HSBC news
HSBC (Hong Kong and Shanghai Banking Corporation) provides a range of financial services to more than 128 million customers. HSBC manages its business through two customer Groups: Personal Financial Services and Commercial Banking, and two global businesses: Global Banking and Markets, and Private Banking. Personal Financial Services incorporates the Company’s consumer finance businesses.
HSBC's international operations comprises over 10,000 properties in 83 countries and territories in Europe; Hong Kong; rest of Asia-Pacific, including the Middle East and Africa; North America and Latin America, as well, of course, the UK.
Main HSBC products:
- Current and savings accounts
- Personal loans
- Mortgages
- Business bankings
- Personal investments
- Car insurance
- Home insurance
Website: HSBC
Latest HSBC News:
Banking reforms may drive HSBC from City base
by Gill Montia
Story link: Banking reforms may drive HSBC from City base
A senior HSBC executive has warned that the bank may relocate its London headquarters if the Government insists that UK domiciled banks separate out their retail and investment activities.
HM Treasury’s Independent Commission on Banking is currently examining the systemic risk posed by the size, complexity and interconnectedness of Britain’s larger banks, and HSBC’s head of [...]
UK banks form business lending taskforce
by Gill Montia
Story link: UK banks form business lending taskforce
The UK’s leading High Street banks have formed a taskforce that will “identify barriers to businesses securing finance and make constructive suggestions about how the issues may be addressed”, the British Bankers’ Association (BBA) has reported.
The move follows heavy criticism of the banks by politicians and trade organisations who claim the economic recovery is as [...]
HSBC pre-tax profit doubles to $11.1bn
by Gill Montia
Story link: HSBC pre-tax profit doubles to $11.1bn
HSBC recorded pre-tax profits of $11.1 billion in the first half of 2010, with profit having more than doubled when compared to a year earlier.
Total operating income rose 1%, to over $40 billion, while loan impairment charges and other credit risk provisions fell to $7.5 billion, the lowest level since the start of the financial [...]
HSBC named as Pinnacle skyscraper backer
by Gill Montia
Story link: HSBC named as Pinnacle skyscraper backer
HSBC is reported to be close to finalising a deal for a £600 million finance package that will enable the completion of the Pinnacle skyscraper on London’s Bishopsgate.
The building, which has been nick-named the Helter Skelter, is an Arab Investments project that needs to raise a further £130 million from a consortium of other [...]
UK banks alleged to have mis-sold mortgage-backed securities
by Gill Montia
Story link: UK banks alleged to have mis-sold mortgage-backed securities
HSBC, Barclays and Royal Bank of Scotland are among 15 banks being sued in the US for mis-selling mortgage-backed securities, The Daily Telegraph has reported.
Boston-based investment firm, Cambridge Place Investment Partners, has also named JPMorgan, Citigroup, Credit Suisse, Deutsche Bank, Merrill Lynch, UBS, Goldman Sachs and Morgan Stanley as alleged mis-sellers.
All the banks involved [...]
US tax authorities focus on HSBC clients
by Gill Montia
Story link: US tax authorities focus on HSBC clients
US tax authorities have turned their attention to HSBC clients with tax evasion tendencies, following the success of the case brought against Swiss investment bank, UBS.
Last month, the Swiss parliament passed a bill that allowed UBS to hand over details of American account holders suspected of tax evasion, the US and Swiss governments having previously [...]
HSBC to acquire Indian operations of RBS
by Gill Montia
Story link: HSBC to acquire Indian operations of RBS
Royal Bank of Scotland (RBS) is selling its Indian Retail & Commercial banking operations to HSBC.
Subject to regulatory approvals, the transaction will take the form of an asset and liability transfer that will complete in the first half of 2011, when just over 1,800 RBS staff will move across to HSBC.
According to the formula, HSBC [...]
RBS world’s fourth-largest lender
by Gill Montia
Story link: RBS world’s fourth-largest lender
In its annual review of the world’s top 1,000 banks, The Banker magazine has ranked Royal Bank of Scotland (RBS) as the world’s fourth-largest lender.
Bank of America Merrill Lynch heads the list, followed by JP Morgan Chase and Citigroup.
The UK’s HSBC, Barclays and Lloyds Banking Group also appear in the top 15, taking fifth, [...]
HSBC shamed over retailers’ plastic charges
by Gill Montia
Story link: HSBC shamed over retailers’ plastic charges
HSBC has come in for a lambasting from the British Retail Consortium (BRC), which is asking the Government to intervene over the charges levied by banks for payments by plastic.
Not only have transaction costs almost doubled in the past five years, but in addition, the BRC claims “banks are deliberately creating new card products – [...]
