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☆ HSBC spinoff: Bank's top execs face tense shareholders in Hong Kong calling for a breakup
▼ + stars: | 2023-04-03 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Quinn addressed those complaints head-on Monday, saying “our profits in Hong Kong and the UK are no longer being dragged down by underperformance elsewhere. Mark Tucker, chairman of HSBC, left, and Peter Wong, chairman of the Hong Kong and Shanghai Banking Corporation, departing following the bank's shareholders meeting in Hong Kong on Monday. They argue that if the lender cordoned off its activities in Asia, it would no longer have to expose Hong Kong shareholders to requests in other jurisdictions. Christine Fong, a district council member in Hong Kong, said she represented about 500 small shareholders who had been affected by the dividend cancellation. An HSBC bank branch in Hong Kong last July.

☆ French prosecutors search banks in Paris in global tax fraud probe
▼ + stars: | 2023-03-28 | by ( ) edition.cnn.com time to read: +2 min

Paris Reuters —French authorities searched the Paris offices of five banks Tuesday, including Societe Generale, BNP Paribas and HSBC, on suspicion of fiscal fraud. The search was part of a broad European probe into the dodging of tax payments on dividends. BNP Paribas and HSBC did not immediately respond to a request for comment. The French prosecutors’ actions are the latest to hit global banks over the dividend tax fraud scheme. Stock in BNP Paribas rose 0.4%, while HSBC’s stock was flat.

☆ 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.

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.

Hong Kong CNN —China will fully reopen borders with its special administrative regions of Hong Kong and Macao next week, in what is expected to be a major boost for the economies of the two cities. From Monday, travelers entering mainland China from Hong Kong or Macao will no longer need to provide proof of negative Covid tests, as long as they have not traveled abroad in the previous week, the State Council’s Hong Kong and Macao Affairs Office said in a Friday statement. Hong Kong is a major international financial center, and, before the pandemic, Macao was the world’s casino capital. Over the past three years, limited cross-border travel to mainland China has been listed as the top concern for businesses across the city, according to industry groups. Businesses began seeing some relief last month, when residents of Hong Kong and mainland China were permitted to resume two-way, quarantine-free travel.

☆ Danske slap confirms pay-what-you-can principle
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +2 min

That’s one takeaway from the $2 billion slap it delivered late on Tuesday to Denmark’s Danske Bank (DANSKE.CO), which pleaded guilty to conspiracy to commit bank fraud. Danske’s Estonian unit processed $160 billion of potentially illicit payments through U.S. banks on behalf of foreign customers, including Russians, the DOJ said. BNP Paribas (BNPP.PA) in 2014, by contrast, agreed to pay roughly $9 billion for moving $8.8 billion for sanctioned clients. In Danske’s case, the bill is roughly 1% of suspicious flows, whereas BNP’s was around 100% of illicit payments. Danske will be able to keep using U.S. correspondent banks for dollar payments, according to a person familiar with the matter.

☆ Top Canada banks post fall in profits as deals drought offsets rate boost
▼ + stars: | 2022-11-30 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

(Reuters) -Royal Bank of Canada (RBC) and National Bank of Canada, two of the biggest banks in the country, posted a drop in profits as their market-focused businesses took a hit from the central bank’s hawkish monetary tightening campaign. FILE PHOTO: FILE PHOTO: A Royal Bank of Canada (RBC) logo is seen on Bay Street in the heart of the financial district in Toronto, January 22, 2015. To cushion the hit from markets, banks have turned to their lending business that got a boost from the central bank’s rate hikes. While National Bank posted an adjusted profit of C$2.08, below analysts’ expectation of C$2.24. RBC reported a modest drop in profit to C$3.88 billion, while National Bank’s earnings dropped 4% to C$738 million.

☆ HSBC’s Top Shareholder Steps Up Pressure for Big Overhaul
▼ + stars: | 2022-11-04 | by ( Josh Mitchell | ) www.wsj.com time to read: 1 min

HSBC says Ping An’s criticism of the bank is based on statistics that didn’t include its performance in recent quarters. LONDON— HSBC Holdings PLC’s top shareholder called for a radical reorganization of the banking giant—including possibly selling a chunk of its business—to boost its profits and flagging share price. Ping An Insurance Co. of China called for slashing the bank’s costs and accelerating a shift in capital and personnel to Asia, in comments distributed to media outlets Friday. The insurer—which owns 8.3% of HSBC shares, more than any other investor—also said it would potentially support spinning off part of the company.

