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Tag: HSBC

  • HSBC Names Malaysia Head of Wealth and Personal Banking

    HSBC Names Malaysia Head of Wealth and Personal Banking

    HSBC has appointed a successor for the role of wealth and personal banking head in Malaysia after it was left vacant for three months.

    HSBC named Renee Bullock-Cann as head of wealth and personal banking (WPB) in Malaysia, according to a statement, succeeding Tara Latini who was named head of WPB in the U.S. in April.

    Bullock-Cann reports to HSBC Malaysia chief executive Stuart Milne and APAC regional head of wealth and personal banking Greg Hinston.

    Bullock-Cann was most recently the head of distribution for WPB in Malaysia after relocating to the country in 2019. Previously, she was head of WPB for HSBC Bermuda.

    According to HSBC, Malaysia is a priority market for the bank which has made various investments including $18 million from 2018 to 2020 to improve branches and client experience; $40 million from 2021 to 2023 to add tech capabilities to branches; the creation of 200 new roles; and the roll-out of various digital services.

    Our ambition is simple: we want to be the bank that Malaysians turn to for their international needs, Milne said.

    We will leverage our unparalleled international network, enhance our range of wealth solutions and focus on building our digital capabilities including our mobile functionality, our in-branch technology, and our people’s digital skills.

  • Huawei CFO’s Lawyers Refute U.S. Claims with HSBC Document

    Huawei CFO’s Lawyers Refute U.S. Claims with HSBC Document

    Huawei chief financial officer Meng Wanzhou’s lawyers claim that HSBC’s internal documents contradict U.S. claims that could result in extradition from Canada.

    HSBC’s own records reflected Huawei’s continued control over dealings with Iran-linked Skycom, Meng Wanzhou’s lawyers told a British Columbia court, including control over its accounts held at the British lender.

    According to Meng’s lawyer Mark Sandler, HSBC had conducted risk assessments with full knowledge of Huawei’s relationship with Skycom, adding that the latter’s financial statements were even included in a report on the Huawei account to the bank’s head office.

    We’re now in a different universe, Sandler said at the hearing yesterday. There is no plausible case for committal.

    Meng is approaching the final round of extradition hearings scheduled for August.

    If admitted by the court, the HSBC documents which were obtained in a deal overseen by a Hong Kong court in April will be usable for the hearing.

    Acting on behalf of the U.S. in the case, lawyers for the Attorney General of Canada have yet to respond to the submissions.

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  • China Bond Bankers Flee HSBC

    China Bond Bankers Flee HSBC

    HSBC has reportedly lost four bankers in its debt capital markets team covering Chinese state-owned enterprises as the business faces pressure from the Huawei incident and stressed relations with the U.K.

    Managing directors John Hai and Jiang Song have left HSBC in recent weeks, according to a report citing unnamed sources, with plans to join competing firms after more than a decade with the British lender.

    Hai and Jiang led client coverage of Chinese investment-grade issuers including state-owned enterprises (SOE).

    Two other bankers on HSBC’s China investment grade team have also left.

    The Chinese investment-grade bond team has 12 employees and the overall debt capital market (DCM) unit has about 20.

    According to the sources, HSBC has been missing out on dollar bond deals from Chinese SOE clients following the U.S. probe of Huawei’s chief financial officer Meng Wanzhou.

    Dealmaking was also affected by U.K.-China tensions over political freedoms in Hong Kong.

    Despite the headwinds, HSBC continues to concentrate resources in Asia with reduction or exits from unprofitable operations in the U.S. and Europe.

    In addition to the transferal of three of HSBC’s most senior executives from London to Hong Kong, the bank has also made managing director-leveled hires in global co-head of capital financing Matthew Ginsburg and head of consumer and retail Heidi Chan.

    We continue to invest in our mainland China business – both onshore and offshore – and have seen recent strong momentum for our China DCM business, particularly in [the] public sector, FIG and high yield, said an HSBC spokesperson. As the leading foreign bank in mainland China, we are proud of our track record, and confident and optimistic about our ability to serve the financial and banking needs of our Chinese clients.

