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Tag: HSBC

  • HSBC Brings Clients to Borneo

    HSBC Brings Clients to Borneo

    HSBC Jade invited clients to a trip traditionally reserved for senior staff and private banking clients to promote climate change awareness.

    The HSBC Sustainability Expedition was based in Malaysian Borneo where clients ventured into the Danum Valley’s rainforest encountering various animals including orangutans, Borneo pygmy elephants, flying squirrels and gibbons. The expedition was done in partnership with Earthwatch Institute and joined by science from the Royal Soci<ty South East Asia Rainforest Research Partnership (SEARRP).

    High net worth individuals in Asia are showing increased interest in sustainable living and incorporating ESG factors when investing, said Toby Chan, group head of Jade and Top Tier, HSBC retail banking and wealth management.

    We created the Sustainability Expedition for Jade to improve our clients’ knowledge of climate change and deepen understanding of sustainability through hands-on scientific research and expert conversations.

    The bank invited HSBC Jade clients from mainland China, Hong Kong and Singapore to engage in a myriad of activities including habitat assessment; the gathering of evidence on plant and animal life; and the planting of 80 Dipterocarp trees, a species prevalent in Borneo. In addition, the bank educated clients on sustainable investing and its role in transitioning to a low carbon economy.

    Five days in Danum Valley allow you to be really immersed in the whole ecosystem, the greenery, taking in what is living on earth, and how we should save our planet, said one Singapore client, according to the bank’s release.

    I will remember these particular actions on sustainability that I can do in my own ability – for example, decision making in terms of vendor purchasing, renovations, and any other matters where I’m responsible.

  • HSBC Grants Extra Day Off in Hong Kong

    HSBC Grants Extra Day Off in Hong Kong

    Due to «unprecedented circumstances» British lender, HSBC is giving its Hong Kong employees an extra day off in 2020. The bank employs about 21,000 people in the city.

    In a gesture of encouragement as six months of continuing street protests have roiled the financial hub, British bank HSBC is giving its Hong Kong employees an extra day off next year. The decision was announced in an internal memo on Monday by Diana Cesar, the bank’s local chief executive. The memo was confirmed by a bank spokeswoman.

    Thanks to your perseverance and dedication, HSBC has been able to sustain our operation and stand by our customers in these unprecedented circumstances, Cesar said in the memo. HSBC employs about 21,000 people in the city and makes around 90 percent of its profit in Asia.

  • HSBC Private Bank Makes Key Appointments

    HSBC Private Bank Makes Key Appointments

    The bank has made two appointments that support its growth ambitions in Asia Pacific. HSBC Private Bank has appointed Jackie Mau as regional head of UHNW, Asia Pacific and Abdel Ben Tkhayet as head of investment services and product solutions (ISPS), Asia Pacific, the firm announced in a press release on Thursday.

    Mau was most recently co-head of ISPS, Asia Pacific for HSBC Private Banking. He joined HSBC in 2003 and has held senior client-facing roles across Investment Banking and Private Banking in both Hong Kong and Thailand.

    In his new role, Mau will be responsible for leading UHNW business in Asia, ensuring that coverage and propositions for clients with sophisticated wealth needs are met. He will report to Asia Pacific head of private banking Siew Meng Tan.

    Ben Tkhayet will be responsible for leading the products and investment counselor teams in Asia and will continue to develop products and investment solutions for clients in the region, the announcement said.

    He joined HSBC in 1997 and has held senior roles in the Private Bank and Global Banking and Markets divisions. He was most recently the private bank’s head of FICC and Equities, Asia Pacific. Ben Tkhayet will continue to report to chief investment officer Stuart Parkinson and to Asia Pacific head of private banking Tan.

    Since renewing our strategic focus on the UHNW segment, clients are already seeing the benefits of a new coverage model, new solutions specialists and segment management teams, and an enhanced product set for sophisticated needs, Tan said.

    HSBC said it is hiring for 700 roles over five years to the end of 2022 and investing $100 million in digital and technology over 2019 and 2020 to grow its Asian private banking business.

    In September, it announced a slew of appointments to strengthen the bank’s investment counseling coverage for Taiwan and mainland China.

  • HSBC Hired 300 Private Bankers in a Year

    HSBC Hired 300 Private Bankers in a Year

    HSBC Private Bank stayed on course with its hiring plan in Asia, having boosted regional headcount by 300 bankers in one year already.

