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☆ Morning Bid: Wowed by tech, worried by banks
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

That makes investors wary of such provisions at the likes of HSBC (HSBA.L), Lloyds (LLOY.L) and NatWest Group (NWG.L), all of which are due to report earnings in the coming weeks. Across the Atlantic, First Republic Bank's (FRC.N) plunging deposits and tumbling shares are rippling through the U.S. regional banking sector. U.S. recession fears have also resurfaced after consumer confidence hit a nine-month low, alongside some weak earnings. In a week packed with tech sector earnings, the focus moves from artificial intelligence to advertising revenues as Facebook-parent Meta Platforms (META.O) and streaming device maker Roku Inc (ROKU.O) report. Key developments that could influence markets on Wednesday:U.S. durable goods orders, Germany and France consumer confidenceEarnings: Meta Platforms, Boeing, GSK, Deutsche Boerse, Roku IncEditing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ HSBC shareholders should vote against Asia spinoff plan, advisor ISS says
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +1 min

LONDON, April 23 (Reuters) - HSBC (HSBA.L) investors should vote against a resolution by its biggest shareholder Ping An, calling on the bank to consider strategic options including a spinoff of its Asia business, shareholder advisory group ISS said. The proposal by Ping An, over which the bank and the Chinese insurer have been arguing since last November, "lacks detailed rationale", ISS said in a note to investors seen by Reuters. ISS, which advises shareholders on how to wield their proxy votes at companies' investor meetings, became the second major such group to side with HSBC on the issue, after Glass Lewis on Tuesday likewise said the Ping An-backed plan lacked merit. Ping An on Friday accused the bank of not giving its strategic ideas a sufficient hearing. HSBC has said it had discussed the plans on around 20 occasions, but had consistently said they would destroy shareholder value and would be too costly to implement.

☆ Renault chooses banks for planned listing of electric car unit Ampere - source
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

PARIS, April 20 (Reuters) - French carmaker Renault (RENA.PA) has picked BNP Paribas (BNPP.PA), Goldman Sachs (GS.N) and JPMorgan (JPM.N) among the investment banks slated to work on the planned listing of its electric car business, Ampere, a source close to the matter said on Thursday. The three banks will act as joint global coordinators on the initial public offering (IPO) of Ampere, the source said. Renault aims to list Ampere in Paris this year, depending on market conditions. Renault's management has not yet given a valuation for the unit, saying it was up to the market to do so. Renault declined to comment on the names or roles of the banks picked for the planned listing.

☆ HSBC hits back at Ping An's fresh Asia spin-off proposal
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

LONDON, April 19 (Reuters) - HSBC (HSBA.L) has hit back at its largest shareholder Ping An's latest proposal to restructure the bank and separate its Asia business into a Hong Kong-listed entity, saying it would result in a material loss of value for shareholders. Europe's largest bank said in a statement published on Wednesday that it had had extensive meetings with Ping An, including around 20 meetings at a senior level, but there remained disagreement. HSBC said the structural reforms suggested by Ping An would undermine the bank's international business model and erode earnings, dividends and shareholder value. HSBC said it had evaluated Ping An's proposals "with an open mind", in an apparent reference to the Chinese insurer's claims in its own statement on Tuesday that the lender had refused to listen to its ideas. Reporting by Iain Withers; editing by Dhara RanasingheOur Standards: The Thomson Reuters Trust Principles.

☆ HSBC top shareholder renews call for breaking up of bank
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, April 18 (Reuters) - Top shareholder of HSBC (HSBA.L) renewed its call for breaking up of the Asia-focused bank on Tuesday, saying the lender has failed to address key business model challenges which has resulted in deterioration in its operating performance. Ping An Asset Management Company (Ping An AMC) said in a statement HSBC has "drained" its Asia unit of dividends and growth capital to support its relatively low-return non-Asia businesses. Over the past two years, Ping An AMC said it had shared numerous structural suggestions with HSBC management ranging from listing the HSBC Asia business in Hong Kong to consolidating Asia businesses. Reporting by Selena Li; Editing by Sumeet Chatterjee and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

HSBC should separate its Asia business into a Hong Kong-listed entity, top shareholder Ping An said in an update to proposals it began to push for last November. Glass Lewis said the strategic review proposal, filed by individual shareholder Ken Lui in Hong Kong and backed by Ping An, was "not in shareholders' interest". HSBC also denied a claim by Ping An that the bank had "refused to verbally engage in discussions on the proposals". The lender has had extensive discussions with Ping An on these topics, a spokesperson for HSBC said. London listed shares in HSBC were down 0.5% on Tuesday afternoon, against a broad-based 1.3% rally in the STOXX European banks index (.SX7P).

