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11 Mar 2026 11:01
HSBC HOLDINGS PLC
11 March 2026
Notification of Transactions by Persons Discharging Managerial Responsibilities ("PDMRs")
The transactions in ordinary shares of US$0.50 each ("Shares") in HSBC Holdings plc (the "Company") detailed below took place on 9 March 2026.
The awards made to Executive Directors disclosed in this announcement are the same awards disclosed in the separate Grant of Conditional Awards announcement released on 11 March 2026 pursuant to Rules 17.06A, 17.06B and 17.06C of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
1. Long Term Incentive Awards
Long term incentive awards ("LTI awards") were made to the PDMRs named below, as part of variable pay for the performance year ended 31 December 2025. An LTI award is an award of Shares in the Company, with a three-year forward-looking performance period commencing on 1 January 2026 and ending on 31 December 2028.
At the end of this performance period, the number of Shares that vest will be determined based upon an assessment by the Group Remuneration Committee of performance against financial and non-financial measures in the LTI scorecard, as detailed in the Directors' Remuneration Report in the Annual Report and Accounts 2025. Subject to that assessment, shares for Executive Directors will vest in five equal annual instalments commencing from March 2029, with a one-year retention period following vesting. Shares for Other PDMRs will vest in two tranches, 75% in March 2029 and 25% in March 2030.
The LTI awards were made in London and are based upon the average closing Share price on the London Stock Exchange on the five days starting 2 March 2026 which is £12.82.
Executive Directors
Name | Shares awarded |
Georges Elhedery | 702,028 |
Pam Kaur | 409,516 |
Other PDMRs
Name | Shares awarded |
Richard Blackburn | 42,121 |
David Liao | 52,892 |
Barry O'Byrne | 56,913 |
Stuart Riley | 90,678 |
Michael Roberts | 90,459 |
Surendra Rosha | 54,573 |
Suzanna White | 37,441 |
2. Annual Incentive Awards
Awards of (i) immediately vested and (ii) deferred Shares were made under the HSBC Share Plan 2011. These awards relate to the performance year ended 31 December 2025 and comprise part of the Group's annual incentive arrangements. The awards were determined by assessing performance during the year against financial and non-financial metrics. For Executive Directors who served during the year ended 31 December 2025, the performance assessment is detailed in the Directors' Remuneration Report in the Annual Report and Accounts 2025.
Awards were made in London and are based upon the average closing Share price on the London Stock Exchange on the five days starting on 2 March 2026 which is £12.82.
(i) Immediately vested awards
Name | Shares awarded | Shares sold in respect of Income Tax and Social Security liabilities at £12.439566 per share | Net shares vested |
Georges Elhedery | 140,600 | 66,082 | 74,518 |
Pam Kaur | 81,903 | 38,495 | 43,408 |
Richard Blackburn | 39,625 | 18,624 | 21,001 |
David Liao | 57,196 | 9,152 | 48,044 |
Barry O'Byrne | 63,397 | 10,144 | 53,253 |
Stuart Riley | 100,039 | 47,019 | 53,020 |
Michael Roberts | 95,174 | 48,587 | 46,587 |
Surendra Rosha | 59,773 | 9,564 | 50,209 |
Suzanna White | 32,449 | 15,110 | 17,339 |
Upon vesting, a 12-month retention period applies.
(ii) Deferred awards
Awards vest in four equal annual tranches commencing in March 2027.
Name | Shares awarded |
Richard Blackburn | 17,316 |
David Liao | 32,901 |
Barry O'Byrne | 38,183 |
Stuart Riley | 59,379 |
Michael Roberts | 52,303 |
Surendra Rosha | 35,086 |
Suzanna White | 11,232 |
The following disclosures are made in accordance with the UK version of the EU Market Abuse Regulation 596/2014.
