Retail News CRM

Tag: HSBC

  • HSBC Names Head of Qatar Private Banking

    HSBC Names Head of Qatar Private Banking

    The bank has named a long-standing stalwart to enhance HSBC’s client proposition in Qatar.

    HSBC has named Ibrahim Al Abed as its head of private banking in Qatar, according to an announcement on Wednesday.

    Based in Qatar, Al Abed reports to Sobhi Tabbara, global market head, Middle East and North Africa, Private Banking, and Abdul Hakeem Mostafawi, CEO of HSBC Qatar.

    Al Abed joined the HSBC’s Qatar office in 1999 and has worked across Digital Business Services and Global Operations before moving to Wealth & Personal Banking, after which he joined Markets & Securities Services in 2004 to become the head of corporate sales.

    In the announcement, Tabbara said Qatar is a «very important market for Private Banking in MENAT.»

    HSBC’s history spans 67 years in the Gulf nation, where it offers a full suite of banking products and services, including wealth management and personal banking, commercial banking, global banking and markets, and security services.

    Lees ook:

  • StanChart Nabs HSBC Private Banker

    StanChart Nabs HSBC Private Banker

    Standard Chartered Private Bank has expanded its Southeast Asia unit with the addition of a relationship manager from rival HSBC.

    Nipud Sud joins Standard Chartered Private Bank as an executive director and relationship manager, according to a note, effective August 2.

    Based in Singapore, Sud reports to senior client partner Suresh Nair who joined the bank in January this year and reports to private banking team lead of Singapore and Malaysia Adeline Chow.

    Sud has 18 years of banking experience, including ten in private banking with Citi, J.P. Morgan and, most recently, HSBC covering ASEAN and Hong Kong clients.

    Lees ook:

    Lees ook:

  • HSBC sees challenges to Vietnam economy in H2

    HSBC sees challenges to Vietnam economy in H2

    HSBC expects Vietnam’s economy to face challenges related to foreign exchange and interest rates in the second half of this year.

    Ngo Dang Khoa, head of global markets at HSBC Vietnam, said recent outbreaks of Covid-19 have sparked worries about production being interrupted for a long time, which would affect the country’s recovery.

    “With many industrial parks being closed down and social distancing prolonging, growth momentum in the third quarter, in particular, will surely face many challenges.”

    Social distancing to prevent the disease from spreading has affected consumer outlook and the recovery of services and tourism, while the new coronavirus mutants and slow vaccination would delay the reopening of borders to foreign investors and tourists, he said.

    “It is necessary to adopt timely fiscal and monetary policies to safeguard the economy.”

    It would be difficult to maintain a stable dong-U.S. dollar exchange rate in the second half unlike in the first mainly because of Vietnam’s trade deficit, inflation worries and the possible rise in U.S. interest rates, he said.

    He predicted the exchange rate to be VND23,100 to the dollar by year-end.

    Asian countries including Vietnam have yet to see inflationary pressure, but if prices continue to increase, it might have to increase interest rates, he said. Vietnam should not increase interest rates too early or too quickly since its economy has been severely affected by the pandemic, he said.

    HSBC recently revised upward its forecast for Vietnam’s economic growth next year to 6.8 percent from the earlier 6.5 percent but lowered it to 6.1 percent from 6.6 percent for this year.

    Lees ook:

  • HSBC Snags UBS Investment Management Specialist

    HSBC Snags UBS Investment Management Specialist

    He will lead HSBC’s investments and wealth solutions team in Asia, which covers global private banking and wealth and personal banking.

    HSBC has appointed Stefan Lecher as regional head of investments and wealth solutions (IWS), Asia Pacific, with effect from 3 October 2021, according to an announcement on Thursday. He will be based in Hong Kong, reporting to Lavanya Chari, global head IWS.

    Lecher joins from UBS, where he has held a number of senior roles in global wealth management and asset management over the past 17 years, most recently as APAC head CIO for global investment management.

    HSBC said the appointment is key to its Asia wealth strategy, which targets becoming a leading wealth manager in the next five years, with $3.5 billion in investment.

  • HSBC Names Regional Fund Selection Head

    HSBC Names Regional Fund Selection Head

    She will succeed Virginia Devereux Wong, regional head of funds and ETFs, who will be leaving HSBC Private Banking at the end of June.

    Lina Lim, regional head of discretionary, Asia, will take on the expanded role of regional head of discretionary and funds, citing a HSBC spokesperson.

    In her new role, which combines Wong’s responsibilities, Lim will oversee discretionary, funds and ETFs in Asia. She will lead the team to introduce products by leveraging HSBC’s product manufacturing capabilities, HSBC said.

    Lim joined HSBC Private Bank’s Investment Services and Product Solutions (ISPS) team in Asia Pacific in 2019 as regional head of discretionary, Asia, following over 13 years at J.P. Morgan in various roles, including head of its Institutional Wealth Management discretionary business in Asia for family offices.

    Lees ook:

    Lees ook:

    Lees ook:

  • 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.

    Lees ook:

    Lees ook:

  • 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.

    Lees ook:

    Lees ook:

  • 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.

    Lees ook:

    Lees ook:

  • 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.

    Lees ook:

  • 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.

    Lees ook:

  • 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.