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Tag: HSBC

  • HSBC Launches Fund Administration Services in Thailand

    HSBC Launches Fund Administration Services in Thailand

    This move is in line with the change in the securities services landscape in Thailand, which has relaxed outsourcing rules to boost the efficiency of local fund managers’ operations.

    By outsourcing their back-office operations to HSBC, asset owners and managers will be able to focus on their core offerings, the bank said in an announcement on Tuesday.

    The service will be available on HSBC’s Multifonds fund administration platform. HSBC clients already have access to custody and fund supervisory services offered by the bank.

    “Our clients have expressed a keen desire to improve efficiency and reduce cost, reduce operational risk, adapt to their investors’ need and manage regulatory changes effectively, Utumporn Viranuvatti, HSBC head of securities services, Thailand, said in the announcement.

    The bank said it has many other offerings planned as a part of HSBC Securities Services’ Asia-first strategy to accelerate growth in the region by ramping up its investment in additional solutions and capabilities.

    HSBC has been expanding its offerings in Thailand as part of its bid to strengthen its Asean coverage. HSBC Private Bank launched its onshore business in the kingdom in February 2021, the bank’s second onshore business in the region after Singapore.

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  • HSBC Launches Fund Administration Services in Thailand

    HSBC Launches Fund Administration Services in Thailand

    This move is in line with the change in the securities services landscape in Thailand, which has relaxed outsourcing rules to boost the efficiency of local fund managers’ operations.

    By outsourcing their back-office operations to HSBC, asset owners and managers will be able to focus on their core offerings, the bank said in an announcement on Tuesday.

    The service will be available on HSBC’s Multifonds fund administration platform. HSBC clients already have access to custody and fund supervisory services offered by the bank.

    “Our clients have expressed a keen desire to improve efficiency and reduce cost, reduce operational risk, adapt to their investors’ need and manage regulatory changes effectively, Utumporn Viranuvatti, HCBC head of securities services, Thailand, said in the announcement.

    The bank said it has many other offerings planned a part of HSBC Securities Services’ Asia-first strategy to accelerate growth in the region by ramping up its investment in additional solutions and capabilities.

    HSBC has been expanding its offerings in Thailand as part of its bid to strengthen its Asean coverage. HSBC Private Bank launched its onshore business in the kingdom in February 2021, the bank’s second onshore business in the region after Singapore.

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  • Hong Kong Cross-Border Wealth Scheme Delayed by Pandemic

    Hong Kong Cross-Border Wealth Scheme Delayed by Pandemic

    Banks looking to capitalize on wealth management opportunities from the Greater Bay Area will have to wait until travel bans are lifted, according to the Hong Kong Monetary Authority.

    HKMA chief executive Eddie Yue said that the existing travel bans make it difficult to launch the ‘Wealth Management Connect’ scheme – a cross-border channel that will allow mainland residents of the 11-city cluster to invest in Hong Kong and Macau-based wealth management products.

    Under the current rules, investors seeking such products must physically open an investment account in person for the financial firm to share relevant information and risks.

    The overall scheme allows an individual investor quota of 1 million yuan ($150,000) each and an aggregate quota of 300 billion yuan (US$45 billion) for north and southbound fund movements.

    While it remains to be seen when travel restrictions will be removed – Hong Kong recently recorded another wave of coronavirus cases that led multiple banks to advise employees to work from home – HKMA is actively working with Beijing to simply the process for cross-border account opening.

    According to Yue, a simpler process could be introduced which would require only one-time cross-border travel, compared to the current practice which requires a plethora of documents and often multiple visits.

    Other cross-border initiatives that the HKMA is focused on include the southbound segment of the bond connect scheme which is planned for a launch in the second half of 2020 after the northbound segment was introduced in 2017. Unlike the wealth management connect scheme, cross-border trading does not require physical travel.

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  • Huawei Pushes for HSBC Disclosure in Hong Kong

    Huawei Pushes for HSBC Disclosure in Hong Kong

    After being rejected in the U.K., Huawei lawyers seek to make a similar push to pressure HSBC to unveil documents they claim will disprove accusations of fraud against chief financial officer Meng Wanzhou.

    After a 30-minute hearing at Hong Kong High Court, no ruling was deliberated on whether or not HSBC must provide specific documents related to accusations that Meng misled the British lender about business dealings with Iran during a 2013 meeting.

    If proven true, this could help prevent the Huawei CFO and daughter of founder Ren Zhengfei from being extradited to the U.S. to face trial.

    The information that Meng is seeking will «go to the heart of her ability to demonstrate that there were material omissions and misstatements» made in the attempt to extradite her to the U.S., according to a report citing a Huawei spokesperson, and that she has no other means to obtain them other than through court approval.