1 - Details of the person discharging managerial responsibilities / person closely associated | |||||||||
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Name of natural person | Georges Elhedery | ||||||||
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2 - Reason for the notification | |||||||||
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Position/status | Group Chief Executive | ||||||||
Initial notification/amendment
| Initial Notification
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3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
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Full name of the entity | HSBC Holdings plc | ||||||||
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Legal Entity Identifier code | MLU0ZO3ML4LN2LL2TL39 | ||||||||
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4 - Details of the transaction(s) | |||||||||
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Transaction(s) summary table | |||||||||
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | |||||
Nature of Transaction:
Acquisitions under the HSBC Share Plan 2011 | Price
| Volume | Total
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| £12.82 | 842,628 | £10,802,490.96 | ||||||
| Aggregated | £12.82 | 842,628 | £10,802,490.96 |
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | |||||
Nature of Transaction:
Disposal | Price
| Volume | Total
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| £12.44 | 66,082 | £822,031.40 | ||||||
| Aggregated | £12.44 | 66,082 | £822,031.40 |
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1 - Details of the person discharging managerial responsibilities / person closely associated | |||||||||
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Name of natural person | Pam Kaur | ||||||||
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2 - Reason for the notification | |||||||||
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Position/status | Group Chief Financial Officer | ||||||||
Initial notification/amendment
| Initial Notification
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3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
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Full name of the entity | HSBC Holdings plc | ||||||||
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Legal Entity Identifier code | MLU0ZO3ML4LN2LL2TL39 | ||||||||
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4 - Details of the transaction(s) | |||||||||
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Transaction(s) summary table | |||||||||
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | |||||
Nature of Transaction:
Acquisitions under the HSBC Share Plan 2011 | Price
| Volume | Total
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| £12.82 | 491,419 | £6,299,991.58 | ||||||
| Aggregated | £12.82 | 491,419 | £6,299,991.58 |
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | |||||
Nature of Transaction:
Disposal | Price
| Volume | Total
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| £12.44 | 38,495 | £478,861.09 | ||||||
| Aggregated | £12.44 | 38,495 | £478,861.09 |
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1 - Details of the person discharging managerial responsibilities / person closely associated | |||||||||
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Name of natural person | Richard Blackburn | ||||||||
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2 - Reason for the notification | |||||||||
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Position/status | Group Chief Risk and Compliance Officer | ||||||||
Initial notification/amendment
| Initial Notification
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3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
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Full name of the entity | HSBC Holdings plc | ||||||||
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Legal Entity Identifier code | MLU0ZO3ML4LN2LL2TL39 | ||||||||
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4 - Details of the transaction(s) | |||||||||
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Transaction(s) summary table | |||||||||
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | |||||
Nature of Transaction:
Acquisitions under the HSBC Share Plan 2011 | Price
| Volume | Total
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| £12.82 | 99,062 | £1,269,974.84 | ||||||
| Aggregated | £12.82 | 99,062 | £1,269,974,.84 |
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | |||||
Nature of Transaction:
Disposal | Price
| Volume | Total
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| £12.44 | 18,624 | £231,674.48 | ||||||
| Aggregated | £12.44 | 18,624 | £231,674.48 |
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1 - Details of the person discharging managerial responsibilities / person closely associated | ||||||||||
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Name of natural person | David Liao | |||||||||
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2 - Reason for the notification | ||||||||||
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Position/status | Co-Chief Executive, Asia and Middle East | |||||||||
Initial notification/amendment
| Initial Notification | |||||||||
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3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
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Full name of the entity | HSBC Holdings plc | |||||||||
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Legal Entity Identifier code | MLU0ZO3ML4LN2LL2TL39 | |||||||||
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4 - Details of the transaction(s) | ||||||||||
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Transaction(s) summary table | ||||||||||
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | ||||||
Nature of Transaction:
Acquisitions under the HSBC Share Plan 2011 |
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| Volume | Total
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| £12.82 | 142,989 | £1,833,118.98 | |||||||
| Aggregated | £12.82 | 142,989 | £1,833,118.98 |
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | ||||||
Nature of Transaction:
Disposal | Price
| Volume | Total
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| £12.44 | 9,152 | £113,846.91 | |||||||
| Aggregated | £12.44 | 9,152 | £113,846.91 |
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1 - Details of the person discharging managerial responsibilities / person closely associated | |||||||||
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Name of natural person | Barry O'Byrne | ||||||||
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2 - Reason for the notification | |||||||||
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Position/status | CEO, International Wealth and Premier Banking | ||||||||
Initial notification/amendment
| Initial Notification
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3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
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Full name of the entity | HSBC Holdings plc | ||||||||
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Legal Entity Identifier code | MLU0ZO3ML4LN2LL2TL39 | ||||||||
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4 - Details of the transaction(s) | |||||||||
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Transaction(s) summary table | |||||||||