LONDON— HSBC Holdings PLC’s chief financial officer decided to leave the company after becoming impatient with the timetable for the chief executive job to open up, according to people familiar with the matter. Ewen Stevenson , 56 years old, in recent months told board members he wanted to be HSBC’s CEO and didn’t want to wait too long, the people familiar with the matter said. The board was unwilling to provide timing for a change or an assurance that Mr. Stevenson would get the job, the people said. CEO Noel Quinn has said he plans to stay for several more years.

[1/2] Chief Financial Officer of HSBC Georges Elhedery poses for a photo in this undated handout picture. It’s also surprised investors and raised questions about HSBC’s direction. Known at HSBC (HSBA.L) for his strategic vision more than for his accounting skills, Elhedery has climbed the ranks of HSBC’s investment bank since joining in 2005. "It was a surprise to us,” said Hugh Young, Asia chairman of Aberdeen Standard Investments, one of HSBC's top 25 shareholders. CEO Noel Quinn has done a good job but investors are impatient for faster progress, Young said.

☆ HSBC ditches its cost-cut tsar before job is done
▼ + stars: | 2022-10-25 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

LONDON, Oct 25 (Reuters Breakingviews) - HSBC (HSBA.L), (0005.HK) boss Noel Quinn is getting rid of a cost-cutting finance chief, Ewen Stevenson, while his skills are still in need. The former Royal Bank of Scotland chief financial officer and Credit Suisse (CSGN.S) banker only started as HSBC CFO in January 2019. HSBC has so far managed to axe about $4.9 billion of gross annual expenses under a programme launched in early 2020. To keep HSBC’s investors happy, Elhedery will have to do his best impersonation of the bank’s outgoing cost-cutting tsar. Reuters GraphicsFollow @liamwardproud on TwitterloadingCONTEXT NEWSHSBC on Oct. 25 appointed Georges Elhedery as chief financial officer.

☆ HSBC’s COP26 Climate-Change Ads Were Misleading, U.K. Watchdog Says
▼ + stars: | 2022-10-18 | by ( Dieter Holger | ) www.wsj.com time to read: 1 min

A U.K. advertising watchdog ruled that HSBC Holdings PLC posted misleading advertisements in the run-up to last year’s United Nations climate summit, serving a warning to companies marketing their environmental credentials. In October 2021, ahead of the U.N. Climate Change Conference, or COP26, in Glasgow, HSBC UK placed ads promoting its efforts to plant trees and supply financing to achieve net-zero greenhouse-gas emissions. “Climate...

☆ Hong Kong wins over Goldman Sachs and other bank CEOs after lifting strict Covid rules
▼ + stars: | 2022-09-29 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN Business —Hong Kong has finally secured commitments from some of the world’s biggest banks to participate in a long-awaited summit, as it seeks to reaffirm its status as a global financial hub. Under the current rules, travelers are free to move around, although they may not be allowed into restaurants or bars during the first three days of their stay. The summit was announced by Hong Kong Financial Secretary Paul Chan in February. Hong Kong is the base for JPMorgan’s Asia Pacific headquarters, as well as those of many other financial firms. Now, the conference will be an important part of the city’s efforts to show that it’s truly reopened for global business.

☆ Don McCree is spearheading Citizens Bank's push into New York. He has just overseen the acquisition of HSBC's branches in the city, and was in town this week for Citizens' official launch into the Big
▼ + stars: | 2022-09-23 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +4 min

McCree was in New York this week for Citizens official launch in the city. The bank snapped up HSBC’s bank branches, and McCree is confident this boost in retail banking will lead to more business in commercial banking. He calls it the "hole in the donut" for Citizens' deeper push into retail banking. So when HSBC decided to exit retail banking in New York, McCree and his fellow Citizens executives pounced. "There's so many companies, for example, in lower Manhattan looking for a new bank," McCree said.

☆ How HSBC’s wealth chief suggests you protect your portfolio from inflation
▼ + stars: | 2022-09-20 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN Business —People around the world are searching for ways to shield themselves from the impact of stubbornly high inflation, and the rich are no exception. Annual inflation in the European Union stands at 9.1%, while the United States’ rate remains at 8.3%. Inflation in the United Kingdom recently hit a 40-year high before abating slightly to 9.9% last month. Matos told CNN Business how Europe’s biggest bank was advising its customers, which include both high-net-worth and retail investors, to play defense. Even as many people sell assets, “you want to keep invested,” said Matos, noting the adverse effects of retaining cash during a high inflation period.

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