The UK arm of failed US lender Silicon Valley Bank has been bought by HSBC for a nominal ?1 ($1.2) in a rescue deal, the government and HSBC announced Monday.
British banks face a tougher battle for mortgage customers and business borrowers in 2023, as rising costs and deposit rates paid to long-suffering savers threaten to outpace flatlining profit margins, senior industry executives and analysts said.
HSBC HSBA.L> said it still expects to complete the sale of its Russia business in first-half 2023, in the most significant update on the progress of the deal since it said in July 2022 it had agreed to sell the unit to local lender Expobank.
HSBC, its online arm First Direct, and Metro Bank have joined a fraud-reporting hotline as the cost of living crisis increases the number of financial scams, an industry body said on Tuesday.
HSBC has hired Justin Wu as its first co-head of climate change Asia Pacific to lead the development and implementation of the bank's sustainability strategy in the region, a memo to staff seen by Reuters showed.
China's Ping An Insurance Group defended its call to spin off HSBC's Asia business, saying it cared about investment returns from its large stake in Europe's biggest bank but was not an activist investor.
Chinese insurer Ping An Insurance Group believes HSBC has overstated the challenges and difficulties of spinning off the bank.
HSBC has appointed Patrick Boumalham as its new global head of wealth sales within its markets division.
HSBC bank on Monday said pre-tax profit fell in the first half, and appeared to rebuff calls to spin off its Asian activities on the eve of a key shareholder meeting.
HSBC pushed back on a proposal by top shareholder Ping An Insurance Group Co of China to split the lender.
European shares edged up on Monday as a jump in banking stocks after HSBC's strong results offset fears of a global economic slowdown.
The fund management arms of HSBC and Morgan Stanley were among three others to win a mandate from Taiwan's largest pension manager to run Asia's first climate change-focused fund worth a total $2.3 billion in assets.
The Bank of England said on Friday it was satisfied lenders had taken steps to ensure they were no longer "too big to fail" in any future crisis, though it found shortcomings at three major banks.
The mood in Asia was more downbeat compared with earlier in the week.
HSBC's announcement angered business and political circles in Britain, which returned the former colony to Chinese rule in 1997.
It faces uncertainties caused by the grinding US-China trade war, Britain's departure from the European Union and now the deadly new coronavirus in China.
The new HSBC CEO has plans to axe some 4,000 jobs, primarily away from its more profitable businesses within the Greater China region.
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A recent study found that most customers, including millennials, still prefer having a physical branch nearby.
US Department of Justice had launched an investigation into the bank's foreign exchange business.
Global banking giant says the Department of Justice will ask a court to dismiss deferred charges against it.