☆ HSBC shareholder Ping An to vote for bank's break-up at annual meeting -source
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

HONG KONG/LONDON, April 17 (Reuters) - HSBC's (HSBA.L) biggest shareholder Ping An is likely to vote in favour of splitting the bank up at its annual investor meeting on May 5, a source familiar with the Chinese insurer's thinking said on Monday. HSBC recommended that shareholders vote against the resolutions, and has, since Ping An began urging the spinoff last November, maintained that its global presence is worth more than any such fragmentation would yield. A spokesperson for Ping An declined to comment. With an around 8% stake in HSBC, Ping An would not be able to force the issue on its own. Reporting by Selena Li in Hong Kong and Lawrence White in London Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

NEW YORK, April 14 (Reuters) - Societe Generale SA (SOGN.PA) agreed to pay $105 million to settle U.S. investor litigation accusing the French bank of violating antitrust law by conspiring with rivals to rig Euribor, a key European interest rate benchmark. A preliminary settlement was filed late Friday with the U.S. District Court in Manhattan, and requires a judge's approval. Societe Generale denied wrongdoing in agreeing to settle, court papers show. The case is Sullivan et al v. Barclays Plc et al, U.S. District Court, Southern District of New York, No. Reporting by Jonathan Stempel in New York, Editing by Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

☆ European banks surge on strong Q1 results from U.S. peers
▼ + stars: | 2023-04-14 | by ( Joice Alves | ) www.reuters.com time to read: +1 min

[1/3] The logo of Deutsche Bank is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves HermanLONDON, April 14 (Reuters) - European banks surged on Friday, rising to a one-month high, gaining support from U.S. lenders, which reported better-than-expected results in the first quarter. The STOXX 600 index of European banks (.SX7P) gained as much as 3% to reach its highest since mid-March after JPMorgan (JPM.N), Citigroup (C.N) and Wells Fargo WFC.N beat estimates. Banks largely outperformed the broader market, with the STOXX 600 (.STOXX) index climbing 0.6% as risk assets gained support from expectations the U.S. Federal Reserve may soon finish raising interest rates. In London, Standard Chartered (STAN.L) shares rose 4.3% to three-week highs, Barclays (BARC.L) shares were up 3%, touching a five-week high, while HSBC (HSBA.L) shares up 3.1% to one month highs.

☆ HSBC warns France sale in jeopardy over capital concerns
▼ + stars: | 2023-04-14 | by ( Lawrence White | ) www.reuters.com time to read: +2 min

Unexpected interest rate hikes have increased the amount of regulatory capital required by the enlarged purchaser after completion, HSBC said. "Unless this issue is addressed, the purchaser will be unable to obtain regulatory approval for the Transaction," HSBC said. Under the terms of the deal, My Money Group is required to use its best efforts to obtain regulatory approval for the transaction, HSBC said. But the buyers have said they are unlikely to be able to do this without amending the terms of the deal, HSBC added. "HSBC remains committed to pursuing the sale providing appropriate terms can be agreed," it said.

NEW YORK, April 14 (Reuters) - Societe Generale SA (SOGN.PA) agreed to pay $105 million to settle U.S. investor litigation accusing the French bank of violating antitrust law by conspiring with rivals to rig Euribor, a key European interest rate benchmark. A preliminary settlement was filed late Friday with the U.S. District Court in Manhattan, and requires a judge's approval. If approved, the accord would mean investors have obtained $651.5 million of settlements with seven banks. Societe Generale denied wrongdoing in agreeing to settle, court papers show. The case is Sullivan et al v. Barclays Plc et al, U.S. District Court, Southern District of New York, No.

☆ 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.

Several major finance companies also voluntarily reported ethnicity pay data for the period. The majority of major finance firms nonetheless made progress in narrowly closing their gender pay gaps, according to their disclosures. ETHNICITY PAY GAPSHalf of the 20 finance firms reviewed reported varying detail on ethnicity pay gaps, with some including insurer Phoenix doing so for the first time. Where pay gaps were further broken down by ethnicity, they showed the largest pay disparities were between Black and white employees. All the employers said in their pay gap reports they were taking steps to improve diversity, particularly at senior levels.

☆ 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.

[1/2] Goldman Sachs CEO David Solomon speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023. REUTERS/Brendan McDermidHONG KONG/SHANGHAI, March 31 (Reuters) - A flurry of top financial executives have visited China for the first time since the COVID-19 pandemic as global financial giants seek to cement their relations with Beijing at the start of President Xi Jinping's new term. International financial institutions and investors are welcome to expand in China, the chairman of the country's securities regulator said. Goldman Sachs' Solomon and Blackstone (BX.N) CEO Stephen Schwarzman met Peng Chun, chairman of China Investment Corporation (CIC), this week, according to official social media posts from the $1.35 trillion sovereign wealth fund. Meanwhile, Chip Kaye, Warburg Pincus's CEO, met Beijing's major Yin Yong during his visit to the city last week, according to a municipal statement from Beijing.

Despite a rebound in fundraising and block trading activity, year-to-date IPO volumes came in at their lowest level since 2019. Equity capital markets (ECM) advisers, however, are optimistic of a recovery in listing activity in the latter part of the year. In the United States, IPO volumes jumped more than 50% from the fourth quarter of 2022, but were still 11% down from the same period last year. IPOs briefly flickered back to life in February, as companies including solar tech firm Nextracker (NXT.O) and Chinese sensor maker Hesai Group (HSAI.O) pushed ahead with their listings. RECOVERY DELAYEDIn Europe, investment bankers said the market volatility spurred by the banking crisis is likely to affect the pipeline of deals.