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  • HSBC Agrees to French Retail Bank Sale

    HSBC Agrees to French Retail Bank Sale

    HSBC has agreed to sell its French retail bank to Cerberus-backed My Money Group, furthering the British lender’s non-Asia retreat.

    HSBC has agreed to sell its French retail bank to the Paris-based banking group in a deal that includes 244 branches, 3,900 staff alongside 21.5 billion euros ($25.5 billion) in customer loans and 18.9 billion euros in deposits, according to a statement.

    If agreed by employees of both firms, as per French law, the deal could be signed off by the second half of this year and completed by 2023.

    According to HSBC, the sale prices will be a nominal 1 euro which will result in a loss of around $2.3 billion. At the time of deal completion, the bank expects net asset value to total $2 billion and it agrees to make up any shortfall should that valuation decline.

    The signing of an [memorandum of understanding] for the potential sale of our French retail banking business represents a significant step in progressing the actions we announced during our strategic update earlier this year, said HSBC group chief executive Noel Quinn.

    It will enable us to dramatically simplify our business in Continental Europe and allow us to accelerate the transformation of our European wholesale banking franchise.

    According to My Money CEO Eric Shehadeh, the firm aims for the newly acquired bank to return to profitability three years after taking control with commitments not to cut jobs until 2024 or 2025.

    The acquisition, if successful, will further add to U.S. private equity firm Cerberus’ portfolio of European banking stakes which includes ownership at Deutsche Bank and Commerzbank.

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  • HSBC AM Establishes Alternatives Unit

    HSBC AM Establishes Alternatives Unit

    The combined unit will have a 150-strong team and combined assets under management and advice of $53 billion.

    HSBC Asset Management has announced that it is bringing its alternatives capabilities under a single business unit, HSBC Alternatives, which will comprise of HSBC Alternatives Investments (HAIL), which includes the multi-manager hedge fund and private market teams, as well as the firm’s private debt, venture capital, and direct real estate teams.

    With its alternative assets doubling over the past four years, the move is the firm’s the next step in its strategy to reposition the business as a core solutions provider and specialist Asia, emerging markets, and alternatives asset manager, HSBC said in an announcement on Wednesday.

    HSBC has enlisted current global chief investment officer Joanna Munro to lead the combined unit. She will continue to be based in London, reporting directly to Nicolas Moreau as a member of the management committee. Munro joined HSBC in 2005, and held roles including CEO multi-manager and CEO Asia Pacific before becoming CIO in 2019.

    She has been tasked with enhancing and expanding the range of alternative investments available to the firm’s wealth and institutional clients, across indirect and direct alternatives including hedge funds, private markets, and real estate, and will look to grow the firm’s capabilities in Asia, the announcement said.

    Xavier Baraton, currently global CIO for fixed income, private debt, and alternatives, will succeed Munro as global CIO. Reporting to Nicolas Moreau, he will join the management committee and continue to be based in Paris.

    Baraton brings almost 20 years’ experience in investment management. He joined HSBC Asset Management as global head of credit research in 2002 and has been CIO for fixed income since 2010.

  • HSBC Private Banking Launches Online Trading in Asia

    HSBC Private Banking Launches Online Trading in Asia

    HSBC has opened access to online trading for private banking clients in Asia as part of $100 million of investment in its core banking and digital platforms in the coming two years.

    HSBC Private Banking has launched its online trading platform in Asia, according to a statement, opening access to 10 financial markets including Hong Kong, mainland China, Singapore, Japan, the Philippines, Australia, U.K., U.S., Germany, and France.

    Technology is redefining wealth management, giving greater access, flexibility, and control over the management of investments globally,» said APAC regional head of HSBC Private Banking Siew Meng Tan.

    The current offering will include cash equities and exchange-traded funds before expanding to listed warrants and callable bull bear contracts (CBBC), FX spot and forwards, structured notes, non-complex funds, dual currency instruments, and fixed income by 2022.

    Clients can buy and sell securities during market hours with a maximum trade of $2 million per transaction and $10 million per day.

