HSBC is one of the largest banking and financial services organisations in the world. It has around 89 million customers throughout its four global businesses. It consists of 7,200 offices in over 80 countries. HSBC first opened for business in Hong Kong in 1865.
Qatar outbids Chinese for £1.1 billion HSBC tower: The Qatar Investment Authority is understood to have made a £1.1 billion offer for the HSBC tower, seeing off the likes of China Life and Ping An to become the preferred bidder in one of the biggest-ever U.K. property deals.
25 Oct '14
BOE on stress tests for banks
The Bank of England has bowed to the European financial regulator following a difference of opinion over the way in which British banks can display the results of Sunday’s Europe-wide stress tests. The Bank’s Prudential Regulation Authority (PRA) had originally told the four UK banks involved in the stress tests – Lloyds, Barclays, HSBC and the Royal Bank of Scotland – they could publish their results in a slightly less stringent format, the so-called “transitional” basis, to bring them into line with their European brethren. This was because the PRA is bringing in tougher capital guidelines – full Basel III rules – earlier than the majority of Europe. But within the last fortnight, the PRA changed its guidance, saying that the four institutions must report using the method they currently use – Basel III, which has a higher capital threshold. The Telegraph understands this change of heart was the result of the European Banking Authority insisting that all 130 lenders involved report using the capital rules in place in their own country. The impact of the ruling means each UK bank’s capital position could be reduced by as much as 1pc compared with their rivals. One senior banking source said this was “yet another example of a European institution beating down the British”. All four British banks are expected to pass the EBA tests. The Bank is due to undertake its own, far more stringent tests later this year. The results will be published on December 16.
23 Oct '14
HSBC and First Trust Bank get into a bundle of trouble: HSBC and First Trust Bank have been found guilty of breaking competition rules by telling small businesses that they must open a current account in order to obtain a loan.
22 Oct '14
HSBC puts price of building banking ring-fence at £2 billion: Putting in place plans to ring-fence retail deposits from riskier areas of banking could cost HSBC as much as £2 billion, the bank has warned.
12 Oct '14
Is Anyone Surprised?
I am dealing with a deceased relatives estate and have had to talk and correspond with MANY, MANY organisations in this regard, and BY FAR THE MOST DIFFICULT to deal with has been HSBC. Conflicting information given by counter staff and evidently poor follow-up by the Bereavement Services Department or perhaps others, has led to explicit instructions for the estate management being delayed (even in comparison to much smaller financial institutions) or not undertaken at all. One can not help but take these things personally in such circumstances. Little wonder international bankers and traders have such a poor reputation - if they are meant to be the cream, it isn't surprising we get the parochial soured dregs at local levels. I note they are closing 3 or 4 local branches here - that bodes well, as interent banking is DEFINITELY the way forward. No sloped shoulders to be seen. HSBC YOU MUST TRY HARDER - especially when dealing with the bereaved of long standing customers. As if you care, that TV campaign to reward customer service excellence is such a poor joke. Poor indeed.
8 Oct '14
FT's Lombard on HSBC
A paper tiger scares HSBC Bosses: Both men, Directors of the U.K. subsidiary of HSBC, are stepping down. Their departures have been represented as protests at tougher regulation of senior bankers. The most eye-catching part of a package endorsed by U.K. regulators this summer is a new offence of criminal recklessness leading to the collapse of a financial institution. Senior, front-line bankers may have little to fear from the mooted law either, since prosecutors would struggle to prove an offence had been committed. But Mark Keidan of Cooke, Young & Keidan, a City law boutique, has a point when he says: “No one wants to be the subject of the test case on where lines should be drawn.” Both men work at a bank whose Chairman Douglas Flint has thundered against spiralling compliance costs. The coincidence is striking. However, HSBC and its Directors are right to make a stand. Their motives may be self-interested, but the effect may be public-spirited. If regulators merely displace capital to the wilder frontiers of shadow banking, they will have amplified systemic risks rather than tamed them.
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