    The legal pressure against HSBC to disclose the allegedly revealing documents follow similar attempts made in the U.K. by Huawei lawyers which were rejected by a high court judge.

    Another one-day hearing for the case in Hong Kong is scheduled for April 12.

  • HSBC Scales Up Structured Product Capabilities

    HSBC Scales Up Structured Product Capabilities

    Luxury as an investment theme is poised to benefit from strong economic recovery led by Asian economies in the post-COVID-19 world. Against this background, HSBC has rolled out a new structured product linked to a customized index.

    In an effort to further the bank’s ambition of becoming Asia’s leading wealth management bank, HSBC scales up its structured product capabilities in Hong Kong and Malaysia. In addition to a wide array of products linked to standard and thematic market indices, the bank has rolled out a new structured product linked to a customized index, providing an investment opportunity for wealthy clients to capitalize on the growing luxury consumption in Asia, HSBC announced in a statement on Monday.

    Luxury spending from Asia, and in particular mainland China, already accounts for a significant portion of global luxury consumption. Luxury as an investment theme is poised to benefit from strong economic recovery led by Asian economies in the post-COVID-19 world.

    The growth of the wealth management market is unparalleled in Asia, underpinned by the expansion in high net worth population and the increase in their sophistication. Therefore, we are working closely with our Global Markets colleagues to bring innovative structured products to our customers. This index-linked structured product exemplifies our commitment to meet customers’ diverse wealth management needs aligned to prevalent investment themes, Maggie Ng, Head of Wealth and Personal Banking, Hong Kong, HSBC, said,

    HSBC’s new luxury index provides investors dynamic exposure to a list of global stocks that have high exposures to the luxury sector.

    To accelerate the growth of the wealth business in Asia, Global Markets continues to invest in our product manufacturing capabilities leveraging our market expertise, and deliver bespoke solutions for wealth clients, said Justin Chan, Head of Greater China, Global Markets, Asia-Pacific, HSBC.

    HSBC Global Research estimates that the luxury goods market in mainland China will likely achieve 48 percent growth in 2020, doubling its overall share of the global luxury market in 2020, with further growth expected through to 2025. We are also bullish on the sector due to the likely consolidation seen in the industry and the use of more affordable online sales channels», he added.

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  • HSBC Expands China Private Banking Footprint

    HSBC Expands China Private Banking Footprint

    HSBC continues to voice its ambitions to pivot to Asia with plans to extend its onshore private banking services to ten mainland cities in the coming five years.

    Days after securing $3.5 billion in investments for its wealth unit over the next five years, HSBC reiterated its ambitions in Asia, home to nearly half of the bank’s $1.6 trillion of wealth balance and 65 percent of group revenue.

    Regional head of wealth and personal banking Greg Hingston set out plans for the mainland market during this five-year period including the extension of private banking to ten cities onshore and the doubling of its client base for Jade – a segment targeting clients with a $1-5 million in investable assets (the private bank targets clients with $5 million or more), according to a statement.

    Hinston said the bank also aims to double its Jade client base in Singapore and become a lead foreign bank for non-resident Indians.

    The bank also reiterated its hiring goals with plans to add more than 5,000 client-facing wealth-related roles in the next five years. These roles include relationship managers, investment counselors and specialists to support clients in Hong Kong, Singapore, and mainland China.

    The bank also underlined its intention to improve its distribution in the three markets; digital and platform capabilities in the broader region; and product development, especially for high and ultra-high net worth clients.

    We have a bold but achievable ambition, to be Asia’s leading wealth management provider by 2025, said Nuno Matos, HSBC’s chief executive for wealth and personal banking.

  • HSBC Replaces Singapore Chief

    HSBC Replaces Singapore Chief

    HSBC has named a new Singapore chief executive to succeed Tony Cripps who is set to leave and join Saudi British Bank.

    Wong Kee Joo has been appointed as HSBC’s new Singapore CEO, according to a report citing an internal memo.

    Wong replaces Tony Cripps who is set to become the managing director-designate and board member of the Saudi British Bank (SABB), where HSBC is the largest shareholder at 31 percent, effective April 4.

    Before Wong takes on the new role on June 1, HSBC Singapore’s chief operating officer Olfert De Wit will act as the interim Singapore CEO.

    Wong is currently the Asia Pacific head for global liquidity and cash management and according to HSBC’s deputy chairman and chief executive Peter Wong, such a role has enabled «strong experience in developing digital solutions for wholesale clients and supporting the trade and investment flows between China and ASEAN.

    He had also previously worked in various markets including the U.K., Thailand, Hong Kong, and mainland China.

    We will be increasing our investment in both people and technology as we continue to strengthen our wholesale banking services and to grasp the growing wealth management opportunities in Southeast Asia and beyond, the memo said.