    A dedicated support team will provide coverage of 20 hours per day across each market’s opening hours.

    According to Tan, the private bank will look to invest $100 million over the next two years to build and innovate its core banking and digital platforms.

    Earlier this year, HSBC announced that it planned to invest over $3.5 billion in the next five years in its wealth and personal banking unit which includes private banking.

    HSBC Private Banking has already made various upgrades over the last two years including a new internet banking application; integrated and direct client communications; an investment and research platform with personalized alerts; and instant messaging.

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  • HSBC Singapore Strengthens Board

    HSBC Singapore Strengthens Board

    HSBC Singapore has named a new executive director to its board, while Winston Ngan, who retired as a partner of EY Singapore, joins as an independent non-executive director.

    Wong Kee Joo, who was appointed as Singapore CEO on 1 June 2021, brings more than 26 years of banking experience across markets like the U.K., Thailand, Hong Kong and China. He was previously HSBC’s regional head of global payments and cash management (GLCM) for the Asia Pacific region since January 2015.

    Ngan brings 26 years of professional services experience, including stints with Ernst & Young (EY) in Singapore and Canada. Before retiring, he led EY’s Financial Services Assurance practice, overseeing 1,300 audit professionals across Asean, including Singapore.

    HSBC reiterated its commitment to Singapore as a strategic priority market and said it aims to double the total wealth balances of its Wealth and Personal Banking business in the next five years.

    Among the bank’s priorities are growing frontline wealth teams to support high net worth (HNW) and ultra-high net worth (UHNW) customer segments; accelerating growth in offshore customer segments, in particular overseas Chinese and Indians, and UHNW market share; and ramping up digital banking capabilities and expanding its product and solution suite, including adding more ESG-themed investments.

    As we head into our next phase of growth, Kee Joo’s extensive regional experience in wholesale banking will further strengthen our ability to tap HSBC corporate clients’ personal banking and wealth needs for growth, while Winston’s deep knowledge of Singapore’s banking regulatory requirements will ensure that we have a robust audit framework and the necessary internal controls in place, Mukhtar Hussain, HSBC Singapore chairman, said in the announcement.

  • HSBC Splits Top APAC Role

    HSBC Splits Top APAC Role

    The bank’s headquarters in Central will be open to all employees from Monday, as the fourth wave of Covid-19 infections ease in the territory.

    Staff will be able to return to their desks subject to seating capacity plans in individual departments, citing an internal memo seen by the newspaper.

    Businesses and functions are encouraged to determine appropriate in-office and remote working ratios for their teams based on new ways of working,» the memo said. Staff who choose to work from home for personal or family reasons will be allowed to do so.

    The bank’s headquarters have been closed since March, after several staff working there tested positive for Covid-19.

    The British lender has embraced flexible working, and recently changed its human resources guidelines to allow home-based remote working for as many as four days a week.

    In Singapore, where the bank employs some 3,300 staff, its Future of Work plans are underpinned by ensuring customer focus; flexibility for how, when, and where employees work; and ensuring that its offices are designed and used to build collaboration and networks.

    Statements issued by multiple global banks in Hong Kong have indicated gradual resumption towards normal operations after months of tightened social distancing measures.

    HSBC is among financial sector firms that have joined the city’s push for wider adoption of vaccination. The bank is offering Hong Kong-based employees one day off per dose of vaccine received – a benefit entitled to even previously vaccinated staff.

    In May, Hong Kong authorities said senior executives of financial firms in the city apply for exemptions from the compulsory quarantine arrangements when they return or travel to Hong Kong.

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  • HSBC Names Top Investment Banker in Hong Kong

    HSBC Names Top Investment Banker in Hong Kong

    The bank has landed a permanent replacement for Peter Enns, its former co-head of advisory and investment banking and advisory.

    HSBC is hiring veteran banker Matthew Ginsburg as global co-head of its advisory and investment banking business, based in Hong Kong, according to a report on Friday, citing people familiar with the matter

    Ginsburg, who was most recently Asia Pacific chairman for Fitch Ratings, is no stranger to the region, having been based in Hong Kong since 1992. He spent stints at Morgan Stanley and Barclays, where he led the British lender’s investment banking expansion across the region.

