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Share Price Information for HSBC Holdings (HSBA)

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Share Price: 690.20
Bid: 689.30
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UPDATE 1-British finance minister to meet bank bosses on Brexit gameplan

Tue, 06th Sep 2016 23:01

(Adds Hammond comment)

By Andrew MacAskill

LONDON, Sept 7 (Reuters) - Top British bankers will tellfinance minister Philip Hammond on Wednesday to give them aclearer idea of what the country's divorce from the EuropeanUnion will mean for them when they hold their first meetingsince the Brexit vote.

Hammond is to meet with executives from major banks andinsurers, including Barclays, HSBC, StandardLife Santander UK, the British arm of Spain's BancoSantander, according to sources.

Britain's financial sector employs 2.2 million people andits executives say the industry deserves to be a priority in the Brexit negotiations because it is the country's largestexporter and accounts for about 12 percent of its tax revenues.

Britain's shock vote to leave the bloc has forced companiesto rethink their business strategy, which until now has dependedon having an EU "passport" to operate across the region fromLondon.

Bankers say they the next six months will be critical indeciding how much business they might need to move from London,if the EU divorce means a loss of passporting.

Banks and insurers are already making contingency plans toshift parts of their European operations from Britain if Brexitmeans the country does not maintain access to the EU singlemarket.

But some bosses say they are planning blindly, with littleidea of the type of trading deal Britain might pitch for whenits official EU exit process begins.

"If the government doesn't have a clear idea of what itwants the banks will just go," said one senior banking source,who asked not to be named. "They are not going to be hangingaround waiting for the cliff edge."

Any deal to retain market access would likely involve apolitically difficult decision to allow EU citizens the right towork in Britain, something the banks would welcome but whichmany of those who voted to leave the bloc would reject.

Hammond said in a statement on Wednesday he would have moremeetings with business leaders in the coming weeks to hear theirconcerns and would hold a further session with finance sectorexecutives next month.

"We want to ensure the continued investment that creates jobsand supports wage growth throughout this period of uncertainty,"he said.

On Monday, opposition politicians accused David Davis, theminister charged with negotiating Brexit, of lacking a planafter he addressed parliament on Brexit for the first time sincetaking his role.

The Treasury is currently seeking views from financial lobbygroups and companies about how they will be impacted by losingaccess to the single market, according to people familiar withthe process.

There are similar conversations taking place with the Bankof England and with government departments, including theDepartment for Exiting the European Union, according to anothersenior bank executive.

Banks and other financial firms are also working through arange of lobby groups and individual companies are alsoexpressing their own views.

"There are too many contact points and too many channels,"the executive said. "There is too much duplication and confusionabout who is responsible for making the decisions." (Reporting By Andrew MacAskill, editing by Sinead Cruise andJane Merriman)

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UK dividends calendar - next 7 days

Friday 15 September 
4imprint Group PLCdividend payment date
Baillie Gifford European Growth Trust PLCspecial dividend payment date
Baillie Gifford UK Growth Trust PLCdividend payment date
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Clarkson PLCdividend payment date
Halfords Group PLCdividend payment date
Hikma Pharmaceuticals PLCdividend payment date
Ibstock PLCdividend payment date
IMI PLCdividend payment date
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NatWest Group PLCdividend payment date
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Reckitt Benckiser Group PLCdividend payment date
Spirent Communications PLCdividend payment date
TI Fluid Systems PLCdividend payment date
Vesuvius PLCdividend payment date
Witan Investment Trust PLCdividend payment date
Monday 18 September 
Pearson PLCdividend payment date
Quilter PLCdividend payment date
Shaftesbury Capital PLCdividend payment date
Shell PLCdividend payment date
Tuesday 19 September 
Alpha Financial Markets Consulting PLCdividend payment date
Rathbones Group PLCex-dividend payment date
Wednesday 20 September 
abrdn Asia Focus PLCdividend payment date
Domino's Pizza Group PLCdividend payment date
Impact Healthcare REIT PLCdividend payment date
London Stock Exchange Group PLCdividend payment date
OSB Group PLCdividend payment date
Sabre Insurance Group PLCdividend payment date
Scottish American Investment Co PLCdividend payment date
Thursday 21 September 
abrdn Diversified Income & Growth PLCex-dividend payment date
abrdn Private Equity Opportunities Trust PLCex-dividend payment date
Alpha Group International PLCex-dividend payment date
Brickability Group PLCdividend payment date
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Chelverton UK Dividend Trust PLCex-dividend payment date
Costain Group PLCex-dividend payment date
CQS Natural Resources Growth & Income PLCspecial ex-dividend payment date
Crest Nicholson Holdings PLCex-dividend payment date
Dowlais Group PLCex-dividend payment date
Essentra PLCex-dividend payment date
FDM Group Holdings PLCex-dividend payment date
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Highcroft Investments PLCex-dividend payment date
HSBC Holdings PLCdividend payment date
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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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*

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