  • Credit Pressures Drag HSBC Profits Lower

    Credit Pressures Drag HSBC Profits Lower

    Credit impairment charges dragged HSBC profits lower in 2020 but it still managed to beat analyst estimates.

    Pre-tax profits fell 34 percent at HSBC in 2020 due to higher expected credit losses and lower revenue, according to a statement from the bank. This includes a 10 percent drop in revenues to $50.4 billion, attributed to the impact of lower interest rates and a $1.3 billion asset impairment charge from software intangibles.

    This beat profit forecasts of $8.3 billion, according to analyst estimates compiled by HSBC.

    For the fourth quarter, it posted a 10 percent drop in revenues with a 50 percent drop in adjusted profit before tax to $2.2 billion.

    The bank announced that it would be resuming dividend payments after a long pause since the fourth quarter of 2019.

    This was a difficult decision and we deeply regret the impact it has had on our shareholders, said HSBC group chairman Mark Tucker.

    We are therefore pleased to restart dividend payments at the earliest opportunity. The Board has announced an interim dividend of $0.15 for 2020, and adopted a policy designed to provide sustainable dividends in the future.

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  • HSBC Set for Pivot to Asia

    HSBC Set for Pivot to Asia

    HSBC is primed to publicly introduce its strategic shift in the upcoming 2020 earnings presentation which could include the announced relocation of top executives.

    Internally known as the pivot to Asia, HSBC will begin marketing the strategy to the public this week, according to a report citing unnamed sources.

    This follows an internal presentation where chief executive Noel Quinn said that investments at the British lender will be focused on Asia alongside the U.K. and the Middle East with an eye on becoming a market leader in wealth management.

    In addition, the strategic shift could result in the relocation of top HSBC executives and those earmarked include Nuno Matos, chief executive of wealth and personal banking; Greg Guyett, co-head of global banking and markets; and Barry O’Byrne, chief executive of global commercial banking.

    Fellow investment banking co-head Georges Elhedery was also named in a previous report as a potential relocation.

    Within Asia, the bank is already rapidly making investments to deepen its inroads in different sub-regions.

    It is most notably betting big on Greater Bay Area opportunities and it most recently began constructing a 26,000 square meter Guangzhou-based training center which is expected complete by 2024.

    The bank is also seeking opportunities across South Asia with the ASEAN region named as a strategic focus for future growth. Earlier this month, HSBC established an onshore private banking presence in Thailand led by 25-year veteran Saranya Arunsilp.

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  • HSBC Singapore CEO to Depart for New Role

    HSBC Singapore CEO to Depart for New Role

    He will be taking on a new role at the Saudi British Bank (SABB) – 31-percent owned by HSBC – from April 4.

    HSBC Singapore will be naming a new chief executive to succeed Tony Cripps, who will be managing director-designate and board member of SABB, the bank said in an internal memo signed by deputy chairman and chief executive Peter Wong.

    Cripps was appointed HSBC Singapore CEO in 2017. He was previously chief executive of HSBC Australia, chief executive of HSBC in the Philippines, and held leadership positions in HSBC’s Global Banking and Markets business in London and Hong Kong.

    Wong said that under Cripps’ leadership, HSBC made key people hires, strategic technology upgrades and proposition enhancement, which resulted in strong underlying revenue growth for the franchise and its wider Asean business.

    He added that HSBC will build on the «clear and focused strategy» Cripps developed, as the bank aims to increase its capability and presence across the region.a

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  • HSBC Investment Strategists Named to Expanded Roles

    HSBC Investment Strategists Named to Expanded Roles

    HSBC makes three new appointments to oversee the overall investment strategy across the newly merged wealth unit.

    The bank appoints Fan Cheuk Wan as Asia chief investment officer (CIO) for private banking and wealth management, according to a statement. In her expanded role, she will oversee investment strategies and themes across all asset classes for the bank’s affluent and super affluent segment, Premier and Jade, respectively, in addition to the private banking segment.

    Fan is a wealth industry veteran and joined HSBC’s private banking arm in 2016. She previously worked with Credit Suisse, ABN AMRO, Cazenove, BNP Paribas and Standard Chartered.

    In addition, the bank has also appointed Patrick Ho as the North Asia CIO and James Cheo as the Southeast Asia CIO for the unit. This is also an expanded role for Ho and Cheo who previously solely served the private bank.

    Ho joined HSBC Private Banking in 2017 and previously worked with Credit Suisse, UBS, Bear Sterns and BNP Paribas. Cheo rejoined in 2019 and previously worked with Barclays.

    The wealth and personal banking division was created in early last year by merging retail banking and wealth management, asset management, insurance and private banking to create a unit with $1.5 trillion in assets as of the third quarter of 2020.

