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Tag: HSBC

  • HSBC and Standard Chartered Predict Blockchain and AI Boom in Hong Kong’s Fintech Future

    HSBC and Standard Chartered Predict Blockchain and AI Boom in Hong Kong’s Fintech Future

    During the 10th annual Hong Kong FinTech Week in 2025, HSBC CEO Georges Elhedery and Standard Chartered CEO Bill Winters discussed the city’s significant role as an international finance hub. Both CEOs shared a bullish outlook about the future of digital assets, blockchain, artificial intelligence (AI), and other tech-related advancements.

    The Future of Blockchain Settlements

    Standard Chartered CEO, Bill Winters, shared his vision for the future of money and settlements, anticipating a shift away from traditional methods. He expressed a mutual belief with Hong Kong’s leadership that, in due course, all transactions will be settled on blockchains and all money will become digital. “This implies a complete transformation of the financial system, although the specifics remain uncertain,” he stated.

    AI: Emphasizing Efficiency and Adoption

    HSBC CEO, Georges Elhedery, highlighted the distinctive approach to AI in Asia, particularly in mainland China and Hong Kong. This contrasts with the cutting-edge innovation focus in the US and the emphasis on safety through regulations in Europe. Elhedery pointed out the efficiency and speedy delivery showcased by AI, as well as the mass adoption of such emerging technologies, using the DeepSeek moment as an example.

    “This has truly been enlightening,” Elhedery commented.

    Tech Milestones in Hong Kong

    Both HSBC and Standard Chartered have been proactive in introducing new fintech innovations in Hong Kong, particularly in relation to digital assets. HSBC made several commendable strides, including being the first to complete a local blockchain-based settlement and the initial launch of tokenized gold. Standard Chartered has also shown leadership in crypto custody and the pioneering of tokenized money market funds.

    Elhedery reaffirmed their commitment to Hong Kong, stating, “HSBC announced on October 9th an investment exceeding HK$100 billion ($13 billion) for acquiring minority shares of Hang Seng Bank in Hong Kong. This demonstrates our strong confidence and belief in Hong Kong’s future outlook.”

    Questions & Answers

    What future predictions were made for blockchain settlements?
    Standard Chartered’s CEO, Bill Winters, predicted that all future transactions will be settled on blockchains and all money will be digital, implying a total transformation of the current financial system.

    What is the Asian approach to AI, according to HSBC’s CEO?
    HSBC’s CEO, Georges Elhedery, stated that Asia, particularly mainland China and Hong Kong, has embraced AI by showcasing efficiency, speed of delivery, and promoting mass adoption of such technologies.

    How is Hong Kong’s role as an international finance hub being reinforced?
    HSBC and Standard Chartered have been active in introducing new fintech innovations in Hong Kong, particularly in the area of digital assets. HSBC’s recent investment of more than HK$100 billion ($13 billion) in Hang Seng Bank also indicates confidence in Hong Kong’s future financial outlook.

  • HSBC Amplifies Asian Venture Ecosystem with $1.5 Billion Innovation Banking Hub in Singapore

    HSBC Amplifies Asian Venture Ecosystem with $1.5 Billion Innovation Banking Hub in Singapore

    HSBC is making a significant stride into the Singaporean market with the establishment of its Innovation Banking division. This move is marked by a considerable investment of $1.5 billion, aimed at promoting rapid expansion firms and improving the local venture ecosystem.

    Services and Leadership

    The department is structured to cater to venture-supported enterprises and investors by offering specialized products and sector knowledge. Additionally, it will provide access to the vast global network of HSBC. Neil Falconer, freshly appointed as the Head of Innovation Banking in Singapore, will lead a committed team to assist current clients and broaden coverage. Concurrently, he will maintain his role in managing the Consumer, Healthcare, and TMT sectors within the International Mid-Market segment of HSBC.

    Establishment of Credit Solutions Team

    In line with the new initiative, HSBC has also founded a Credit Solutions team. Shaun Sakhrani, the Head of Credit Solutions for Singapore and the Asia Head of Platform Lending, will lead this team. The group will offer a range of financial structures to Innovation Banking clients, including venture debt and platform finance.

    Singapore, A New Addition to HSBC’s Innovation Banking

    HSBC’s Innovation Banking launch in Singapore marks the third expansion within the Asia-Pacific region in the current year. This addition bolsters its presence across the globe, joining branches in the US, UK, Australia, New Zealand, Israel, Continental Europe, India, Hong Kong, and mainland China.

