Phones ringing in Canary Wharf as new Chancellor Kwarteng summons Britain’s bank and insurance chiefs September 7, 2022 The brand new Chancellor, Kwasi Kwarteng, will set out the Government’s new economic approach to the bosses of UK’s major banks after he summoned the banking heavyweights to the Treasury for talks on his first full day in office. Along with the chief executives, the new occupant of No 11 Downing Street invited the leaders of [...]
HSBC agitator Ping An claims ‘we are not an activist’ despite break-up calls August 24, 2022 The investor pushing for a break up of HSBC has claimed it is “not an activist investor” today and simply cares about returns.
Saturday Special: The biggest money laundering scandals in banking August 20, 2022 Financial watchdog the FCA warned challenger banks earlier this year to stop cutting corners in combating financial crime so that customers can set up accounts quickly and easily. Sarah Pritchard, who heads the market division of the City regulator, said in May that there cannot be a “trade-off” between getting customers to come into the [...]
HSBC is overstating Asia demerger cost, Ping An claims August 11, 2022 Britain’s largest bank HSBC is blowing up the financial hit from carving out its Asia business to water down pressure from its biggest shareholder to demerge, sources close to the matter said. Chinese insurer Ping An claimed selling off the high street lender’s highly profitable Asia arm would unlock $35bn (£29bn) in value for shareholders [...]
Ping An proposal to break up HSBC gains momentum as small investors back plan August 3, 2022 HSBC investors are ramping up calls for the banking giant to break up as they side with Chinese insurance company Ping An. Pressure on the bank to shave off its Asian business into a separate company increased after a meeting with HSBC executives and Hong Kong investors yesterday, as small shareholders backed the proposal by [...]
London markets lose early gains despite UK banks’ best efforts August 1, 2022 A bumper crop of results from Britain’s largest lender and Asia-focused HSBC initially boosted London markets today, before an afternoon collapse. The capital’s premier FTSE 100 index dropped 0.13 per cent to 7,413.42 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, added 0.22 per [...]
HSBC hits back at Ping An calls to carve out Asia business August 1, 2022 HSBC today hit back at intense pressure from its biggest shareholder to spin out its Asia business. The chief of Britain’s largest lender, Noel Quinn, said HSBC’s “strength as a well connected, global institution is the main reason our wholesale clients choose to bank with us”. “We are determined to capitalise on the advantages our [...]
Exclusive: Pro-democracy activist Nathan Law labels HSBC a ‘cheerleader’ for Chinese Communist Party July 27, 2022 HSBC is “cheerleading” for the Chinese Communist Party’s (CCP) campaign to strip away Hong Kongers’ human rights, Nathan Law, a pro-democracy activist, told City A.M. today. Law, a former member of Hong Kong’s parliament, accused Britain’s largest lender of putting profits ahead of taking a stand against Beijing eroding the city’s citizens’ freedoms through the [...]
HSBC sets up Communist Party cadre in China business July 21, 2022 Britain’s biggest lender and Asia-focused HSBC has set up a Chinese Communist Party (CCP) cadre in its China investment bank. The bank has become the first outside China to install a CCP committee, according to reports today in the Financial Times. Chinese law enforces domestic finance firms to have party officials in positions of authority. The [...]
Bank of England orders lenders to strengthen reserves amid ‘deteriorating’ economy July 5, 2022 The Bank of England yesterday ordered lenders to fortify their defences in preparation for the looming economic downturn, warning the City against “excessive” cuts in lending to households and businesses. The central bank, which oversees Britain’s banking sector and the country’s monetary policy, doubled the proportion of money lenders need to keep in reserve to [...]