HSBC News
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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
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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
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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
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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
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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
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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
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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.
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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
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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
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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
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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
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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
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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
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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