by Amruth Sundarkumar | Nov 30, 2022 | Banks
HSBC has agreed to sell its Canadian business to Royal Bank of Canada (RBC) for CAD 13.5bn ($10bn) in cash. As per Reuters, RBC’s purchase price is at a 30% premium to the value some analysts had attributed to HSBC’s Canadian business. Once the transaction...
by Amruth Sundarkumar | Oct 26, 2022 | Banks
HSBC reported an adjusted pre-tax profit of $6.5bn vs. $5.5bn a last year, and beat estimates of a $6bn results during its Q3 release. Revenues rose 28% YoY to $14.3bn with the benefit of higher interest rates being felt across all of its businesses. The banking major...
by Amruth Sundarkumar | Oct 5, 2022 | Banks
HSBC is eyeing the sale of its wholly-owned Canadian business, while not revealing details regarding the valuation. According to Bloomberg Intelligence, a disposal of the Canadian unit could reap nearly $10bn. HSBC Bank Canada has four divisions – commercial...
by Amruth Sundarkumar | Aug 12, 2022 | Banks, Global
Ping An Insurance Group, which is HSBC’s largest shareholder, is of the view that the bank’s management has not been fair in its assessment of spinning off its Asia business, SCMP reported. Since April, Ping An has asserted that separating HSBC’s Asian operations from...
by Amruth Sundarkumar | Aug 2, 2022 | Banks, Global
Global banking major HSBC reported a de-growth of 1% YoY in its Q2 profit before tax to $5bn, while profit after tax came in at $5.8bn, driven by a tax credit of $800mn. Total revenues were up 12% YoY to $13.1bn. Segmental revenue for Global banking and markets (GBM)...