    Ginsburg will work closely with co-head Adam Bagshaw in the role. Enns relocated with HSBC to Hong Kong in 2020, but left soon after for Chubb, where he is chief financial officer.

  • HSBC to Fund New Climate Solutions

    HSBC to Fund New Climate Solutions

    The bank is collaborating with the World Resources Institute (WRI) and WWF to unlock access to finance to help new climate-based projects create real-world impact. HSBC said it would put in $100 million of funding – half of which will be deployed in Asia – over the next five years to build towards a net-zero economy, according to a statement on Thursday.

    Keeping global temperature rises within safe limits requires new thinking and new technology. Asia is particularly vulnerable to climate change, but it is also where solutions are emerging fast, Peter Wong, HSBC deputy chairman and CEO said in the statement.

    The partnership covers 14 markets in Asia Pacific, including Australia, India, Indonesia, Hong Kong, Japan, mainland China, South Korea and Vietnam, across three funding streams: energy transition, nature-based solutions, and business innovation.

    The bank cited several projects as examples: improving industry access to renewables and green technologies in China, working with partners in Thailand to restore parts of Chiangmai’s degraded forests and advance sustainable agriculture, and supporting Hong Kong start-ups focused on climate innovations.

    Ignoring the human impact on climate will delay reducing inequality and achieving sustainable long-term growth in the region, the bank said.

    The Climate Solutions Partnership is part of the bank’s previously announced ambitious plans to combat climate change, under which it is setting aside $1 trillion in green financing to support customers in the transition to net-zero.

    Climate activists have criticized the bank for its support for the fossil fuel industry, alleging that it has invested some $80 billion in fossil fuels since the Paris Agreement in 2015.

    In March, the bank committed to phasing out support for the coal industry by 2030 in the developed world and by 2040 in the developing world, following pressure from activist investors.

  • HSBC Rolls Out Digital Wallet for SMEs in Singapore

    HSBC Rolls Out Digital Wallet for SMEs in Singapore

    The bank has launched a digital wallet for businesses in Singapore, which enables them to send, receive and hold cash in multiple currencies.

    HSBC’s Digital Wallet, which aims to significantly reduce the time it takes for SMEs to make business payments, is also being launched in the U.K. and the U.S., with a pipeline of further markets as well as new currencies and enhancements, the bank said in an announcement.

    The multi-currency wallet is integrated into its business banking platform HSBCnet, and removes the need for businesses to use third-party providers for international transactions, HSBC said. For example, businesses in Singapore can pay their Malaysia counterparts directly in ringgit.

    Li Lian Ng, HSBC’s head of business banking, Singapore, said the bank is committed to scaling up its SME banking capabilities in Singapore. The bank previously announced its strategy to scale-up its SME business and increase its share in the market to 15 percent by 2021.

    Since then, it has launched a number of products and initiatives for SMEs, including the online banking platform HSBCnet, Green Loans, the «Pioneer» programme for fast growing businesses, international business banking, and a not-for-profit proposition.

    HSBC said that Singapore’s SMEs are doubling down on their international connectivity and prioritizing resilience in their supply chains, with 87 percent planning to expand their international business, citing a survey conducted among local businesses with annual revenue between S$5 million and S$100 million.

    Drawing on HSBC’s deep digital expertise and wide global network, we are helping SMEs to build resilience and trust within their global supply chains whilst making everyday banking easier, Ng said.

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  • Digital Dominates Wealth Sales for HSBC

    Digital Dominates Wealth Sales for HSBC

    Digital channels dominated HSBC’s retail wealth management business in Asia, making up a dominant majority of sales in the unit.

    Nearly 80 percent of HSBC’s retail wealth sales were conducted through its digital channels, according to a statement from the bank.

    The strong adoption is driven by a multi-billion dollar push to expand HSBC’s wealth management ambitions in the region.

