HSBC News

• Five major UK banks in profit for first time since 2010

  All five major UK banks (Barclays, HSBC, Lloyds Banking Group, RBS and Standard Chartered) recorded a profit in the first half of the year, for the first time since 2010, according to a new report from KPMG. Combined profits of … Read more »

• Banks fail on cash ISA advice

  Some of the UK’s biggest banks are failing to give the right advice when it comes to transferring and managing their cash ISAs, a new investigation by Which? claims. The consumer group recently made 180 calls to 15 leading banks … Read more »

• HSBC sells Panamanian business

  HSBC is selling its operations in Panama to Bancolombia S.A. HSBC Bank (Panama) S.A. will change hands for $2.1 billion in cash, based on an estimated net asset value at completion of $700 million. Commenting on the transaction, Antonio Losada, … Read more »

• HSBC appoints head of internal audit

  HSBC has appointed Manveen Pam Kaur as group head of internal audit and a group managing director, with effect from 1st April 2013. Joining from Deutsche Bank, where she has been global head of group audit since 2011, Ms Kaur … Read more »

• HSBC sells Greek mutual funds business

  HSBC has agreed to sell its 73% stake in HSBC (HELLAS) Mutual Funds Management SA (HSBC AEDAK), its mutual fund business in Greece. The business is being acquired by John Vezanis, HSBC AEDAK’s current general manager, who holds the 27% … Read more »

• HSBC sets record straight on Pin An deal

  HSBC has responded to recent speculation in the press regarding the likelihood of the proposed sale of its stake in Ping An Insurance of China falling through. The proposed deal with Charoen Pokphand Group was announced on 5th December and … Read more »

• HSBC completes sale of South American business

  HSBC has completed the sale of the whole of its banking operations in Costa Rica, El Salvador and Honduras to Banco Davivienda S.A., a Colombian-listed banking group. Regulatory and other approvals been completed and HSBC has received $801 million for … Read more »

• HSBC gives up on RBS India acquisition

  HSBC is not going ahead with the acquisition of Royal Bank of Scotland’s Indian retail and commercial banking businesses, the companies having failed to reach agreement on the deal. HSBC says its Asia Pacific unit remains committed to pursuing growth … Read more »

• HSBC considers sale of Ping An stake

  Following recent reports in the press, HSBC has confirmed that it is in discussions regarding a possible sale of its 15.57% stake in China’s Ping An insurance group. A further announcement will be made if or when appropriate.

• Jersey regulator to investigate HSBC

  The Jersey Financial Services Commission says it will investigate matters raised by the press regarding allegations of money laundering by HSBC within Jersey. The Commission will look at the misappropriation of any data and examine in detail the anti-money laundering … Read more »

• HSBC cuts Islamic finance offering

  Following a strategic review of its Islamic finance business, HSBC has decided to focus its Islamic offering on customers in Malaysia and Saudi Arabia. In the case of Saudi Arabia, Islamic products will be offered through The Saudi British Bank, … Read more »

• HSBC appoints UK bank head

  Antonio Simoes has been appointed deputy chief executive of HSBC Bank plc and head of UK bank, effective 1st November 2012. Replacing Joe Garner, Mr Simoes will retain his current role as head of retail banking and wealth management Europe … Read more »

• Criminal charges apply to LIBOR manipulation

  The Director of the Serious Fraud Office (SFO), David Green QC, has announced that he is satisfied that existing criminal offences are capable of covering conduct in relation to the alleged manipulation of Libor and related interest rates. The SFO … Read more »

• HSBC’s head of compliance resigns

  HSBC’s head of group compliance, David Bagley, has resigned in the wake of US investigations into the bank’s money laundering activities. Addressing the US Senate Permanent Sub-committee on Investigations yesterday, Mr Bagley said: “As I have thought about the structural … Read more »

• HSBC admits to money laundering

  HSBC will be appearing before the United States Senate Permanent Subcommittee on Investigations later today, when it will apologise for money laundering breaches of the past and make a commitment to fixing what went wrong. In particular, the bank has … Read more »

• HSBC tracks China’s economic slowdown

  China’s economic slowdown is continuing, with the HSBC Purchasing Managers’ Index (PMI) for June showing month-on-month activity in decline for the eighth successive month. The country’s PMI fell to 48.2, reaching its lowest point since November 2011, with output, new … Read more »

• Banks agree SME rate-hedging redress

  Having found serious failings in the sale of interest rate hedging products to Britain’s small and medium-sized businesses, the Financial Services Authority (FSA) has announced that it has reached agreement with Barclays, HSBC, Lloyds and RBS to provide appropriate redress … Read more »

• HSBC declares tipping point in balance of trade power

  The world has reached a tipping point in the balance of trade power, with imports in emerging markets set to grow at a faster pace than their exports, HSBC’s latest Global Connections report claims. According to the bank, domestic demand … Read more »

• Moody’s downgrades Barclays, HSBC and RBS

  Moody’s has “repositioned” the ratings of 15 banks and securities firms with global capital markets operations, with Barclays, HSBC and Royal Bank of Scotland (RBS) all downgraded. The credit rating firm says the banks affected have “significant exposure to the … Read more »

• Which? challenges banks on customer call costs

  Which? is claiming that many of the UK’s leading banks are making existing customers pay to call them, while offering new customers access to free phone numbers. An investigation by the consumer group found that the majority of banks, insurers … Read more »

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