George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksHSBC Holdings Share News (HSBA)

Share Price Information for HSBC Holdings (HSBA)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 619.00
Bid: 619.20
Ask: 619.30
Change: 0.00 (0.00%)
Spread: 0.10 (0.016%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 619.00
HSBA Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

HSBC's "Asia pivot" shortens odds of Hong Kong HQ move

Tue, 09th Jun 2015 11:07

By Denny Thomas and Lawrence White

HONG KONG, June 9 (Reuters) - By pinning its hopes forgrowth on Asia, and China's Pearl River Delta region inparticular, the reasons in favour of HSBC shifting itsheadquarters to Hong Kong are piling up.

Under a new strategy that will see it lose almost a fifth ofits workforce and slash its investment bank, HSBC said onTuesday that it is relying on an "Asia Pivot" to drive itsbusiness forward.

Chief Executive Stuart Gulliver told analysts and investorsthat central to this plan is the lender's ambition to become"China's international bank" and grow in the prosperous PearlRiver Delta region that Beijing wants to integrate Hong Konginto.

"The CEO's comments that Asia will be a hub for growth infuture would indicate that it's a very real possibility that theHQ will move to that region," said Brenda Kelly, head analyst atLondon Capital Group.

HSBC said it will use 11 criteria to examine whether to moveits headquarters from London, including a country's tax regimeand how strongly the government supports the growth of thefinancial sector.

Being domiciled in Hong Kong and focusing on the Pearl RiverDelta would certainly fit in with Beijing's strategy ofdeveloping the region's economy.

And moving out of London will allow the bank to escape the$1.5 billion bank levy that is equivalent to 11 percent of thebank's profit for 2014.

In a 27-page presentation dedicated to Asia, HSBChighlighted how the Pearl River Delta in China's southernGuangdong province already "corresponds in size to a leadingglobal economy," with an annual gross domestic product (GDP) of$857 billion.

And by 2025, the region and Hong Kong would combine as asingle megacity, overtaking Tokyo to become the world's biggest"banking city cluster" for retail and corporate banking revenue,HSBC said.

With that in mind, the bank is aiming to achieve $1 billionprofit before tax per year in that region alone, although it hasrefrained from specifying a date for meeting that target.

BACK TO ITS ROOTS?

Founded in Asia more than 150 years ago, HSBC was originallyheadquartered in Shanghai before moving to Britain when itbought Midland Bank in 1992.

While the Pearl River region, along with Shanghai's YangtzeRiver Delta hinterland, has been a major growth driver ofChina's economy for decades, HSBC said it now sees huge growthpotential from China's trade initiatives and huge infrastructureinvestment.

New rail links will slash travel times between Hong Kong andmajor cities in the delta including Shenzhen, Dongguan andFoshan.

HSBC plans to capture more revenues from the region byincreasing its branch network, increasing mortgage lending andloans to companies.

Its planned expansion in the Pearl Delta forms part ofHSBC's broader investment plan in Asia, hoping to capturerevenues from trade flows and the internationalization of theChinese yuan.

Analysts have expressed scepticism that HSBC will be able tomaintain its current levels of return as it reinvests in Asia,but Gulliver said he will be cautious in how he allows Asiaregional chief Peter Wong to deploy assets.

"We won't just give carte blanche to Peter," Gulliver said. (Editing by Rachel Armstrong)

More News
28 Mar 2024 09:55

UBS makes Ermotti Europe's best-paid bank boss with $16 mln package

Ermotti earned $15.9 mln in 2023

*

Read more
27 Mar 2024 14:42

Bank of England steps up scrutiny of private equity and bank valuations

LONDON, March 27 (Reuters) - The Bank of England said on Wednesday it was taking a deeper look at risks from the opaque private equity sector, and why valuations of Britain's main banks are "subdued" compared with international peers.

Read more
27 Mar 2024 09:40

LONDON BROKER RATINGS: Sainsbury's, Petershill Partners upped to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

Read more
27 Mar 2024 08:54

Britain's Vanquis bank 'resets' business after 2023 loss

LONDON, March 27 (Reuters) - Vanquis Banking Group on Wednesday said it was resetting its business, highlighting the challenges faced by Britain's smaller banks, after reporting a 4.4 million-pound ($5.55 million) loss before tax for 2023.

Read more
27 Mar 2024 07:44

Britain's Vanquis bank 'resets' business after 2023 loss

LONDON, March 27 (Reuters) - Vanquis Banking Group on Wednesday said it was resetting its business, highlighting the challenges faced by Britain's smaller banks, after reporting a 4.4 million-pound ($5.55 million) loss before tax for 2023.

Read more
25 Mar 2024 10:19

LONDON BROKER RATINGS: SocGen raises Sage; Numis cuts Virgin Money

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

Read more
18 Mar 2024 06:59

PRESS: M&S and HSBC planning loyalty "superapp", seven-year deal — Sky

(Alliance News) - Marks & Spencer Group PLC and HSBC Holdings PLC are preparing plans to announce a new seven-year deal that includes the creation of a loyalty "superapp", Sky News reported Sunday.

