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Share Price Information for HSBC Holdings (HSBA)

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Share Price: 693.40
Bid: 695.20
Ask: 695.40
Change: 2.00 (0.29%)
Spread: 0.20 (0.029%)
Open: 689.30
High: 697.20
Low: 687.00
Prev. Close: 691.40
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UPDATE 1-CEO of SocGen's Russia unit detained over suspected kickbacks

Wed, 15th May 2013 10:19

MOSCOW, May 15 (Reuters) - The chief executive of SocieteGenerale's Russian unit was held in Moscow onWednesday on suspicion of receiving bribes, dealing a blow tothe French bank's hopes of achieving a turnaround on its primaryforeign market.

The questioning of Rosbank Chief Executive Vladimir Golubkovfollows promises by President Vladimir Putin to crack down onendemic corruption in business and public life but it is also ablow against one of the few international banks left in Russia.

Despite announcing cost cuts when it published its latestresults, SocGen has reaffirmed its commitment to Russia, amarket it entered at high cost over the past decade that hasbeen abandoned by other Western banks.

Those plans could now be at risk after Golubkov's detentionon suspicion of illegally accepting a six-figure dollar sum andsoliciting a far larger bribe.

The Rosbank CEO was held "on suspicion of receiving illegalmonetary compensation" totalling 5 million roubles ($159,600),the Russian Interior Ministry said in a statement that gave hisjob title but not his name.

Golubkov was also suspected of soliciting a bribe of $1.5million to grant a loan, and a second senior Rosbank manager wasalso held. Rosbank declined to comment. A source close to thebank said Golubkov was at his office in central Moscow.

Payments to facilitate loans are not unusual in Russia'sbanking system and typically go undetected. Cases that do cometo light have been known to result from a competitor mobilisingso-called 'administrative resources' to put pressure on a bank.

Western banks including Barclays and HSBC have pulled out in recent years, having paid up to four timesbook value to get a foothold in Russia only to find they couldnot compete with state-backed Sberbank and VTB.

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TOP NEWS: HSBC to take USD1 billion loss on sale of Argentina business

(Alliance News) - HSBC Holdings PLC on Tuesday said it will sell its business in Argentina to Grupo Financiero Galicia SA, which it called the largest private financial group in the South American country.

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9 Apr 2024 08:44

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(Alliance News) - Stock prices in London opened mostly lower on Tuesday, as investors look ahead to a key inflation reading from the US, as well as the latest interest rate decision from the European Central Bank.

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9 Apr 2024 08:37

HSBC takes $1 bln hit from Argentina sale as Asia pivot continues

Grupo Financiero Galicia to buy the business for $550 mln

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9 Apr 2024 07:39

LONDON BRIEFING: HSBC sells Argentinian arm for USD550 million

(Alliance News) - Stocks in London are called to open lower on Tuesday, as investors nervously look ahead to US inflation data and the European Central Bank's latest interest rate decision.

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9 Apr 2024 07:05

HSBC to take $1bn hit from Argentina unit sale

(Sharecast News) - HSBC Holdings on Tuesday said it was selling its Argentina business to Grupo Financiero Galicia for $550m and take a $1bn pre-tax loss in the process as it continued to pivot its operations towards Asia.

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8 Apr 2024 19:45

West Virginia treasurer adds four finance firms to ESG blacklist

NEW YORK, April 8 (Reuters) - West Virginia added four financial firms on Monday to a list of institutions that may be barred from some state business because the state's treasurer deems they are boycotting the fossil fuel industry.

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8 Apr 2024 07:00

HSBC targets wealthy expats, bullish Asian firms to drive Europe unit, exec says

Managers focused on growth after complex transformation

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5 Apr 2024 07:29

Spain's Berge drops plans to list its Astara unit this year

MADRID, April 5 (Reuters) - Spanish privately owned logistics group Berge has dropped plans to list shares in its automotive unit Astara as market conditions are not the most appropriate for a flotation, the company said late Thursday.

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3 Apr 2024 16:07

London close: Stocks reverse losses to finish slightly higher

(Sharecast News) - London markets saw modest gains by the close on Wednesday, following Wall Street higher in afternoon trading.

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Morgan Stanley commits to Canary Wharf home until at least 2038

LONDON, April 3 (Reuters) - Morgan Stanley's UK arm has extended a lease on its 547,000 square foot European headquarters in London's Canary Wharf to 2038, committing to the Docklands financial hub even as rivals relocate in search of smaller offices.

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London stocks dip in global risk off mood; commodity-linked stocks jump

FTSE 100 down 0.2%, FTSE 250 adds 0.9%

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London close: Stocks turn red on return from Easter break

(Sharecast News) - UK stocks experienced a downturn by the end of trading on Tuesday, as investors resumed activity following the extended weekend, with initial gains reversed by the close ahead of a week marked by a number of key economic data releases.

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LONDON MARKET MIDDAY: FTSE 100 buoyed by UK manufacturing growth

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LONDON MARKET OPEN: FTSE 100 up as oil majors and gold miners shine

(Alliance News) - Stock prices in London opened higher on Tuesday, in confident trade following the long Easter weekend, ahead of a UK manufacturing sector reading later in the morning.

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2 Apr 2024 08:44

TOP NEWS: HSBC to pay special dividend after completing Canadian sale

(Alliance News) - HSBC Holdings PLC on Tuesday said it would pay shareholders a special dividend after completing the sale of its Canadian business.

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