    Our $3.5 billion investments are underway, enabling us to deliver a robust start in Asia this year across the full spectrum of our wealth clients, said Asia head of wealth and personal banking Greg Hingston.

    The bank also posted strong regional inflows with $6.6 billion of net new money for the private banking arm and $3.3 billion for the asset management arm – a whopping 89 percent and over 400 percent increase.

    In the quarter, the two units made up 50 percent and 29 percent of the global private banking and asset management businesses, respectively.

    The bank will also maintain its hiring plans to add more than 5,000 client-facing wealth roles over the next five years, including relationship managers.

    According to the statement, it is on track to hiring 1,000 of those roles in 2021.

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  • Digital Dominates Wealth Sales for HSBC

    Digital Dominates Wealth Sales for HSBC

    Digital channels dominated HSBC’s retail wealth management business in Asia, making up a dominant majority of sales in the unit.

    Nearly 80 percent of HSBC’s retail wealth sales were conducted through its digital channels, according to a statement from the bank.

    The strong adoption is driven by a multi-billion dollar push to expand HSBC’s wealth management ambitions in the region.

    Our $3.5 billion investments are underway, enabling us to deliver a robust start in Asia this year across the full spectrum of our wealth clients, said Asia head of wealth and personal banking Greg Hingston.

    The bank also posted strong regional inflows with $6.6 billion of net new money for the private banking arm and $3.3 billion for the asset management arm – a whopping 89 percent and over 400 percent increase.

    In the quarter, the two units made up 50 percent and 29 percent of the global private banking and asset management businesses, respectively.

    The bank will also maintain its hiring plans to add more than 5,000 client-facing wealth roles over the next five years, including relationship managers.

    According to the statement, it is on track to hiring 1,000 of those roles in 2021.

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  • Vietnam stock market daily trading value closes in on Singapore

    Vietnam stock market daily trading value closes in on Singapore

    The average daily securities trading value surged 5.6 times year-on-year in April to $725 million, nearly equivalent to that of Singapore, according to HSBC.

    The lender said in a recent report that the figure, which far exceeds those of Malaysia and Indonesia, was due to the increase in new investors and recovery of the economy.

    In March, the number of new trading accounts hit a record 113,900, taking the total to over 3.02 million.

    The economic recovery is underpinned by strong FDI flows, improvements in the manufacturing segment, and increased consumption, the report said.

    The benchmark VN-Index has risen 12.9 percent in the year-to-date compared to 4.2 percent for Asia ex-Japan.

    The index has repeatedly scaled new peaks this year after surpassing the psychological barrier of 1,204 points first reached in 2018.

    HSBC expected the market to continue to rise in the absence of alternative asset classes and bank deposit rates in decline.

    Though foreign investors have been pulling out of the stock market, HSBC said they would not be able to ignore Vietnam for much longer since it has proved to be one of the most resilient growth economies and 24 out of the 30 blue chips have still not reached the foreign cap.

    Besides, despite rising to record levels, the VN-Index remains 5 percent lower than its five-year average level with a price-to-earnings ratio of 15.1.

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  • HSBC AM Names Asia Head of Credit Research

    HSBC AM Names Asia Head of Credit Research

    HSBC’s asset management arm appoints a new head of credit research in Asia amid an ongoing expansion across its product range and distribution capabilities in the region.

    HSBC Asset Management appoints Seok Poh Yeoh as head of credit research for Asia, according to a statement, effective immediately.

    In her Hong Kong-based role, Yeoh reports locally to head of Asian fixed income Elizabeth Allen as well as Paris-based global head of credit research Tina Radovic.

    Yeoh has 16 years of industry experience and was most recently a financial and corporate credit research analyst at Credit Suisse. She rejoins HSBC Asset Management after first joining in 2012 as a financial analyst.

    The latest hire follows announced ambitions by HSBC Asset Management to enhance its platform in mainland China, India, and Southeast Asia, most notably for the high net worth product range across alternatives, sustainability, and thematic equities.

    According to the bank, HSBC Asset Management has Asian fixed income assets under management totaling nearly $73 billion as of March 31 this year.

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