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | |||||
Nature of Transaction:
Acquisitions under the HSBC Share Plan 2011 | Price
| Volume | Total
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| £12.82 | 158,493 | £2,031,880.26 | ||||||
| Aggregated | £12.82 | 158,493 | £2,031,880.26 |
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | |||||
Nature of Transaction:
Disposal | Price
| Volume | Total
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| £12.44 | 10,144 | £126,186.96 | ||||||
| Aggregated | £12.44 | 10,144 | £126,186.96 |
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1 - Details of the person discharging managerial responsibilities / person closely associated | |||||||||
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Name of natural person | Stuart Riley | ||||||||
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2 - Reason for the notification | |||||||||
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Position/status | Group Chief Information Officer | ||||||||
Initial notification/amendment
| Initial Notification
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3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
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Full name of the entity | HSBC Holdings plc | ||||||||
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Legal Entity Identifier code | MLU0ZO3ML4LN2LL2TL39 | ||||||||
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4 - Details of the transaction(s) | |||||||||
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Transaction(s) summary table | |||||||||
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | |||||
Nature of Transaction:
Acquisitions under the HSBC Share Plan 2011 | Price
| Volume | Total
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| £12.82 | 250,096 | £3,206,230.72 | ||||||
| Aggregated | £12.82 | 250,096 | £3,206,230.72 |
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | |||||
Nature of Transaction:
Disposal | Price
| Volume | Total
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| £12.44 | 47,019 | £584,895.95 | ||||||
| Aggregated | £12.44 | 47,019 | £584,895.95 |
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1 - Details of the person discharging managerial responsibilities / person closely associated | |||||||||
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Name of natural person | Michael Roberts | ||||||||
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2 - Reason for the notification | |||||||||
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Position/status | CEO, HSBC Bank plc and CEO, Corporate and Institutional Banking | ||||||||
Initial notification/amendment
| Initial Notification
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3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
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Full name of the entity | HSBC Holdings plc | ||||||||
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Legal Entity Identifier code | MLU0ZO3ML4LN2LL2TL39 | ||||||||
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4 - Details of the transaction(s) | |||||||||
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Transaction(s) summary table | |||||||||
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | |||||
Nature of Transaction:
Acquisitions under the HSBC Share Plan 2011 | Price
| Volume | Total
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| £12.82 | 237,936 | £3,050,339.52 | ||||||
| Aggregated | £12.82 | 237,936 | £3,050,339.52 |
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | |||||
Nature of Transaction:
Disposal | Price
| Volume | Total
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| £12.44 | 48,587 | £604,401.19 | ||||||
| Aggregated | £12.44 | 48,587 | £604,401.19 |
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1 - Details of the person discharging managerial responsibilities / person closely associated | |||||||||
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Name of natural person | Surendra Rosha | ||||||||
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2 - Reason for the notification | |||||||||
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Position/status | Co-Chief Executive, Asia and Middle East | ||||||||
Initial notification/amendment
| Initial Notification
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3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
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Full name of the entity | HSBC Holdings plc | ||||||||
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Legal Entity Identifier code | MLU0ZO3ML4LN2LL2TL39 | ||||||||
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4 - Details of the transaction(s) | |||||||||
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Transaction(s) summary table | |||||||||
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | |||||
Nature of Transaction:
Acquisitions under the HSBC Share Plan 2011 | Price
| Volume | Total
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| £12.82 | 149,432 | £1,915,718.24 | ||||||
| Aggregated | £12.82 | 149,432 | £1,915,718.24 |
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | |||||
Nature of Transaction:
Disposal | Price
| Volume | Total
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| £12.44 | 9,564 | £118,972.01 | ||||||
| Aggregated | £12.44 | 9,564 | £118,972.01 |
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1 - Details of the person discharging managerial responsibilities / person closely associated | |||||||||
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Name of natural person | Suzanna White | ||||||||
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2 - Reason for the notification | |||||||||
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Position/status | Group Chief Operating Officer | ||||||||
Initial notification/amendment
| Initial Notification
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3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
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Full name of the entity | HSBC Holdings plc | ||||||||
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Legal Entity Identifier code | MLU0ZO3ML4LN2LL2TL39 | ||||||||
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4 - Details of the transaction(s) | |||||||||
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Transaction(s) summary table | |||||||||
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | |||||
Nature of Transaction:
Acquisitions under the HSBC Share Plan 2011 | Price
| Volume | Total
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| £12.82 | 81,122 | £1,039,984.04 | ||||||
| Aggregated | £12.82 | 81,122 | £1,039,984.04 |
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Date of Transaction | Financial Instrument | Identification Code | Place of Transaction | Currency |
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2026-03-09 | Ordinary shares of US$0.50 each | GB0005405286 | London Stock Exchange, Main Market (XLON) | GBP - British Pound | |||||
Nature of Transaction:
Disposal | Price
| Volume | Total
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| £12.44 | 15,110 | £187,961.84 | ||||||
| Aggregated | £12.44 | 15,110 | £187,961.84 |
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For any queries related to this notification, please contact:
Lee Davis
Corporate Governance & Secretariat
shareholderquestions@hsbc.com
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