HSBC reports “very good” first quarter
by Gill Montia
Story link: HSBC reports “very good” first quarter
In a trading update, HSBC has announced that in the first quarter of 2010 the bank’s financial performance was “very good” and “well ahead” of the same period last year.
The group attributes the improvement to strong performances by its personal financial services and commercial banking units, plus lower loan impairment charges.
Notably, credit quality improved [...]
HSBC named best financial services firm for students
by Richard Kilner
Story link: HSBC named best financial services firm for students
Students have voted HSBC as the best banking, insurance and financial services firm for recruiting graudates.
The choice was announced in mid-March in Mayfair, at Grosvenor House, venue of the TARGETjobs National Graduate Recruitment Awards.
The awards covered a wide variety of occupational sectors, and were decided by a range of factors including diversity, websites and effective [...]
HSBC supports OFT’s PCA findings
by Richard Kilner
Story link: HSBC supports OFT’s PCA findings
The OFT’s investigation into personal current accounts, and the recommendations it made subsequently, have been welcomed by British banking giant HSBC.
HSBC has said that it backs the OFT’s view that customers have seen great improvements in transparency and the range of options available to them in recent years.
The report by the OFT revealed that, since [...]
Thousands of HSBC private bank account details stolen
by Gill Montia
Story link: Thousands of HSBC private bank account details stolen
HSBC has confirmed that around 24,000 customers of its Swiss private bank had their personal details stolen three years ago.
Since then, 15,000 accounts have remained active, although HSBC does not believe they can be accessed by anyone in possession of the data.
Former HSBC IT employee, Hervé Falciani, is alleged to have stolen the information, which [...]
HSBC’s 2009 profit down 24% to $7.1bn
by Gill Montia
Story link: HSBC’s 2009 profit down 24% to $7.1bn
HSBC has reported a 24% fall in pre-tax profit, to $7.1 billion, for 2009.
However, underlying pre-tax profit rose 56% to $13.3 billion, the gap pertaining to impairments at the group’s North American operations, although the bank points out that impairment charges at its ill-fated US consumer finance business, now in run off, fell by $1.6 [...]
HSBC introduces Rapport to combat online fraud
by Richard Kilner
Story link: HSBC introduces Rapport to combat online fraud
Banking giant HSBC has introduced a new piece of software, Rapport, to help safeguard its online banking operations.
The firm is encouraging its online banking customers to download Rapport for free from HSBC’s personal internet banking site.
Rapport safeguards customer data and fights off fraud by locking down browsers to restrict access to confidential information and the [...]
HSBC customer claims for anti money-laundering delay
by Gill Montia
Story link: HSBC customer claims for anti money-laundering delay
Banks could in future have to compensate customers whose transactions are delayed by anti money-laundering procedures that are poorly applied, The Times has reported.
In the case of Shah and another v HSBC Private Bank (UK) Ltd, the Court of Appeal has ruled that Jayesh Shah and Shaleetha Mahabeer have the right to challenge HSBC Private [...]
Co-op registers 38% rise in current account sales
by Gill Montia
Story link: Co-op registers 38% rise in current account sales
Co-operative Bank Current Accounts saw an impressive 38% rise in current account sales during 2009.
Twenty-two per cent of new customers were switchers and the figures show a 31% increase in switching activity from the UK’s big four banks (Lloyds Banking Group, HSBC, Barclays and RBS).
According to research, those looking for a new current account provider [...]
Troika Dialog and HSBC increase co-operation
by Richard Kilner
Story link: Troika Dialog and HSBC increase co-operation
HSBC and Troika Dialog are to increase their co-operation, with 11 open-end mutual funds managed by Troika Dialog now available via the Moscow and St Petersburg branches of HSBC.
Many of Troika Dialog’s mutual funds are now available through the Russian branches of UK banking giant HSBC, increasing the level of co-operation between the two firms [...]
HSBC named in Siam City Bank sale
by Gill Montia
Story link: HSBC named in Siam City Bank sale
HSBC is reported to be making a bid for a stake in Siam City Bank of Thailand.
Korea Development Bank and Thanachart Bank are also understood to be in the bidding, which closes on 25th January.
The 47.6% share of the business is being sold by the Government of Thailand for an estimated $850 million.
In recent weeks, [...]
US banks to repay “every single dime” of bail out cash
by Gill Montia
Story link: US banks to repay “every single dime” of bail out cash
America’s largest banks are to repay $117 billion to the US taxpayer.
President Barack Obama has announced a new levy aimed at recouping the money needed to bail out the country’s financial institutions, as a result of the financial crisis.
Explaining the move, the President said: “My commitment is to recover every single dime the American people [...]
