼ + stars: | 2023-03-13 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

An entrance to the Alphabeta Building, which houses the offices of UK unit of Silicon Valley Bank, in the City of London, UK, on Monday, March 13, 2023. LONDON — U.K. startups are breathing a sigh of relief Monday, after HSBC announced it would buy a subsidiary of collapsed U.S. tech startup lender Silicon Valley Bank. "I think I speak on behalf of U.K. start-ups when we say this is a huge relief," he said. "SVB UK has a decent balance sheet which enabled HSBC to do this deal," he told CNBC by phone. SVB UK reported profit before tax of £88 million for 2022.

☆ HSBC plans to issue $2 bln worth of securities, list in Ireland
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: 1 min

March 1 (Reuters) - HSBC Holdings (0005.HK), (HSBA.L) said on Wednesday it intends to issue next week $2 billion worth of 8% convertible securities, which are expected to trade on the Global Exchange Market of the Irish Stock Exchange within a month of issuance. Reporting by Sameer Manekar in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Feb 27 (Reuters) - Three banks agreed to pay $1.35 billion to resolve litigation by former Allen Stanford investors who accused them of contributing to the imprisoned financier's massive Ponzi scheme. Canada's Toronto-Dominion Bank <TD.TO> will pay $1.205 billion, HSBC Holdings Plc (HSBA.L) will pay $40 million and Independent Bank Group Inc (IBTX.O) , formerly Bank of Houston, will pay $100 million. They avert a trial that had been scheduled for Monday in Houston federal court, where TD, HSBC and Independent Bank were the last remaining defendants. Two other defendants, France's Societe Generale SA (SOGN.PA) and Mississippi-based Trustmark Corp (TRMK.O), settled for a respective $157 million and $100 million earlier this year. Independent Bank expects to recognize a $100 million first-quarter expense for its settlement, a regulatory filing shows.

☆ Morning Bid: Cast away
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

With U.S. markets set to reopen after Monday's holiday, investor focus will be squarely on minutes from the Feb. 1 Federal Reserve meeting, scheduled to be released on Wednesday. At that meeting, the central bank raised interest rates by 25 basis points and said disinflation was underway. Meanwhile, Russian President Vladimir Putin was due to make a speech on Tuesday setting out aims for the second year of his invasion of Ukraine. Europe's largest bank HSBC Holdings (HSBA.L) unveiled plans for a special dividend and share buybacks as rising interest rates swelled net interest income. Earnings from Walmart (WMT.N) later in the day will shed light on American consumers' buying habits in the face of rising expenses.

☆ HSBC Q4 profit rockets 92% as rising interest rates boost revenue
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: 1 min

SINGAPORE/LONDON, Feb 21 (Reuters) - HSBC Holdings (HSBA.L) reported a better-than-expected 92% surge in quarterly profit on Tuesday as rising interest rates swelled its net interest income, encouraging Europe's largest bank to reiterate it could meet a key performance target for this year. The bank said it intended to pay a special dividend of $0.21 per share, as a priority use of the proceeds from the $10 billion sale of its Canada business, once that disposal is complete late this year. Reporting by Anshuman Daga and Lawrence White; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest premarket moves: Walmart, Home Depot, Vir Biotechnology and more
▼ + stars: | 2023-02-21 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves in premarket trading:Walmart — Walmart shares fell about 4% before the bell after sharing a cautious outlook for the year as consumers trade down and purchase fewer discretionary items. Home Depot — The retail stock dropped 4% in premarket trading after Home Depot's fourth-quarter report showed lighter-than-expected sales. Home Depot reported $3.30 in earnings per share on $35.83 billion of revenue. Vir Biotechnology — The immunology company jumped nearly 11% after being upgraded to buy from neutral by Goldman Sachs. HSBC cited strong reported revenue growth and lower reported operating expenses.

Feb 21 (Reuters) - Societe Generale SA (SOGN.PA) agreed to pay $157 million to settle a lawsuit accusing the French bank and several other banks of contributing to imprisoned Ponzi schemer Allen Stanford's estimated $7.2 billion fraud. The payout was disclosed on Tuesday in a filing in Houston federal court, and requires a judge's approval. Societe Generale denied wrongdoing, and settled to avoid the burden, "very substantial expense" and risk of litigation, settlement papers show. The banks have denied wrongdoing, saying they provided routine services to Stanford's bank and did not know about his fraud. Another bank, Mississippi-based Trustmark Corp (TRMK.O), reached a $100 million settlement of similar claims.

