HSBC, Barclays, Lloyds and NatWest under fire for ‘measly’ savings rates… again July 3, 2023 Banks are in the firing line for low savings rates once again after the big four lenders received another letter from the influential Treasury Committee. Writing to the UK heads of the big four banks, Harriet Baldwin – chair of the Treasury Committee – said the Committee was “concerned that banks’ savings rates remain too [...]
HSBC lifts savings rates after government pressure June 29, 2023 HSBC UK and First Direct have unveiled plans to boost savings rates. Customers with HSBC UK accounts will see some savings interest rates increase from Friday 30 June, alongside a change to increase the higher-paying tier on the bank’s online bonus saver account. Those with an online bonus saver will be able to earn four [...]
HSBC moving out of Canary Wharf headquarters in favour of Square Mile June 26, 2023 HSBC is set to leave its headquarters at Canary Wharf when its lease expires in 2027 and will move back to the heart of the City, City AM understands. The bank has been based in 8 Canada Square for more than two decades, but hopes to downsize to Panorama St Paul’s, 81 Newgate Street. The [...]
Hunt and big banks vow to ease mortgage pain with repossessions grace period June 23, 2023 Mortgage holders will get a 12-month grace period before banks begin repossessions on their homes, Jeremy Hunt has announced, after a crunch meeting with lenders at No11. The Chancellor said ministers were “particularly worried” about people falling behind on payments or having to switch deals at the end of a fixed rate mortgage. He announced [...]
NatWest, Lloyds, HSBC, Barclays and Santander leaders meet Jeremy Hunt in ‘productive’ mortgage crisis talks June 23, 2023 Bank bosses held a “productive” meeting with Chancellor Jeremy Hunt as the rates increase worsens the mortgage crisis. Natwest chief executive Alison Rose, speaking to reporters as she left Downing Street, said lenders were “doing everything we can” and were “very keen” to help customers. Lloyds Banking Group boss Charlie Nunn described the meeting as [...]
Credit fears send bank shares lower after Bank of England lifts rates by 50bps June 22, 2023 Shares in the UK’s biggest banks today fell after the Bank of England raised interest rates by 50 basis points, heaping more pain onto borrowers. The Bank’s Monetary Policy Committee reverted to a larger rate hike after inflation remained stuck at 8.7 per cent last month. It was the 13th rate hike in a row [...]
HSBC agrees new terms for delayed sale of French retail business as exit from global markets picks up pace June 15, 2023 HSBC has agreed new terms for the sale of its French retail division to Cerberus-backed My Money Group, paving the way for the delayed sale to be completed early next year. Under the new terms of the deal, Cerberus will invest €225m (£192.5m) into the business while HSBC will retain a €7.0bn portfolio of loans [...]
HSBC to wind down New Zealand wealth and personal banking arm as pivot to Asia picks up pace June 13, 2023 HSBC will be winding down its wealth and personal banking businesses in New Zealand as it continues its withdrawal from various markets around the world. In a statement the bank said “it has become clear that we can no longer justify investing into this business given the changing operating requirements in the market and scalability [...]
Why did HSBC withdraw mortgage deals for new borrowers? June 9, 2023 HSBC has temporarily withdrawn mortgage deals for new borrowers as the turbulence that has engulfed the UK mortgage market over the past few weeks continued. The bank removed products for new residential and buy-to-let products on Thursday, with new more expensive deals becoming available on Monday. HSBC had originally set a deadline of 5pm on [...]
HSBC criticised for ‘political decision’ to close Hong Kong opposition party bank accounts June 5, 2023 HSBC has been criticised for closing bank accounts held by one of the few remaining opposition parties in Hong Kong as well as some of its core members. According to the Hong Kong Free Press, HSBC has closed three accounts belonging to the League of Social Democrats. In a letter explaining the decision, the bank [...]