    Since its launch in 2023, HSBC’s Innovation Banking has witnessed a remarkable growth in its clientele, with an increase of nearly 60 percent. The bank now boasts of a robust team of over 900 innovation finance experts with a global connection.

    In Singapore, HSBC has been backing new-economy businesses since 2021, achieving double-digit revenue growth and supporting companies such as Atome Financial, Glife Technologies, and Tickled Media.

    Singapore: A Thriving Start-Up Hub

    Singapore houses over 4,000 start-ups and flaunts a pulsating network of accelerators, incubators, and investors. As Gilbert Ng, Head of Banking – Singapore, Corporate and Institutional Banking at HSBC, stated, the city-state is an attractive hub for the start-up ecosystem in Asia-Pacific.

    Questions & Answers

    What is the main aim of HSBC’s Innovation Banking division in Singapore?
    The division aims to support high-growth companies and enhance the venture ecosystem in the region.

    Who will lead the newly established Credit Solutions team?
    Shaun Sakhrani, the Head of Credit Solutions for Singapore and the Asia Head of Platform Lending, will lead the Credit Solutions team.

    How has HSBC’s Innovation Banking grown since its launch?
    Since its inception in 2023, the client base of HSBC’s Innovation Banking has grown by nearly 60 percent. It now includes more than 900 globally connected innovation finance experts.

  • HSBC To Acknowledge $1.1b Provision Following Luxembourg Court Ruling Tied To Madoff Scandal

    HSBC To Acknowledge $1.1b Provision Following Luxembourg Court Ruling Tied To Madoff Scandal

    HSBC, a London-based financial institution, is set to acknowledge a significant provision following a court ruling in Luxembourg, in relation to an ongoing lawsuit tied to the infamous Bernard Madoff scandal.

    The Madoff Scandal Impact

    HSBC is expected to make an accounting provision amounting to $1.1 billion in its third quarter financial results. This move comes as a consequence of the Luxembourg court’s ruling on Bernard Madoff’s fraudulent investment scheme, as stated in an official report.

    The lawsuit dates back to 2009, when Herald Fund SPC sought legal action against HSBC’s Luxembourg division. The fund sought the recovery of assets it asserted were lost in the Madoff fraud scandal. It is important to note that the British bank served as a service provider to several investment funds involved with Bernard L. Madoff Investment Securities LLC.

    HSBC’s Legal Battle

    The Luxembourg court, on October 24, 2025, rejected an appeal by HSBC Securities Services Luxembourg (HSSL) regarding the recovery of securities. Nevertheless, the court accepted HSSL’s appeal related to a separate cash recovery claim. In response, HSSL plans to file another appeal. If this appeal is unsuccessful, the firm will challenge the sum to be paid in subsequent legal proceedings.

    Implications for HSBC

    The sizable provision is estimated to affect HSBC’s common equity tier 1 (CET1) capital ratio by approximately 15 basis points. However, it is expected to have no impact on the yearly return on tangible equity, excluding notable items, nor on the distribution of dividends.

    Questions & Answers

    What is the value of the provision HSBC is expected to recognize?
    HSBC is expected to recognize a provision of $1.1 billion in its third quarter results.

    Why is HSBC recognizing this provision?
    This provision is a result of a Luxembourg court ruling tied to the Bernard Madoff investment fraud scandal.

    What will be the impact of this provision on HSBC’s financials?
    The provision is estimated to affect HSBC’s CET1 capital ratio by about 15 basis points, but it will not impact the yearly return on tangible equity, excluding key items, or the distribution of dividends.

  • HSBC’s $13.6b Acquisition Of Hang Seng Bank: Independent Advisor To Evaluate Risks

    HSBC’s $13.6b Acquisition Of Hang Seng Bank: Independent Advisor To Evaluate Risks

    Hong Kong’s Hang Seng Bank has enlisted the services of an independent advisor to evaluate its impending takeover by HSBC. Somerley Capital, a financial advisory firm, has been tapped to scrutinize the details of the deal, according to a recent filing made to the exchange.

    HSBC’s Proposed Acquisition

    Earlier this month, British banking giant HSBC, which currently holds a 63% stake in Hang Seng Bank, disclosed its intention to acquire the remaining shares and privatize the local bank. The proposed deal is estimated to be worth HK$106 billion ($13.6 billion).

    HSBC’s Chief Executive Officer, Georges Elhedery, has described the initiative as a strategic move aimed at boosting growth. However, there have been several concerns raised by observers about the potential risks the bank could be taking on.

