HSBC Bank

Foreign lender HSBC on Tuesday reported a 15.04 per cent jump in its pre-tax profit from operations in India at USD 1.277 billion for 2022. The bank had reported a pre-tax profit of USD 1.11 billion from its operations in India, which continues to be fourth largest contributor for group profits, in 2021. It has added 1,000 people to its India headcount in 2022, to take the total employee strength to 39,000, its biggest in any market. The bank, like many peers in the foreign lenders space, has huge back office operations in India. In a statement, the bank said it has become the largest foreign lender in the country by both advances and deposits as of March 2022. It also handles 9 per cent of traded forex and 15 per cent of foreign investor custody assets. Among its business lines, the largest segment of global banking and markets saw an uptick in profit before tax at USD 622 million in 2022 up from USD 593 million, while the commercial banking segment delivered profit before tax of

It also plans to launch an onshore private banking service in the South Asian country this year

Private bankers said there were signs that the credit demand was durable and as such the landscape for banks' management of assets and liabilities would remain challenging for quite some time

The sudden elevation of Georges Elhedery, 48, at HSBC comes after he took a six-month sabbatical in January

The loans, which are likely to have a five-year term, are anticipated to be priced 130-150 basis points higher than the Secured Overnight Financing Rate (SOFR), a benchmark rate used around the world

A potential sale of HSBC's 100% equity stake in HSBC Bank Canada is among the options being explored, the lender said in a statement.

Foreign lender HSBC on Friday committed Rs 125 crore over the next five years to support green causes like wetland conservation and energy transition projects in India. The lender said in a statement that the measures are is being taken as part of its efforts to limit the impact of climate change. Under the commitment, it has divided the works into two broad themes, including energy transition and nature-based solutions. The nature-based solutions will include projects to protect and revitalise wetlands, mangroves and forests, landscape restoration and promote sustainable agriculture, it said. Energy transition will include renewables and/or energy efficiency programmes to support the shift towards renewables and scale efficiency initiatives in sectors like healthcare, dairy cold chain and for productive energy use by communities, it added. "Sustainability for us is about long-term survival going hand in hand with conservation and community upliftment," its country chief executive

HSBC Bank Mauritius on Monday offloaded 13.91 lakh shares of retail company V-Mart Retail for Rs 392 crore through an open market transaction. According to the bulk deal data available with the BSE, HSBC Bank Mauritius Limited AC Jwalamukhi Investment Holdings sold 13,91,826 shares, amounting to 7.04 per cent stake in the company. The shares were disposed off at an average price of Rs 2,816.29 apiece, taking the transaction value to Rs 391.97 crore. Meanwhile, Plutus Wealth Management LLP picked up 11,45,000 shares of the company. As of June quarter, HSBC Bank Mauritius Limited AC Jwalamukhi Investment Holdings owned 7.04 per cent stake in the company, shareholding pattern showed with the bourse. On Monday, shares of V-Mart Retail settled 3.49 per cent lower at Rs 2,892.75 apiece on the BSE.

Ping An believes a spin-off would generate an additional $25 bn-$35 bn in market value and release over $8 bn in capital

Foreign lender HSBC on Monday reported a 22 per cent jump in its pre-tax profit from Indian operations at USD 644 million for the January-June period of 2022. HSBC India had a profit before tax of USD 529 million in the year-ago period, the bank said in a statement. The global banking and markets business, which helps the credit needs of Indian corporates having a worldwide footprint and also includes the debt and equity capital markets team, reported a profit of USD 324 million in January-June 2022 as against USD 317 million in the year-ago period. The commercial banking PBT came at USD 156 million in the period against USD 146 million and the wealth and personal banking swung to black with a USD 33 million PBT as against a loss of USD 11 million. The corporate centre, which includes balance sheet and treasury management, saw an increase in the PBT at USD 131 million from USD 77 million in the year-ago period. In a statement, the bank said it has aggressive growth plans and is ..

The lucrative but very competitive Indian market has few foreign players in a segment catering to high-net-worth individuals

HSBC will revive its private banking business by the end of this year, according to bank officials

Kirk, who is global head of responsible investing at the bank's asset management division, was suspended pending an investigation into a speech he made at an event last week

HSBC has little direct exposure in Russia, with its CFO telling reporters last Tuesday it has around 200 employees and annual revenues of $15 mn there, a fraction of its global income of $50 bn

The bank sold its French retail business to American investment group Cerberus in June, marking another step in plans to focus on Asia and trim exposure to Europe and North America

HSBC aims to cut emissions associated with loans made to its oil and gas clients by 34% by 2030, said bank's sustainability chief.

HSBC reports annual pre-tax profit more than doubled as the bank reversed hefty credit charges booked previously, saying it now expects to meet a key profitability goal a year ahead of schedule.

HSBC exited the Indian private banking business in 2015 as part of a group strategy. The lucrative but very competitive Indian market has few foreign players

Other banks and insurers could also suffer indirect effects such as loss of fees or a devaluation of their investments

By Lawrence White