☆ The stock market has been flipped and investors are taunting the Fed
▼ + stars: | 2023-02-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

As my colleague Matthew Fox writes, the stock market has been completely flipped upside down so far in 2023. This is the type of trading behavior you'd expect to see when interest rates are closer to 0% than 5%. To Kolanovic, the errant investor behavior foreshadows a plunge in the stock market. US stock futures fall early Tuesday, as investors stay worried that persistent inflation means interest rates will stay higher for longer. SoFi's Liz Young warned that a lack of reserve funds could stop this year's stock market rally: "What the equity market is not pricing in at this point, or is not worried enough about, is consumer spending."

☆ Stocks making the biggest moves midday: Home Depot, DocuSign, General Mills and more
▼ + stars: | 2023-02-21 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Home Depot also provided a muted outlook for fiscal 2023 and expects sales growth to be approximately flat due to a tougher consumer backdrop and a pivot away from goods toward services. Nordson reported sales of $610.5 million in the period and earnings per share of $1.95, excluding items. The company reported quarterly earnings of $1.30 per share, excluding items. That result beat analysts' earnings expectations of $1.07 per share, according to FactSet. The updated outlook includes organic net sales growth of about 10% and adjusted diluted per-share earnings growth of 7% to 8% in constant currency.

Uncertainty about HSBC’s strategy for serving in both China and the West is amplified by disagreements with Ping An. LONDON—For nearly a year, HSBC Holdings PLC has openly come under pressure from its top shareholder, Ping An Insurance Co., in a standoff that pits Europe’s largest bank against China’s largest insurance company. The source of the rift dates back years, interviews with people familiar with the matter, including people familiar with developments at both companies, suggest.

TOUGH TASK AHEADStanChart, which makes most of its profit in Asia, reported statutory pretax profit of $4.3 billion for 2022. That came below the $4.73 billion average of analyst forecasts compiled by the bank but beat the $3.35 billion it made in 2021. On Wednesday, Barclays (BARC.L) reported a 14% fall in full-year pretax profit as earnings were pole-axed by surging costs and a collapse in deal fees, among other factors. StanChart's financial markets trading business reported record income, up 21%, as accelerating inflation and Russia's invasion of Ukraine made for volatile markets, driving frenzied activity by institutional clients throughout 2022. StanChart also took a $308 million hit on its investment in China Bohai Bank (9668.HK), which it attributed to "industry challenges".

Feb 1 (Reuters) - Grupo Mexico (GMEXICOB.MX), the conglomerate controlled by billionaire German Larrea, has secured a $5 billion debt package for its proposed acquisition of Citigroup Inc's (C.N) retail operations in Mexico, according to people familiar with the matter. The move represents a major milestone in Grupo Mexico's efforts to put together the deal for Banamex, the unit that encompasses the Citigroup assets. Several banks, including Barclays Plc (BARC.L) and HSBC Holdings Plc (HSBA.L), have pledged to provide the debt financing, the sources said. Citi, Grupo Mexico, Barclays and HSBC declined to comment. Citi stepped back from conversations with Becker to prioritize a potential deal with Larrea, according to sources.

☆ UK house prices to fall by up to 10% this year, Lloyds Bank CEO says
▼ + stars: | 2023-01-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Fog shrouds the Canary Wharf business district including global financial institutions Citigroup Inc., State Street Corp., Barclays Plc, HSBC Holdings Plc and the commercial office block No. LONDON — U.K. house prices will fall by up to 10% this year, as higher mortgage rates and the broader cost of living crisis curtail home buying, Lloyds Bank CEO Charlie Nunn told CNBC on Tuesday. The U.K. property sector remained sluggish in recent months, as the Bank of England continued to hike interest rates aggressively in order to reel in double-digit inflation. Inflation hit 10.7% in November, and the Bank has hiked rates at nine consecutive policy meetings to lift its main rate from 0.1% to 3.5%. A report from British property website Rightmove on Monday showed asking prices for homes rising slightly in January for the first time in two months.

SummarySummary Companies Top EU court dismisses HSBC challenge over cartel participationUpholds annulment of Euribor cartel fineHSBC separately challenging reduced Euribor fineBRUSSELS, Jan 12 (Reuters) - HSBC (HSBA.L) on Thursday failed to overturn a court ruling that it had participated in a cartel to rig benchmark Euribor rates in 2007, but Europe's top court confirmed that a 33.6 million euro ($36 million) fine had been scrapped. The European Court of Justice, Europe's highest court, rejected HSBC's attempt to clear its name by challenging a 2019 lower court decision that it had colluded with others to try to manipulate key Euribor (euro interbank offered rate) rates. The European Commission, the bloc's executive body, ruled in 2016 that HSBC and six other banks had tried to distort Euribor, a benchmark for rates on financial products, fining the lender 33.6 million euros. Three years later, a lower tribunal scrapped the fine because of insufficient reasoning, but dismissed the bank's attempt to shake off the ruling that it had taken part in a cartel. The European Commission subsequently imposed a slightly lower fine of 31.7 million euros in 2021, which HSBC is separately challenging.

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