  • HSBC Singapore CEO to Depart for New Role

    HSBC Singapore CEO to Depart for New Role

    He will be taking on a new role at the Saudi British Bank (SABB) – 31-percent owned by HSBC – from April 4.

    HSBC Singapore will be naming a new chief executive to succeed Tony Cripps, who will be managing director-designate and board member of SABB, the bank said in an internal memo signed by deputy chairman and chief executive Peter Wong.

    Cripps was appointed HSBC Singapore CEO in 2017. He was previously chief executive of HSBC Australia, chief executive of HSBC in the Philippines, and held leadership positions in HSBC’s Global Banking and Markets business in London and Hong Kong.

    Wong said that under Cripps’ leadership, HSBC made key people hires, strategic technology upgrades and proposition enhancement, which resulted in strong underlying revenue growth for the franchise and its wider Asean business.

    He added that HSBC will build on the «clear and focused strategy» Cripps developed, as the bank aims to increase its capability and presence across the region.

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  • Crypto Firm Nabs Ex-HSBC Banker as CEO

    Crypto Firm Nabs Ex-HSBC Banker as CEO

    A British banker is taking over the top job at Valour, a Swiss start-up that plans to expand a zero-fee bitcoin exchange-traded product across Europe.

    Zug-based Valour is naming Diana Biggs as its CEO, effective immediately, it said in a statement. She is the former chief of innovation at HSBC’s private banking unit and a cryptocurrency backer of the earliest hour.

    Biggs is the latest banker to leave traditional finance for digital assets, which is a booming industry in Switzerland thanks to friendly regulatory handling. Diana is the perfect candidate to lead the company through this next phase of growth and expansion, Valour founder Johan Wattenstrom said.

    Founded three years ago, Valour in December launched a fee-less digital asset product that trades on the Nordic exchange’s growth index, NGM. The start-up manages nearly $30 million and plans to roll out more exchange-traded notes at other European venues in the coming months.

    At HSBC, Biggs led fintech partnerships and championed open innovation. Prior to joining the British bank, she worked for digital currency platform Uphold, e-commerce startup Soko, and spent nearly five years as a consultant at Oliver Wyman.

  • HSBC Considers Relocation of Top Execs

    HSBC Considers Relocation of Top Execs

    The bank is reportedly considering moving a number of its top executives to Hong Kong or Singapore to strengthen its push in Asia.

    Among the relocations being considered are the two co-heads of its investment bank, Greg Guyett and Georges Elhedery, who are currently located in London, reported on Thursday.

    The move of its top decision-makers to Asia, where the bank makes most of its money, comes almost a year into its restructuring under chief executive Noel Quinn. The bank is preparing to announce the outcome of a strategic review later this month.

    HSBC has been undergoing an overhaul to focus on fee-generating businesses and reducing its operating costs. The bank has also said it intends to increase its rate of investment in Asia, particularly in wealth, the Greater Bay Area, South Asia, trade finance, and sustainable finance while scaling back investments in Europe and the U.S.

    Earlier this week, HSBC has internally appointed Daniel Chan, its current Hong Kong business and commercial banking head, to lead the bank’s new Greater Bay Area office, located in Guangdong.

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  • HSBC Private Banking Enters Onshore Thailand Market

    HSBC Private Banking Enters Onshore Thailand Market

    HSBC will build its second onshore private banking business in Southeast Asia with the establishment of a new unit in Thailand.

    HSBC Private Banking will enable its Thai clients to access international capital markets, according to a statement, while leveraging existing infrastructure for activities such as booking assets in Singapore.

    Saranya Arunsilp, a 25-year banking veteran, joined HSBC last year and will lead the onshore team as head of global private banking, Thailand. Arunsilp will be supported by a local team of relationship managers and investment counselors who will work locally with the Singapore teams.

    We welcome the progressive opening up of the private wealth investment corridor between Singapore and Thailand, which can serve as a pilot for other markets to ‘green-lane’ wealth flows to serve genuine cross-border investment needs, said HSBC’s Southeast Asia head of private banking Philip Kunz.

    According to APAC head of HSBC Private Banking Siew Meng Tan, connectivity to the broader ASEAN region is a major strategic focus for future growth in the region.

    Aside from the new presence in Thailand, the private bank has also placed emphasis on other ASEAN markets such as Singapore and Malaysia, for which it appointed new market heads in August last year. Separately, it has also introduced offshore Vietnam coverage to serve the private wealth needs of small and medium-sized enterprises, particularly for supply chain businesses.

    This connectivity is central to our growth in ASEAN which is key to delivering our ambition to become the No 1 wealth manager in Asia, Tan said.

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