    The bank announced last year it would add 700 people to the private bank in Asia by 2022 from a headcount of 1,100 as of 2017-end. The bank has nearly reached half of that goal from hiring 300 bankers thus far and will seek to continue with an eye to increase onshore presence in China.

    The strategy to achieve double-digit asset and revenue growth is working,» said Antonio Simoes, newly appointed global head of private banking at HSBC. And as part of that, Asia is by far the region that is growing the most.»

    Asia currently represents the largest share of the bank’s overall revenue and accounts for 42 percent of its private banking assets. And despite unprecedented unrest from its key market in Hong Kong, the bank still posted a 9.4 percent and 4.6 percent year-on-year rise in assets and revenue, respectively.

    Our third-quarter results showed very resilient performance for Hong Kong against the backdrop of what’s happening,» Simoes said, stressing that the broader China business was unaffected. «From a private banking perspective, we continue to have targets for Hong Kong that are very ambitious.

    Simoes reiterated HSBC’s commitment to the Chinese market amidst a historic opportunity to gain presence as Beijing further liberalizes the financial sector. The country recently made a landmark decision to remove ownership limits for businesses operating in the sector which has attracted foreign wealth managers to take advantage of the opportunity including Swiss rival UBS.

    Going forward, we want to be bigger in onshore China and we are looking at how to do that as regulations change,» Simoes added. «If you take a 10-year view, we will need to be bigger in onshore China.

  • Citi Scores Two Investment Bankers in Asia From Rival

    Citi Scores Two Investment Bankers in Asia From Rival

    Citigroup hired two investment bankers from HSBC Holdings in Asia as part of its efforts to strengthen its Chinese real estate advisory business. Kara Wang has joined Citigroup as managing director and co-head of real estate investment banking for Asia, according to an internal memo. The move was confirmed by James Griffiths, Citigroup’s Hong Kong-based spokesman. Dayday Zhou, a director of Wang’s team at HSBC, will join the bank in January, the spokesman added. The latest Citigroup hires will raise the number of Asia corporate and investment banking hires to six since December.
    The U.S. bank is hoping to bolster income in the region, its biggest market outside of North America. In the third quarter, Citigroup’s revenue in Asia grew 6% to $4.02 billion from a year earlier. Meanwhile, HSBC is undergoing huge changes as acting chief executive Noel Quinn undertakes cost-cutting and business transformation Citigroup ranks ninth advising share sales by real estate companies in Greater China, down from fifth in the same period last year, according to data compiled by Bloomberg.
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  • HSBC Targets Singapore’s Salaried Millionaires

    HSBC Targets Singapore’s Salaried Millionaires

    The bank said that globally, Singapore has among the highest share of millionaires whose main source of income is their salary, and they prioritize self-enrichment over wealth accumulation.

    Based on its research that Singapore’s rich are not just focused on becoming wealthier but experiencing life, HSBC Singapore is launching new banking and lifestyle features to meet these needs, the bank announced in a statement on Wednesday.

    As part of this push, HSBC Singapore will add experiential offerings to its high-net-worth Jade platform, which gives wealthy individuals personalized investment solutions and advisory services, the statement said.

    The bank also unveiled its «Enrich List,» which it describes as a «curated portfolio of experiences and a source of inspiration» that can be arranged for Jade clients through its global concierge facility. These experiences relate to the broader idea of enrichment: self-betterment, exploration, taking on challenges and giving back, the bank said.

    Some 40 percent of Singapore HNWIs (people with assets between $1 million and $5 million) list salary and bonuses as the main income source, compared to 26 percent globally, according to a study conducted by HSBC Jade among 1,000 HNWIs in eight countries and territories, including 100 in Singapore.

    Additionally, among this group, 69 percent believe that broadening horizons and discovering new things is an essential part of enrichment, compared to 65 percent globally.

    This evolving Singaporean stratum is not just focused on becoming wealthier but in experiencing life, said Alice Fok, head of Customer Propositions & Marketing, HSBC Bank (Singapore).

     

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  • HSBC Shuts Protest-Related Account in Hong Kong

    HSBC Shuts Protest-Related Account in Hong Kong

    A corporate account reportedly linked with protest-related activities has been closed by HSBC though it cites regulatory risks.

