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)...
by Amruth Sundarkumar | May 5, 2022 | Banks
HSBC and Ping An executives plan to meet in mid-May to discuss the latter’s proposal that HSBC should explore strategic options such as a spin-off of its Asian business, as per a source. Business Times notes that Ping An is the biggest shareholder in HSBC with...
by Amruth Sundarkumar | Apr 27, 2022 | Banks
HSBC reported its Q1 2022 results with net profits down 32% YoY to $3.4bn. The banking major said that the profit decline was in part due to an expected credit loss (ECL) charge of $600mn vs. a $400mn release during the same period last year, primarily due to the...
by Amruth Sundarkumar | Apr 7, 2022 | Banks
HSBC increased its stake in Chinese joint venture HSBC Qianhai Securities, to 90% from the earlier 51%. The move is said to be in-line with its statement last year to invest $6bn in Asia over a five-year period. The remaining 10% will be held by Qianhai Financial...
