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 [...]
UK banks’ profits surge past French rivals for first time since before Brexit vote July 4, 2022 Profits at Britain’s banks have topped their French counterparts for the first time since before the Brexit vote, reveals a fresh study published today. The UK’s largest lenders posted pre-tax profits of $55.1bn (£45.6bn) last year, slightly higher than the $54.8bn (£45.3bn) registered by French banks, according to The Banker’s annual top 1,000 world bank [...]
HSBC pumps £250m into new lending fund for high-growth UK tech companies June 22, 2022 HSBC UK has unveiled a new £250m growth lending fund for high growth tech businesses today as it looks to meet a government call for a surge in investment in the sector last week.
HSBC becomes Emma Raducanu’s eighth blue chip sponsor on eve of Wimbledon June 16, 2022 HSBC has become the latest blue chip brand to join British tennis star Emma Raducanu’s stable of sponsors. Raducanu, who shot to fame by winning the US Open in September, has agreed a four-year with the international banking group. “To partner with HSBC is so natural for me having grown up playing in the HSBC [...]
UK banks no longer ‘too big to fail’ but sector still has room for improvement June 10, 2022 All of the UK’s top banks would survive a major financial shock, but some have shortcomings in ensuring they fund themselves through a crisis, the Bank of England said today. Britain’s eight biggest high street lenders would be able to fail safely without a repeat of bailouts seen during the financial crisis in 2008, according [...]
‘Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings ALWAYS wrong’, says HSBC official on climate change impact May 20, 2022 A top HSBC banker has claimed global authorities are overplaying the impact of climate change, saying “unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS wrong”. The banking giant’s head of responsible investing, Stuart Kirk, made his controversial claim during a presentation on a slide during a London conference yesterday. HSBC said his views did not [...]
HSBC’s biggest shareholder tells bank to spin off Asian business April 30, 2022 China’s largest insurer has told HSBC it should break itself up and separate out its Asian operations. Shenzhen headquartered insurer Ping An has told HSBC’s board it believes the London and Hong Kong listed bank should split itself up, in order to free up the its Asian business. The Chinese insurance giant, which owns a [...]
Leaked ASA report: Regulator to order HSBC to end greenwashing and stop misleading UK customers April 29, 2022 City A.M. understands that a preliminary, unpublished decision by the advertising regulator rules that a number of HSBC’s climate-focused ads are misleading, and that the watchdog demands that future marketing must not omit significant information about its contribution to rising emissions. The ASA’s draft recommendations, seen by this paper, focus on two of HSBC’s ads, [...]
Sombre faces in Canary Wharf as HSBC profits nosedive on Ukraine war and inflation worries April 26, 2022 It’s not the best of mornings for HSBC as the banking giant saw its first-quarter profits tumble by more than a quarter after taking a hit on expected bad debts due to the Ukraine war and soaring inflation. The lender posted a 28 per cent drop in pre-tax profits to £3.3bn for the first three [...]