Read more
11 Mar 2024 14:05

HSBC to recruit about 50 more bankers for US commercial bank - Reuters

(Sharecast News) - HSBC is planning to recruit about 50 more bankers in its US commercial bank to lend to start-up companies, mainly in the technology and healthcare sectors, according to a senior executive.

Read more
7 Mar 2024 15:29

London close: Stocks finish firmer as US jobless claims rise

(Sharecast News) - London markets closed with modest gains on Thursday, after higher-than-expected jobless claims figures from the US, and a flurry of corporate news in the UK.

Read more
4 Mar 2024 21:56

IN BRIEF: HSBC issues USD2.75 billion worth of senior notes

HSBC Holdings PLC - Asia-focused lender - Issues USD1.50 billion 5.546% fixed rate/floating rate senior unsecured notes due 2030 and USD1.25 billion 5.719% fixed rate/floating rate senior unsecured notes due 2035. HSBC will apply to list the notes on the New York Stock Exchange.

Read more
1 Mar 2024 09:14

LONDON BROKER RATINGS: Numis cuts St James's Place to 'hold'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

Read more
29 Feb 2024 16:06

UK dividends calendar - next 7 days

Friday 1 March 
AEW UK REIT PLCdividend payment date
Alternative Income REIT PLCdividend payment date
Atrato Onsite Energy PLCdividend payment date
Carr's Group PLCdividend payment date
CC Japan Income & Growth Trust PLCdividend payment date
CVC Income & Growth Ltd (EUR)dividend payment date
CVC Income & Growth Ltd (GBP)dividend payment date
Gabelli Merger Plus+ Trust PLCdividend payment date
ICG Enterprise Trust PLCdividend payment date
IG Group Holdings PLCdividend payment date
JPMorgan China Growth & Income PLCdividend payment date
JPMorgan Claverhouse Investment Trust PLCdividend payment date
LXi REIT PLCdividend payment date
Pollen Street PLCdividend payment date
TwentyFour Select Monthly Income Fund Ltddividend payment date
UK Commercial Property REIT Ltddividend payment date
Monday 4 March 
no events scheduled 
Tuesday 5 March 
Henderson Smaller Cos Investment Trust PLCdividend payment date
PayPoint PLCdividend payment date
Wednesday 6 March 
AB Dynamics PLCdividend payment date
Thursday 7 March 
abrdn Diversified Income & Growth PLCex-dividend payment date
Assura PLCex-dividend payment date
Athelney Trust PLCex-dividend payment date
Berkeley Group Holdings PLCex-dividend payment date
BHP Group Ltdex-dividend payment date
Chenavari Toro Income Fund Ltddividend payment date
Colefax Group PLCex-dividend payment date
Crown Place VCT PLCex-dividend payment date
CT UK Capital & Income Investment Trust PLCex-dividend payment date
Energean PLCex-dividend payment date
HSBC Holdings PLCex-dividend payment date
JPMorgan Global Emerging Markets Income Trust PLCex-dividend payment date
JPMorgan Global Growth & Income PLCex-dividend payment date
Law Debenture Corp PLCex-dividend payment date
Mid Wynd International Investment Trust PLCex-dividend payment date
Personal Assets Trust PLCex-dividend payment date
Premier Miton Global Renewables Trust PLCex-dividend payment date
PZ Cussons PLCex-dividend payment date
Redcentric PLCex-dividend payment date
Renishaw PLCex-dividend payment date
Rights & Issues Investment Trust PLCex-dividend payment date
Rio Tinto PLCex-dividend payment date
Ruffer Investment Co Ltdex-dividend payment date
Safestore Holdings PLCex-dividend payment date
Schroder Real Estate Investment Trust Ltdex-dividend payment date
SDCL Energy Efficiency Income Trust PLCex-dividend payment date
South32 Ltdex-dividend payment date
Standard Chartered PLCex-dividend payment date
Temple Bar Investment Trust PLCex-dividend payment date
Utilico Emerging Markets Trust PLCex-dividend payment date
Vaalco Energy Incex-dividend payment date
  
Comments and questions to newsroom@alliancenews.com
  
A full 14-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
27 Feb 2024 09:23

LONDON BROKER RATINGS: Barclays raises Flutter to 'overweight'

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

Read more
23 Feb 2024 09:19

LONDON BROKER RATINGS: Barclays raises Breedon but cuts Domino's Pizza

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

Read more
23 Feb 2024 08:47

LONDON MARKET OPEN: Stocks mixed; StanChart drives FTSE 100 higher

(Alliance News) - Stock prices in London opened mixed on Friday, with the FTSE 100 lifted by well-received results from Standard Chartered.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.