    The account is reportedly being used to raise funds to support protest-related activities covering expenses such as legal, medical and food, according to a «Hong Kong Economic Journal» report. HSBC has given the account holder 30 days to withdraw all its funds.

    The report noted that it was in fact inconsistency between the holder’s claimed and actual use of the account that led to its closure rather than political motivation.

    As part of our responsibility to know our customers and safeguard the financial industry, we regularly review our customers’ accounts,» said Vinh Tran, a spokesperson for the bank in Hong Kong, without elaborating on the specific matter. «If we spot activity differing from the stated purpose of the account, or missing information, we will proactively review all activity, which can also result in account closure.

    In a separate statement, the Hong Kong Monetary Authority also underlined effect risk assessment regarding banking activities, echoing the emphasis on consistency of stated account purpose and source of funding.

  • HSBC, No Virtual Bank License Required for Digital Supremacy

    HSBC, No Virtual Bank License Required for Digital Supremacy

    HSBC continues to ramp up its digital investments and developments, claiming that a virtual banking license is not necessary for virtual banking supremacy.

    The bank has globally spent $2.2 billion on growth and digital enhancements in the first half of 2019, a 17 percent year-on-year increase. Although it is cutting global headcount, digital talent remains in demand for the bank which hired 1,000 staff for related teams in Hong Kong and the broader Asia Pacific region.

    Despite its digital developments, HSBC has not pursued a virtual banking license and it insists that there is no need.

    HSBC has invested significantly in its digital banking platforms, said Andrew Eldon, HSBC’s Hong Kong head of digital banking, in an SCMP report. There is nothing a virtual bank can do which we cannot offer. We do not believe we must have a virtual bank license to operate digital banking services.

    HSBC is very keen on investment in our digital platform and talent,» reiterated Andrew Connell, the bank’s global head of partnership development and innovation, retail banking and wealth management, citing the success of the PayMe app and a high rate of transactions executed through digital platforms at 90 percent.

    The bank is also placing emphasis on artificial intelligence and robotics to further improve efficiency. It currently has 1,600 robotic devices globally that processed 11.5 million transactions last year, a tenfold increase from 2017, with success stories in mortgage loan applications in Canada (speed up from 22 days to 1 day) and credit card approvals in Hong Kong (from 6 days to 1 day).

    AI is an important area for us to invest in. Banking services that adopt AI technology can be quicker and more accurate than through traditional processes,» Connell said.

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  • HSBC Partners AllBright in Supporting Female Entrepreneurs

    HSBC Partners AllBright in Supporting Female Entrepreneurs

    While pitching for investment as a founder is difficult, it can be even more challenging for female entrepreneurs. According to the ‘She’s the Business’ –  a report commissioned by HSBC Private Banking that highlights the challenges female entrepreneurs face –  preparing a business plan and dealing with further presentations and negotiations with investors are the two most challenging stages in the pitching process.

    To inspire change and support female entrepreneurs in overcoming challenges during the investment process, HSBC Private Banking has partnered with AllBright. A first for both parties in Hong Kong, this week a ‘pop-up’  was hosted, including pitch courses, investor workshops and a Pitch Day, following success with similar events in the UK and US over the last two years.  The pop-up workshops drew on the Bank and AllBright’s combined commitment and expertise to providing female entrepreneurs with the opportunities and resources needed to grow their businesses.

    The event focused on helping, coaching and mentoring female entrepreneurs, providing them with a wealth of experience, expert advice and access to HSBC’s extensive global connections, including experienced investors. The event featured seven ambitious female entrepreneurs who have founded and headquartered their respective companies in Hong Kong.  They pitched their business to experienced angel investors, high-net-worth individuals and business leaders.

    Siew Meng Tan, Regional Head, HSBC Private Banking, Asia Pacific, said, “We are proud to work with AllBright to bring the Pitch Day Series to Hong Kong. The highly competitive entrepreneurial environment in Hong Kong has produced many successful female entrepreneurs. We believe the event has helped strengthen confidence in the female entrepreneur community, and represents a move in the right direction for the industry and investment landscape in Hong Kong.

    HSBC Private Banking, also a founding partner of The WealthiHer Network, takes an active role in understanding the barriers preventing female entrepreneurs from reaching their full potential. The ‘She’s the Business’ survey revealed that while Hong Kong has the highest proportion of gender balanced investor panels compared to other markets at 81% of all panels, 31% of female entrepreneurs in Hong Kong said they have experienced gender bias when securing capital. Furthermore, they face one of the longest processes for raising capital, averaging 9.7 months. By identifying challenges faced by female entrepreneurs, HSBC Private Banking is committed to providing them with the opportunities and resources they need to grow their business.