March 30 (Reuters) - Citigroup Inc (C.N) hired Andy Sieg to lead its global wealth arm, the lender said on Thursday, from Bank of America Corp (BAC.N), where he led the Merrill Wealth Management unit. Two years ago, Citigroup unified its various wealth businesses into a single organization led by Jim O'Donnell that included its private bank and personal wealth management divisions. Fraser signaled the bank's intention to become a global leader in wealth management at its investor day last year. "This is a fantastic opportunity to build a leading wealth management business at the world's most global bank at a time of massive wealth creation," he said in a statement. Sieg's departure prompted the appointments of Lindsay Hans and Eric Schimpf as co-leads of Merrill Wealth Management, Bank of America said in a separate statement.

March 30 (Reuters) - Citigroup Inc (C.N) on Thursday it has hired Andy Sieg to lead its global wealth arm from Bank of America Corp (BAC.N), where he led the Merrill Wealth management unit. Two years ago, Citigroup unified its various wealth businesses into a single wealth management organization, which was led by Jim O'Donnell and included the Citi Private Bank and Citi Personal Wealth Management. At its investor day last year, Fraser signaled the bank's intention to become a global leader in wealth management. Sieg's departure led to the appointments of Lindsay Hans and Eric Schimpf as co-leads of Merrill Wealth Management, Bank of America said in a separate statement. Sieg joined Merrill Lynch in 1992 and had served as Merrill president since 2017.

☆ French prosecutors search bank offices over dividend stripping
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

The PNF financial prosecution office said in a statement the probe was linked to so-called "cum-ex" dividend stripping, a trading scheme whereby banks and investors swiftly trade shares of companies around their dividend payout day. The searches by French prosecutors are the latest to hit global banks as similar investigations have been conducted in other European countries, including Germany. It was the highest-profile prosecution and longest sentence to date in a series of trials that have also convicted British bankers. It said six German prosecutors were also assisting the investigations. Reporting by Tassilo Hummel, Blandine Hénault and Sudip Kar-Gupta; writing by Silvia Aloisi, Editing by Giles ElgoodOur Standards: The Thomson Reuters Trust Principles.

☆ Wealth managers ramp up staff in Hong Kong to chase Chinese demand
▼ + stars: | 2023-03-24 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

HONG KONG, March 24 (Reuters) - Wealth management firms are expanding operations aggressively in Hong Kong to meet pent-up demand from rich Chinese individuals looking to invest more money overseas after three years of COVID-19 curbs, industry sources said. Noah Holdings (NOAH.N), the largest independent wealth management firm in China, was among five private banks and wealth management firms Reuters talked to that said they held client events in the city and organised private art tours. Hywin Holdings (HYW.O), another Chinese wealth manager, invited 30 ultra-high-net worth clients to workshops, fund manager visits and even a yacht party in Hong Kong last week. Chinese financial institutions are vying for this growing wealth management business in Hong Kong. Chinese Everbright Bank and Hua Xia Bank set up private banking departments in Hong Kong in the past few months, according to sources familiar with their plans.

☆ Hong Kong sharpens fine art edge over Singapore
▼ + stars: | 2023-03-24 | by ( Thomas Shum | ) www.reuters.com time to read: +3 min

HONG KONG, March 24 (Reuters Breakingviews) - Chinese collectors are piling into Hong Kong for Art Basel this week. As the financial hub jostles with rival Singapore, its vibrant art market could help it grab a bigger slice of Asia’s wealth management pie. The cream of that crop tends to go on the block in Hong Kong. Hong Kong is hardly out of the economic woods. But the chattering crowds at Art Basel should remind investors that the city retains a profitable artistic edge.

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.

Credit Suisse staff had already been seeking to jump ship in recent weeks, sources told Reuters. "Many Credit Suisse bankers had already been talking to a lot of people for a while [about leaving the Swiss bank]. An executive at a rival London-based wealth manager said they had seen a steady flow of CVs coming in from Credit Suisse bankers. UBS told Credit Suisse wealth bankers on Monday that it was weighing financial sweeteners for them to stay, as it seeks to reassure key staff. Some experts have said Britain's financial services industry could ultimately benefit from recent bouts of turmoil in the United States and Switzerland.

Swiss authorities brokering Credit Suisse's (CSGN.S) rescue merger with UBS (UBSG.S) have said 16 billion Swiss francs ($17 billion) of its Additional Tier 1 (AT1) debt will be written down to zero. That puts holders of the AT1 bonds lower in priority than even investors who hold an equity stake in Credit Suisse and can expect to get 0.76 Swiss francs per share. The shock realisation reverberated through Asian markets on Monday as traders hurried to reprice bank debt, and pushed bank stocks down. Asian AT1 bonds were down 4-5 points, while European ones were down 10 points, he said. But you did enter this thing believing that you'd be senior to the equity holders, that's the thing that people are worried about."

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