    Assessing Risks

    Critics have noted that the acquisition would mean HSBC absorbing the risks associated with a decline in Hong Kong’s commercial real estate sector. Hang Seng Bank has reported HK$25 billion worth of impaired loans in this sector for the first half of 2025. As such, this deal would expose HSBC to the potential economic fallout from this downturn.

    Questions & Answers

    What is HSBC’s proposed acquisition of Hang Seng Bank worth?
    The acquisition is proposed to be worth HK$106 billion ($13.6 billion) and would see HSBC owning all shares in Hang Seng Bank.

    Who has Hang Seng Bank appointed as an independent advisor for the deal?
    Hang Seng Bank has appointed Somerley Capital as an independent financial advisor to assess the proposed acquisition.

    What risks are associated with HSBC’s planned takeover?
    The key risk associated with the takeover is the exposure to the downturn in Hong Kong’s commercial real estate sector, with Hang Seng Bank having reported impaired loans worth HK$25 billion from this sector in the first half of 2025.

  • HSBC’s Hang Seng Deal Bets on Long-Term Gains Beating CRE Risks

    HSBC’s Hang Seng Deal Bets on Long-Term Gains Beating CRE Risks

    HSBC’s recent proposal to purchase Hang Seng has raised questions due to the potential commercial real estate risk in Hong Kong. However, some experts believe that possible long-term advantages such as cost synergies may offset these concerns.

    Deal Details

    HSBC last week proposed to take over its Hong Kong-based subsidiary, Hang Seng Bank, by purchasing the remaining 37% stake currently held by minority shareholders for HK$106 billion ($13.6 billion). This transaction values Hang Seng at $155 per share, representing approximately a 30% premium at the time of the announcement. Hang Seng is expected to maintain its individual brand, banking license, and board.

    The acquisition will be entirely financed by HSBC, which plans to restore its CET1 ratio to its target operating range of 14-14.5% by generating capital organically and pausing any further buybacks for three quarters.

    Post-announcement, Hang Seng’s share price saw an increase of approximately 26%, while HSBC’s shares dropped by nearly 8%.

    Potential Bailout Concerns

    One of the most significant concerns surrounding the deal is Hang Seng’s exposure to Hong Kong’s commercial real estate (CRE) sector, which has been experiencing a sustained decline due in part to reduced rental demand and enduring vacancies. Close to half of HSBC’s Hong Kong CRE exposure is linked to Hang Seng, which reported HK$25 billion of impaired loans in the sector as of the first half of 2025.

    Reports indicate that Hang Seng was in the initial stages of selling more than $3 billion worth of property-backed loan portfolios following HSBC’s directive to its London-based global chief corporate credit officer and the head of its special credit unit to initiate such a process three months prior. Additionally, HSBC’s Hong Kong CEO Luanne Lim was appointed as Hang Seng CEO in September, replacing Diana Cesar who was promoted to Hong Kong vice chair at HSBC.

    However, HSBC CEO Georges Elhedery maintains that the deal aims to stimulate growth. He has stated that the Hang Seng transaction was not motivated by pressure to rescue the local lender and added that the British firm would consider further acquisitions in Hong Kong, with transaction banking and wealth identified as priority growth areas.

    Analysts’ Take

    The business community has offered mixed reactions to the deal, which is yet to receive approval.

    According to a UBS report, benefits could arise from increased exposure to the high return on tangible equity (ROTE) market in Hong Kong and simplified operations. However, concerns about provisions for CRE loans persist. Jefferies downgraded HSBC from a “buy” to a “hold” status after the planned $8.5 billion share buyback plan was scrapped, noting that the Hang Seng deal would have a neutral impact on earnings per share before synergies.

    Michael Makdad, a senior equity analyst at Morningstar, stated that “parent-subsidiary double listings are inherently problematic in terms of governance and in this sense, it’s a positive and long-overdue move. Of course, HSBC will need to pay a premium so it likely wouldn’t be positive in terms of my fair-value estimate for HSBC but there should be some opportunities for cost synergies.”

    Questions & Answers

    Q: What is the potential impact of the HSBC and Hang Seng deal?
    A: While increased exposure to the high ROTE market of Hong Kong and reduced operational complexity are expected benefits, there are concerns about provisions for CRE loans.

    Q: Has HSBC’s stock been affected by the announcement to buy Hang Seng?
    A: Yes, the announcement has led to an approximately 8% drop in HSBC’s share price.

