HSBC has reviewed lending policies after $400 million fraud provision, chairman says

LONDON, May ​8 (Reuters) - ⁠HSBC has "substantially ​completed" a review of ​its ‌lending policies and practises ⁠after it took ⁠a $400 million ​provision against a fraud in its UK business, ​Chairman ‌Brendan Nelson told shareholders on Friday.

The bank reported ​the unexpected charge, ‌which sources told Reuters was linked to ‌the collapse of British mortgage lender Market Financial ​Solutions, along with its ‌first-quarter results on Tuesday.

Shareholders questioned the bank's risk ⁠management ⁠and lending procedures ‌at its annual shareholder ​meeting ​in London on ‌Friday. (Reporting by Lawrence White; Editing by Tommy Reggiori Wilkes)

HSBC Holdings