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:
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 [...]
HSBC sells Paris offices for €400 million
by Gill Montia
Story link: HSBC sells Paris offices for €400 million
HSBC has sold its Paris offices to French Properties Management, for €400 million.
The transaction represents the third sale-and-leaseback agreement to be negotiated by Europe’s biggest bank this year.
The group sold its New York headquarters to 452 Fifth Owners LLC in October, and a month later, its European headquarters at London’s Canary Wharf to the National [...]
HSBC plans £5bn Shanghai listing
by Gill Montia
Story link: HSBC plans £5bn Shanghai listing
HSBC is moving closer to a listing on the Shanghai stock exchange.
The bank first hinted that it hoped for a listing in China a year ago, when chairman, Stephen Green, described such a move as “of the highest strategic importance”.
According to a report in the Observer, the group is now planning a £5 billion share [...]
HSBC sells Canary Wharf headquarters
by Gill Montia
Story link: HSBC sells Canary Wharf headquarters
HSBC has agreed the sale of its London headquarters at 8 Canada Square, Canary Wharf, to the National Pension Service of Korea (NPS) for £772.5 million in cash.
The sale-and-leaseback agreement will provide the group with a gain of approximately £350 million.
The transaction involves NPS’ wholly-owned subsidiary, NPS 8CS Holdings Sarl, purchasing HSBC’s 100% shareholding [...]
HSBC profit above expectations
by Gill Montia
Story link: HSBC profit above expectations
HSBC has reported that profitability for the first nine months of 2009 is better than expected at the start of the year, “as positive trends experienced in the first half continued into the third quarter”.
Without revealing figures, the group said that pre-tax profit for the nine months to the end of September showed an [...]
HSBC to shed a further 1,700 jobs
by Gill Montia
Story link: HSBC to shed a further 1,700 jobs
HSBC is to shed a further 1,700 UK jobs as it overhauls its branch network management structure and merges some of its operations.
Total job losses announced by the group so far this year now amount to around 3,400.
According to a Channel 4 News report, 600 jobs will go at the bank’s Southend site and just [...]
HSBC to axe a further 17 branches
by Gill Montia
Story link: HSBC to axe a further 17 branches
HSBC is reported to be closing a further 17 branches, in the early part of next year.
The bank has already announced 16 closures between January and February in addition to the 37 branches closed so far this year and 31 in 2008.
The “world’s local bank” currently has a 1,400-strong UK branch network and while it [...]
HSBC sells New York City HQ
by Gill Montia
Story link: HSBC sells New York City HQ
HSBC has announced that it is raising $330 million from its New York City headquarters via a sale-and-leaseback agreement with 452 Fifth Owners LLC, a company controlled by Israeli businessman, Nochi Danker.
According to reports, the bank will lease back the entire building for one year and occupy floors one to 11 for 10 years.
Regarding the [...]
HSBC holds fire on expansion plans
by Gill Montia
Story link: HSBC holds fire on expansion plans
The group chief executive of Europe’s largest bank is holding fire on expansion plans for fear of a “W” rather than a “V” shaped recession.
Michael Geoghegan of HSBC is braced for a second economic downturn, telling The Financial Times he is cautious about “growing too fast” before signs of a recovery can be confirmed.
Last week, [...]
UK Banks take the lead in curbing bonuses
by Gill Montia
Story link: UK Banks take the lead in curbing bonuses
Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Standard Chartered have all agreed to accept the limits on bonuses agreed at the recent G20 summit, the BBC has reported.
Chancellor of the Exchequer Alistair Darling has said he is pleased at the lead taken by UK banks and that he expects them to set [...]
HSBC relocates group chief executive to Hong Kong
by Gill Montia
Story link: HSBC relocates group chief executive to Hong Kong
HSBC group chief executive, Michael Geoghegan, will be based in Hong Kong from February of next year.
Europe’s biggest bank says the relocation is “in line with its stated strategy to focus on emerging markets” with the move further positioning the group “for the shift in the world’s centre of economic gravity from West to East”.
However, [...]
Mortgage lenders fairer and better communicators
by Gill Montia
Story link: Mortgage lenders fairer and better communicators
The Council of Mortgage Lenders (CML) has said it is pleased to note that people are more satisfied with their mortgage lender than they were a year ago.
The body was referring to a recent survey from Which? Money, which shows average customer satisfaction rising from 58% this time last year, to 62%.
The CML believes the [...]