    Q: Is there a risk of a bailout related to the HSBC and Hang Seng deal?
    A: There have been speculations about a potential bailout due to Hang Seng’s significant exposure to Hong Kong’s declining commercial real estate sector. HSBC’s CEO, however, maintains that the purchase is aimed at driving growth.

  • HSBC Global Private Banking Expands Teams to Elevate Services in Southeast Asia and Australia

    HSBC Global Private Banking Expands Teams to Elevate Services in Southeast Asia and Australia

    HSBC Global Private Banking (GPB) is making waves in Southeast Asia and Australia with exciting leadership changes designed to strengthen its client services. The firm has appointed Joanne Ng as the new desk head for its Singapore operations, a strategic move that signals its commitment to the region.

    A Dynamic Trio Takes the Helm

    Joanne Ng, a seasoned professional with 22 years of experience, transitions from OCBC Premier Private Client to lead a dedicated team of relationship managers focused on high-net-worth clients in Singapore. Her extensive background in the financial sector positions her well to elevate HSBC’s private banking offerings.

    Joining Ng in this leadership expansion is Tim Morse, who steps in as senior business development manager for HSBC GPB in Australia, set to begin in August 2025. With a wealth of experience from top-tier financial institutions like Citi, J.P. Morgan, and Deutsche Bank, Morse will be pivotal in fostering collaboration between HSBC’s onshore services and offshore private banking teams.

    New Faces in Private Banking

    Completing this dynamic trio is Tom Kinnear, appointed as a relationship manager to oversee operations in Australia and international markets. Kinnear will report directly to Kapil Khanna, contributing his expertise to enhance client relations across the board.

    Moreover, HSBC is not just focused on leadership in Singapore and Australia—there are also significant additions in Indonesia and Malaysia. Le Hong Sie joins as a senior relationship manager in Indonesia, bringing more than three decades of experience at HSBC. Her transition from Corporate and Institutional Banking to private banking coverage promises to enrich the firm’s offerings in the region.

    Leonard Eggert also steps into the Indonesia team as a relationship manager, having previously worked at KfW, while in Malaysia, Rayner Wong joins from Julius Baer and Samuel Chi Hao Kee makes the move from HSBC Premier, both taking on the role of relationship managers.

    With these strategic appointments, HSBC is clearly positioning itself to not only meet but anticipate the needs of its affluent clientele in a rapidly evolving market landscape. After all, who wouldn’t want a financial institution that knows you better than your favorite barista?

    Questions & Answers

    What experience does Joanne Ng bring to HSBC?
    Joanne Ng has 22 years of experience in the financial sector, most recently serving at OCBC Premier Private Client, and will lead a team focused on high-net-worth clients in Singapore.

    What role will Tim Morse play at HSBC GPB in Australia?
    Tim Morse is appointed as senior business development manager, responsible for fostering collaboration between HSBC’s onshore franchises and offshore private banking teams, starting in August 2025.

    Who are the new relationship managers joining HSBC in Indonesia?
    Le Hong Sie, with over 30 years of experience at HSBC, and Leonard Eggert, formerly of KfW, are the new additions to the relationship management team in Indonesia.

  • Former HSBC Executive Makes Bold Moves In Hong Kong’s Sluggish Real Estate Market

    Former HSBC Executive Makes Bold Moves In Hong Kong’s Sluggish Real Estate Market

    In a surprising twist for Hong Kong’s real estate landscape, Peter Wong, the former HSBC executive, has been actively investing in the city’s housing market over the past three months. According to Bloomberg, these acquisitions were facilitated through Lion Rock, a local firm where Wong serves as the sole director.

    Luxury Living in Hong Kong’s Prime District

    The most recent transaction, finalized earlier this month, involved the purchase of two connected units within the prestigious Hong Kong Parkview. The deal, valued at an impressive HK$121.5 million, encompasses a generous 4,616 square feet of living space, which translates to a substantial HK$27,080 per square foot ($37,130 per square meter), as detailed by the South China Morning Post. This upscale complex, nestled in the city’s Southern District, continues to attract high-profile buyers even amid market fluctuations.

    A Smart Investment in a Sluggish Market

    Wong’s investment strategy seems particularly bold, considering that just a few months earlier, he had splurged HK$109 million for two adjacent units in another tower of the same development. This flurry of activity occurs against the backdrop of a sluggish Hong Kong housing market, which has grappled with a nearly 30% decline in prices since peaking in 2021. Factors contributing to this downturn include rising mortgage rates, a shift in professional demographics as many expatriates chose to depart the city, and a broader economic malaise, as reported by Reuters. However, signs of life are beginning to emerge; private home prices have actually ticked upwards for two consecutive months in April and May, offering a glimmer of hope for potential recovery.

