Leadership Change - HSBC has appointed Georges Elhedery as the new CEO, effective September 2, following the resignation of Noah Quinn after 37 years with the bank [2][3] - Elhedery, who has been with HSBC since 2005, previously served as CFO and co-CEO of global banking and markets, and has a strong background in leading through change and driving growth [4] Strategic Focus - The new CEO aims to deliver exceptional value to clients and investors by focusing on sustainable growth and strong performance [2] - HSBC is currently implementing cost-reduction measures, including slowing hiring and encouraging investment bankers to consolidate client meetings to optimize business travel [5][6] Product Development - HSBC's Zing has partnered with Visa to develop an international payments app, which allows users to hold funds in multiple currencies and transact globally [7][8]

HSBC Holdings plc (NYSE:HSBC) is expected to report relatively weak earnings in Q2 2024 at the end of the month. Potential rate cuts ahead are negative for its revenue and earnings growth ahead, but its dividend yield is quite high and sustainable over the long term. HSBC is a bank that I've covered several times in the past, and Í was positive about its business prospects and share price from 2022 to mid-2023. However, in my last article on HSBC, I downgraded my recommendation to "Hold," as interest rates ...

The Zing app allows members to hold funds in up to 10 different currencies, send more than 30 currencies, and transact in more than 200 countries and territories, the companies said in a Tuesday press release. Zing leverages Visa technology to provide U.K. consumers with low-cost and transparent currency exchange, financial management, instant collections, real-time exchange rates and person-to-person payments — all of which is linked to a Visa card, according to the release. Currencycloud and Tink provided ...

PARIS, July 09, 2024 (GLOBE NEWSWIRE) -- Pre Stabilisation Notice | --- | --- | |---------------------------------------------------------------------------|------------------------------------| | | | | The securities: | | | Issuer: | Iberdrola Finanzas, S.A.U. | | Guarantor (if any): | Iberdrola, S.A. | | Aggregate nominal amount: | EUR Benchmark | | Description: | Fixed rate due 18th July 2034 | | Offer price: | TBC | | Other offer terms: | | | Stabilisation: | | | | | | Stabilising Manager(s): | Wells Fa ...

PARIS, June 25, 2024 (GLOBE NEWSWIRE) -- Post Stabilisation Notice | --- | --- | |---------------------------|----------------------------| | | | | Issuer: | COVIVIO HOTELS SCA | | Guarantor (if any): | na | | Aggregate nominal amount: | EUR 500,000,000 | | Description: | 4.125% due 23rd May 2033 | | Offer price: | 99.455 | | Stabilising Manager: | HSBC Continental Europe | This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority ...

HSBC Holdings (HSBC) is actively restructuring its operations in Germany to focus more on its growth strategy in Asia. The bank has put its Germany-based fund administration unit INKA and custody business up for sale, attracting interest from several major financial institutions. INKA, a significant player in the industry with around €400 billion in assets under administration and a 22% market share, is a lucrative target. Universal Investment, backed by Montagu Private Equity, might also bid for INKA. Mean ...

HSBC Holdings PLC (HSBC) remains well-positioned for growth on the back of restructuring initiatives, higher interest rates and an extensive network. However, rising costs and a tough operating backdrop are headwinds. Additionally, in 2022, HSBC acquired 100% of the issued share capital of AXA Insurance in Singapore and L&T Investment Management Limited. Moreover, HSBC increased its ownership stake in its China securities JV – HSBC Qianhai Securities Limited, while in 2021, the company got a regulatory nod ...

FINMA stated, "HSBC Private Bank (Suisse) SA operated two high-risk business relationships where it failed to carry out an adequate check of either the origins, purpose or background of the assets involved. In addition, a number of high-risk transactions were insufficiently clarified and documented, making it impossible to establish the legitimate nature of these transactions." Recently, as part of an industry-wide investigation into lenders' exposure to the private equity industry, Britain's Prudential Reg ...

Swiss financial market supervisory authority FINMA has ruled that HSBC Private Bank (Suisse) SA violated money laundering regulations. "HSBC Private Bank (Suisse) SA operated two high-risk business relationships where it failed to carry out an adequate check of either the origins, purpose or background of the assets involved," FINMA said in the release. "In addition, a number of high-risk transactions were insufficiently clarified and documented, making it impossible to establish the legitimate nature of th ...

After almost two years of negotiations, HSBC Holdings plc (HSBC) has finally completed the sale of its Russia Unit to Expobank. The lender confirmed that it transferred the ownership of its Russia unit, HSBC Bank (RR) LLC, to Expobank for an undisclosed fee. HSBC stated, "Economic ownership of HSBC Russia has been transferred to Expobank. The transaction will formally complete once the legal title transfer has been registered in the State Corporate Register." HSBC first announced its intention to sell 100% ...