    Debbie Wosskow OBE, Co-Founder, AllBright, said, “We are delighted to be partnering with HSBC Private Banking. They bring a wealth of business knowledge, global connections and decades of experience to AllBright’s Pitch Days – helping to achieve our joint ambition of supporting female entrepreneurs.”

    Siew Meng Tan, Regional Head of HSBC Private Banking, Asia Pacific (right) introduces the AllBright x HSBC Private Banking partnership and HSBC Private Banking’s commitment to female founders.

    In her opening remarks, Debbie Wosskow OBE, Co-founder, AllBright, welcomes guests to Hong Kong’s first AllBright x HSBC Private Banking Pitch Day and highlights how female founders will benefit from the AllBright x HSBC Private Banking ‘pop-up’ week.

    Dervla Louli Musgrave, Founder of Compare Retreats, presents her pitch in front of the panel and a room of experienced angel investors, high-net-worth individuals and business leaders.

  • HSBC Hires Barclays Investment Banker

    HSBC Hires Barclays Investment Banker

    After a decade at the British multinational bank, the senior executive is headed to a rival, where she will support efforts to build its corporate banking business in Asia.

    HSBC has hired investment banker Misi Tang as the firm’s managing director and head of capital goods and autos for Asia-Pacific, citing people familiar with the matter.

    The role is based in Hong Kong, and will start in December, the publication said.

    Tang was previously a Hong Kong-based managing director and head of industrials, China at Barclays Capital, where she has worked since 2010, according to her LinkedIn profile. She was previously employed as an attorney at various law firms after starting her career as an analyst at Accenture.

    Tang’s hire follows HSBC’s appointment of Jeremy Choy as head of its Asia Technology Mergers & Acquisitions (M&A) team in June. Choy joined from boutique investment bank China Renaissance, where he worked for 4 years, most recently as managing director and head of M&A.

  • HSBC Posts 24 Percent Profit Drop

    HSBC Posts 24 Percent Profit Drop

    HSBC posted a 24 percent drop in third-quarter profits despite a «resilient» Hong Kong business that managed to offset the city’s technical recession.

    The bank reported profits of $2.97 billion in the three months ended September 30, compared to $3.89 billion in the same period last year. HSBC’s pre-tax profits reached $4.84 billion, down 18 percent and below consensus estimates of $5.29 billion.

    In addition to a 2.9 percent decrease in revenue, primarily driven by lower global market activities, the bank also accounted for a number of provisions and one-off costs including a customer redress provision of $606 million, severance costs totalling $120 million and an expected credit loss provision of $400 million, mainly for unsecured retail lending and higher charges in its U.K. and Hong Kong commercial banking business.

    Despite the global results, the bank reportedly remained «resilient» in Hong Kong despite the headwinds. HSBC’s Hong Kong business registered a 1.3 percent uptick in adjusted pre-tax profits to reach $3.02 billion and push Asia’s pre-tax profits up 4 percent to $4.7 billion.

    Parts of our business, especially Asia, held up well in a challenging environment in the third quarter, said HSBC’s interim CEO, Noel Quinn.

    However, Quinn called performance elsewhere «not acceptable» underlining business activities within continental Europe and the non-ring-fenced bank in the U.K. and the U.S.

    Our previous plans are no longer sufficient to improve performance for these businesses, given the softer outlook for revenue growth. We are, therefore, accelerating plans to remodel them, and move capital into higher growth and return opportunities, he said, adding that the bank would not longer reach its return on tangible equity target of more than 11 percent in 2020.

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  • HSBC advises to avoid a Lehman Crisis in China

    HSBC advises to avoid a Lehman Crisis in China

    More easing is required in the industry not only to improve ease of business, said a senior HSBC executive, but to prevent risks similar to the Lehman crisis.

    Peter Wong, deputy chairman, and Asia Pacific chief executive of HSBC, commented at a Shanghai financial summit on the need to improve corporate governance and investor protection in China in order to manage major systematic risks akin to the trigger of the last global financial crisis. We really don’t want to have another situation similar to the Lehman crisis in China, Wong said, according to a report.