    Legacy and Influence

    Peter Wong, 73, is not only a seasoned businessman but also holds a prestigious title as the non-executive chairman of HSBC’s Asian entity. His position affords him access to the grand Taipan House, a historic mansion situated on Victoria Peak, once reserved for the bank’s top executive and previous chairmen. The property has been under Wong’s stewardship since 2011, after being acquired in 1983 for the role of HSBC’s top executive.

    Following in Father’s Footsteps

    Interestingly, Peter’s son, Jeremy Wong, is also making waves in the business world; his LinkedIn profile indicates his current role at HSBC, along with a directorship at Energy World, a local enterprise that includes his mother, Camay Wong, and Peter Wong. This family affair in business adds a personal touch to the unfolding story of Hong Kong’s real estate investment landscape.

    Questions & Answers

    What inspired Peter Wong’s recent real estate purchases in Hong Kong?
    Peter Wong’s investments are likely driven by his confidence in the recovering Hong Kong housing market, despite its recent downturn. The strategic acquisitions at this time suggest he sees significant potential as signs of price increases emerge.

    How has the Hong Kong housing market changed recently?
    After enduring a considerable price decline of nearly 30% since 2021, the Hong Kong housing market has shown positive trends with home prices increasing for the last two months, indicating a potential rebound.

    What roles do Peter Wong’s family members play in the business?
    Peter Wong’s son, Jeremy, is active at HSBC and serves on the board of Energy World, a venture that includes both his parents. This family collaboration highlights their ongoing influence in Hong Kong’s business sector.

  • Released Loan Loss Reserves Fuels HSBC Profits

    Released Loan Loss Reserves Fuels HSBC Profits

    Asia-focused British lender HSBC beat analyst forecast, more than doubling profits in the first half after a significant reduction in credit loss provisions.

    HSBC posted $8.4 billion of profit after tax, according to its first-half interim report, a 170% increase compared to $3.1 billion in the same period last year.

    The expected release of credit loss provisions drove profits higher with revenues down around 4 percent to $25.6 billion and adjusted operating expenses rising by 3 percent.

    These are good results that reflect the return of growth in our main markets and marked progress in the execution of our strategy, said HSBC group chief executive Noel Quinn highlighting four main pillars of the bank’s plans: focusing on strengths, digitizing at scale, energizing for growth, and transitioning to net zero.

    The mix of HSBC’s results by region is also noteworthy as it registered profits across Asia, Middle East and North Africa, North America, Latin America and even Europe – HSBC UK Bank plc posted profit before tax of over $2.1 billion in the period – which has reported consecutive halves of pre-tax losses.

    We were profitable in every region in the first half of the year, supported by the release of expected credit loss provisions.

    HSBC also paid an interim dividend of $0.07 per ordinary share in the first half, noting that the bank is moving towards its planned target.

    The Group maintains a strong capital position and is well placed to fund growth and step up capital returns,» the bank said.

    Reflecting the current improved economic outlook and operating environment in many of our markets, we now expect to move to within our target dividend payout ratio range of 40% to 55% of reported earnings per ordinary share in 2021.

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  • HSBC Names Desk Head for International Clients

    HSBC Names Desk Head for International Clients

    HSBC Global Private Banking (GPB) has recently announced the appointment of Kapil Khanna as the new desk head for Australia, Japan, and International, effective July 14. Working from the financial hub of Singapore, Khanna will report to Abhishek Mehrotra, who currently serves as the Market Head for Southeast Asia International.

    Impressive Career Record

    Khanna brings with him a wealth of experience in managing relationships with ultra-high net worth clients. His journey began in the Australian wealth management market, where he honed his skills before expanding his horizons to include institutional client coverage across Asia-Pacific and Europe, Middle East, and Africa (EMEA).

    Over the years, Khanna has held a variety of leadership roles at a renowned British private bank. His most recent position was Head of International Investment Counseling, where he had the opportunity to influence the bank’s strategic direction and growth.

    Expert Leadership

    Tommy Leung, Head of GPB South Asia, expressed his enthusiasm for the new appointment. He spoke highly of Khanna’s vast experience in both institutional and private banking, emphasizing his in-depth understanding of the Australian market.