    Whilst it has suggested greater stringency in certain facets, it also lauded regulatory easing, such as the recently relaxed foreign ownership rules, and urged for more similar moves. Wong proposed more easing in the insurance industry, such as ease of expansion into new cities and provinces, and in the banking industry, including the acquiring of deposits.

    It’s very difficult for foreign banks to get deposits in China, Wong said, adding that the country should «figure out a way» to address the issue, he said. We’ve been trying for a number of years. Now we’re developing, we’re increasing our share, but the journey is not easy.

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  • HSBC Ups Employee Childcare Benefits in India

    HSBC Ups Employee Childcare Benefits in India

    HSBC’s India arm has upgraded its female employee benefits, allowing reimbursement for daycare costs for their children up to the age of six.

    This marks an increase in the maximum age of a child from the previous two years old. For those seeking daycare reimbursement, each child is entitled per month to Rs 18,000 ($250) in Mumbai; $190 in National Capital Region, Bengaluru and Pune; and $141 in other cities.

    Mothers that do not wish for daycare reimbursement can receive a fixed $141 per month and HSBC claims to be the sole provider of such benefits.

    «With this policy, we have gone a step further to empower our women employees so that they can balance work life and motherhood better,» said Vikram Tandon, head human resources, HSBC India. This policy provides our working mothers the flexibility to choose the best from multiple childcare options for an extended time period.

  • Singapore’s Multi-Currency War Heats Up With Revolut Launch

    Singapore’s Multi-Currency War Heats Up With Revolut Launch

    After amassing more than 8 million customers, the tech unicorn has landed in Singapore, its second market outside Europe.

    After much anticipation, U.K. challenger bank Revolut has rolled out its services in Singapore. Customers can now open an account from their mobile phones and start spending worldwide in over 150 currencies at the real exchange rate without hidden fees.

    The digital-only bank had already been beta-testing its services over the past year and amassed 30,000 customers on its waiting list when it launched in the city-state on Wednesday.

    Revolut’s introduction promises to heat up the already competitive multi-currency war, which includes competitors YouTrip and in the near future, InstaReM and TransferWise.

    Revolut account holders get a multi-currency travel debit card and an account that supports the Singapore dollar and 13 other currencies, with another 14 more including, Indian rupees, Malaysian ringgit and Philippine pesos, to be added in the coming months, a press release said.

    Customers also get free worldwide ATM withdrawals, peer-to-peer money transfers, and foreign exchange, and its app integrates budgeting and savings management functionalities. Accounts are free, but the Premium account ($9.99 per month) and Metal account ($19.99) offer additional features and limits.

    At its launch event on Wednesday, the firm said it is working on bringing features that are already available in other markets, like cryptocurrency trading and commission-free stock market trading, to customers in Singapore.

    Revolut was founded by former Credit Suisse trader Nik Storonsky and former Deutsche Bank systems engineer Vlad Yatsenko in London in 2015 as a digital alternative to traditional banks. It has raised more than $336 million in funding from venture capital firms, and is valued at $1.7 billion.

    The firm opened its Asia-Pacific hub in Singapore office in 2018, where it employs 20 people. It plans to triple its headcount in the coming months.

    It plans to launch in the U.S. and Canada later this year.

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  • HSBC Setting Up Malaysian Asset Management Arm?

    HSBC Setting Up Malaysian Asset Management Arm?

    HSBC is reportedly setting up an asset management business in Malaysia in the midst of a major job-axing exercise.

    It is in the midst of setting up its team, looking to hire a CEO, CIO, and so on, according to a report from Malaysian media , citing an anonymous source.

    The process is such that you need to have a basic set-up and concurrently apply for a license from the Securities Commission Malaysia. A Malaysia-based spokesperson for HSBC declined to comment, according to the report.

    Assets under management (AUM) in Malaysia’s asset management market posted single-digit growth in four out of the last five years, according to a report by Nomura Institute of Capital Markets Research, with a contraction in 2018. This is a stark contrast with the 23.5 percent CAGR (compound annual growth rate) from 1999 to 2007. As of 2018-end, the industry’s AUM totaled around 744 billion Malaysian ringgits ($178 billion).

    Concurrently, Bank of Singapore agreed to acquire local asset manager Pacific Mutual Fund for $8.5 million in June, pending regulatory approval. Synergies from the acquisition are expected to result in more than just expanded distribution.

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