    Leung is confident that Khanna is the perfect candidate to lead the company’s efforts to deepen client relationships and strengthen their presence in these developed economies.

    Driving Growth and Success

    Leung further added that Khanna’s strong leadership is expected to bolster HSBC GPB’s position as a leading global private bank. This strategic appointment aims to support the wealth needs of clients, especially founders and family businesses, who are creating and preserving wealth across generations.

    Questions & Answers

    What is Kapil Khanna’s new role at HSBC GPB?
    Kapil Khanna has been appointed as the Desk Head for Australia, Japan & International.

    What experience does Khanna bring to his new role?
    Khanna brings substantial experience in managing relationships with ultra-high net worth clients from both institutional and private banking sectors. He also has extensive knowledge of the Australian market.

    Who will Khanna be reporting to in his new role?
    Khanna will be reporting to Abhishek Mehrotra, the Market Head for Southeast Asia International.

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  • HSBC Executive Takes Exciting New Role on SIX Executive Board

    HSBC Executive Takes Exciting New Role on SIX Executive Board

    The Swiss financial market infrastructure operator, SIX, is moving swiftly to bolster its executive team after a series of notable departures. Recently, the company unveiled new leadership appointments, signaling a decisive strategy under the direction of CEO Bjørn Sibbern, who has been steering SIX since November 2024.

    Leadership Transition at SIX

    SIX announced that Tomas Kindler has been appointed as the permanent Head of Exchanges and a Member of the Executive Board, effective June 1. Kindler stepped confidently into this role after serving in an interim capacity since January 1, 2025, following Sibbern’s ascendancy to Group CEO. A familiar face at SIX since 2011, Kindler brings a wealth of experience, having previously managed operations and change management at the exchanges.

    A New Face from Spain

    In an interesting twist, Rafael Moral Santiago will also join the executive team as the new Head of Securities Services and Member of the Executive Board, effective June 1. He succeeds José Manuel Ortiz, who temporarily led the unit but will now return to his role overseeing Clearing and Repo Operations. Santiago’s appointment keeps the “Spanish connection” in play following Ortiz’s earlier leadership transition from Javier Hernani, the former CEO of the Spanish stock exchange BME, which SIX acquired.

    A Wealth of Experience

    Before joining SIX, Santiago served as the Global Head of Country Management Securities Services at HSBC in Hong Kong, where he managed the bank’s regional strategy and securities services across markets. His background also includes significant leadership roles at HSBC in both Hong Kong and London, complemented by a decade at Deutsche Bank.

    Legal Expertise Added

    Also noteworthy is the elevation of Fabienne-Anne Rehulka to a full member of the Executive Board as of April 1, 2025. Having served as SIX’s General Counsel since June 2024, Rehulka brings over 20 years of experience in legal and regulatory affairs, further solidifying the leadership team’s expertise.

    A Strong and Balanced Team

    Commenting on these appointments, CEO Bjørn Sibbern expressed confidence in the new lineup, stating, “With today’s appointments, we now have a strong and balanced executive board to drive SIX forward.” With these fresh faces, SIX is not only enhancing its leadership depth but also ensuring there are no significant vacancies at the top, poised to navigate the complexities of the financial landscape.

    As SIX charges ahead, one has to wonder if their new team will spark a renaissance in the Swiss market. With a mix of internal and external talents, the future looks intriguing!

    Questions & Answers

    Who has been appointed as the Head of Exchanges at SIX?
    Tomas Kindler will take on the role as Head of Exchanges and a member of the Executive Board, effective June 1.

    What previous roles did Santiago hold before joining SIX?
    Rafael Moral Santiago was the Global Head of Country Management Securities Services at HSBC in Hong Kong, in addition to various leadership positions at HSBC and Deutsche Bank.

    What experience does Fabienne-Anne Rehulka bring to the Executive Board?
    Rehulka brings over 20 years of legal and regulatory expertise to the Executive Board, having served as General Counsel of SIX since June 2024.

  • Revolut Drives Retail Growth Amid Rising Consumer Demand

    Revolut Drives Retail Growth Amid Rising Consumer Demand

    Neobank Revolut is on the rise, showcasing impressive advances in customer acquisition and transaction volume while expanding its presence in Switzerland.

    British fintech giant Revolut continues its upward trajectory, demonstrating strong performance with a 72% revenue increase, now totaling £3.1 billion (approximately 3.41 billion francs), as stated in their latest annual report published Thursday. This impressive growth reflects their ability to scale effectively across nearly 30 countries, attracting a burgeoning global customer base.

    Soaring Profits and Customer Base

    In 2024, Revolut’s pre-tax profit soared by 149% to £1.09 billion, while net profit surged by 130% to £790 million. As of year-end, Revolut boasted 52.5 million customers worldwide—a 38% increase—outpacing established banking institutions. For context, HSBC, the UK’s largest bank, currently serves 41 million customers.

    The innovative neobank processed an astonishing £1 trillion in total transaction volume, with a peak of 940 million transactions occurring in December alone.

    Expanding Service Offerings

    CEO and co-founder Nik Storonsky emphasized the company’s multifaceted growth, stating, “We not only accelerated our customer growth and added almost 15 million new users globally, but also achieved deeper customer engagement through a wider range of our services in both retail and Revolut Business.” This expansion strategy aligns with their ambitious aim of reaching 100 million active customers in 100 countries.

    Strategic Expansion Plans

    Revolut is set to launch its banking services in Mexico and has recently secured a license for prepaid payment instruments (PPI) from the Reserve Bank of India. Additionally, the company has ten more license applications pending, reflecting its aggressive expansion strategy. Growth has been particularly robust in Southern Europe and the Nordic region, with plans to further penetrate the Asia-Pacific and Middle Eastern markets.

    Navigating Rising Costs and Workforce Growth

    As Revolut accelerates its growth, operational costs have risen by 50% to £1.4 billion, largely attributed to a 60% increase in personnel expenses, totaling £794 million. The workforce expanded significantly, reaching 10,133 employees at the end of the year, up from 8,152.

    Focus on Switzerland

    Revolut’s growth in Switzerland has been particularly noteworthy, with a 29% increase in private customers and a 41% rise among business clients. Swiss users recorded nearly 70 million card and ATM transactions—a remarkable 30% growth from the previous year—while domestic transactions rose by 29%. The company has also launched services in Switzerland, facilitating QR code payments through a “virtual” Swiss IBAN.

    In the UK, Revolut operates with a restricted banking license and utilizes a full license in Lithuania for its EU operations. This strategic positioning enables the fintech leader to leverage its offerings in various markets.

    The ongoing success of Revolut not only enhances its standing in the fintech landscape but also signifies broader trends in consumer behavior and technological advancement. As digital banking evolves, consumers can anticipate more innovative solutions and increased competition among financial service providers, ultimately reshaping the retail sector.

  • HSBC Scores Above other Banks

    HSBC Scores Above other Banks

    The British-Asian bank HSBC, which is also active in Switzerland, delivered a good operating result in the first quarter. Investment banking, asset management and International Wealth and Premier Banking performed particularly well. However, net profit was lower following the Group’s reorganization.

    In the first quarter of 2025, HSBC increased pre-tax profit adjusted for one-off effects such as divestments and currency effects by 11 percent to 9.8 billion dollars. Adjusted revenues increased by seven percent to 17.7 billion dollars, as was reported in a press release on Tuesday.

    The bank points to growth in the wealth management business in the IWPB and Hong Kong business segments. This was supported by higher client activity in the foreign exchange, bond and equity market business due to high market volatility.

    On balance, however, the London-based bank earned less. Following extraordinary income of 3.7 billion dollars from divestments in Canada and Argentina last year, net profit fell by 3.2 billion or 32 percent to 6.93 billion dollars.

    New Share Buyback Program

    The announcement of a new share buyback program with a volume of USD 3 billion should please shareholders. A 2 billion program was completed last year.

    Our strong results this quarter demonstrate the momentum of our earnings, the discipline in executing our strategy and the confidence in our ability to achieve our goals, sayd CEO Georges Elhedery.

    Elhedery took over the management of the bank last September and undertook a far-reaching restructuring. HSBC has merged its commercial and investment banking activities and intends to concentrate on its strengths such as the private client business in the UK and Hong Kong. This also includes cost savings of 1.8 billion dollars over the next two years.

    HSBC generates the majority of its income in Asia and, as one of the world’s largest commercial banks, would be exposed to major risks in the event of a trade dispute between the USA and China. The management asserts that a conservative approach to credit risk means it is well-positioned to overcome the challenges ahead. In a scenario with significantly higher tariffs, the bank expects a direct impact on earnings in the low single-digit percentage range and credit losses of around 500 million dollars.

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  • HSBC to Launch Tokenized Gold

    HSBC to Launch Tokenized Gold

    London-headquartered HSBC is actively exploring various opportunities to convert real-world assets into digital form. One such area is tokenized gold, which it will introduce tomorrow to its retail segment.

    HSBC will launch tokenized gold to its retail clients tomorrow, said Hong Kong chief digital officer Bojan Obradović during a panel at the Milken Institute Global Investor’s Symposium. This will mark the first form of tokenized real-world asset that HSBC is introducing to the segment.

    Within this area, Obradović noted that the British lender was also exploring tokenization of other assets like funds or bonds. In addition, it is investing in distributed ledger technology (DLT) and developing capabilities in digital money such as central bank digital currencies, tokenized deposits and stablecoins.

    According to Obradović, the genesis of DLT or blockchain technologies was the creation of bitcoin. He named three critical effects as a result including the formation of alternative money; the development of a digital asset that is unique and cannot be copied; and exposure to the power of blockchain networks that can store and transfer assets instantly with no underlying company behind.

    Bitcoin is considered one of the most prominent computer science innovations of recent times, he commented on a panel at the event hosted by US think tank Milken Institute. «When we think about DLT or blockchain, we think that it has a strong potential to be a mainstream component of future financial markets.

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  • HSBC Private Bank Hauls in Staff from Competitors

    HSBC Private Bank Hauls in Staff from Competitors

    HSBC’s Swiss private banking unit is hiring a whole range of new staff from major banks and Geneva-based competitors like Lombard Odier.

    HSBC Private Bank (Switzerland) has been busy recruiting and strengthening its offshore business from Switzerland in the first half of the year, according to a statement on Thursday.

    Juan Antonio Roche is appointed the new head of sales, and Esty Dwek joins as a new investment advisory officer. Roche previously worked at UBS and Santander, while Dwek held senior positions at Geneva-based Flow Bank and Natixis Investment Managers.

    Based in Switzerland, they are part of a newly formed team to drive growth in the Europe, Middle East, and Africa (Emea) region.

    HSBC Private Bank expanded its local offshore banking for clients in Asia with new additions including Neil De Sousa, who is promoted to head of the Emea desk for Asia after seven years at the bank. Klara Chan, who had previously worked at Credit Suisse and JP Morgan is appointed senior relationship manager for Asia.

    The HSBC subsidiary was able to recruit Martin Hediger as senior advisor for clients in Switzerland’s domestic market from UBS. The local desk for super-rich Saudis comes under the leadership of Mario Luis Penabad, formerly of Geneva-based private bank Lombard Odier and UBS. Mathieu Brizon joins from Lombard Odier as a senior client advisor.

    Marco Ardigo, formerly with Credit Suisse, takes on the newly created position of heading the business with Italian billionaires. Ten-year HSBC veteran Carl Forsgren becomes responsible for the UHNWI clientele in Northern Europe and international markets.

    The expansion is taking place under the aegis of Gabriel Castello, head of the Swiss private bank since last year, and Emea regional head in the bank’s Global Private Banking division. According to Castello, the recruiting drive underscores the bank’s growth intentions in Switzerland and Emea focusing on super-rich clients and entrepreneurial families.

    The Swiss private bank reported strong asset inflows in the first quarter of the year. In Europe HSBC said it had $153 billion in funds under management from private individuals at the end of last year, making Switzerland stand out as its most important booking center.

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  • Kuehne + Nagel and HSBC Filling Void Left by Credit Suisse

    Kuehne + Nagel and HSBC Filling Void Left by Credit Suisse

    Next week, Credit Suisse shares will be delisted, bringing a 167-year history to an end. Two firms are lined up to fill the void.

    On June 12, Credit Suisse shares are to be delisted from the Swiss stock exchange. The following day its shares will drop out of the Swiss blue-chip SMI, to be replaced by freight forwarder Kuehne + Nagel, according to the stock exchange operator SIX.

    Semiconductor supplier Meyer Burger moves up in the SMIM index of mid-sized companies, while chocolate producer Lindt & Spruengli moves up in the Swiss Leader Index SLI.

    In Asia, HSBC is replacing Credit Suisse at one of the major financial events in In Hong Kong, where the Swiss bank held the annual Asia Investment Conference, of which the 26th and final one was held in March.

    HSBC is planning to hold a conference in Hong Kong from April 8 to 10 and expects more than 2,000 visitors. The event will be held at the Conrad Hotel, the same venue where Credit Suisse held its Asia conference for years.

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