Financial Performance - HSBC's revenue excluding notable items increased by $0.5 billion year-over-year, a 3% increase[4,7] - Profit Before Tax (PBT) excluding notable items increased by $0.3 billion year-over-year, also a 3% increase[7] - Customer deposits grew by $86 billion year-over-year, reaching $1,737 billion, which includes $19 billion held-for-sale balances for 3Q25 and $6 billion for 3Q24[4,7] - The Return on Tangible Equity (RoTE) increased by 0.9 percentage points year-over-year to 17.6%[7] Business Segments - Banking Net Interest Income (NII) guidance for FY25 was upgraded to $43 billion or better[12,14] - Wealth fee and other income grew by 29% year-over-year[4] - Securities Services fee and other income increased by 15% due to higher asset balances[16,17] Costs and Credit - Costs increased by $1.9 billion year-over-year, a 23% increase, including $1.4 billion of legal provisions related to historical matters[7] - The Expected Credit Losses (ECL) charge was $(1.0) billion, representing ~(40)bps of gross loans and advances[7,24,25] Capital and Strategy - The CET1 ratio was 14.5%[7] - The company is on track for ~3% target basis cost growth in FY25[5,28] - HSBC announced 11 exits Year-To-Date (YTD), including HSBC Malta and Sri Lanka retail banking during Q3[5,29]

Core Viewpoint - Hang Seng Bank has appointed Somerley Capital as a financial adviser to evaluate HSBC Holdings' proposal to buy out minority shares, ensuring the offer is fair to independent shareholders [1][3]. Group 1: Advisory Role and Process - Somerley Capital will provide an opinion to assist the independent board committee in assessing HSBC's buyout proposal [1][2]. - The advice and recommendations from Somerley and the committee will be included in a forthcoming scheme document for Hang Seng Bank's shareholders [2]. - This advisory process is standard in privatization and aims to streamline the approval at the shareholders' meeting, with completion expected within the next few months [3]. Group 2: Privatization Details - HSBC announced a plan to privatize Hang Seng Bank, offering HK$155 per share, which represents a 30% premium over the stock's closing price prior to the announcement [4]. - The privatization deal is expected to conclude in the first half of 2026, subject to approval from at least 75% of minority shareholders and the Hong Kong High Court [5]. - Hang Seng Bank has no significant shareholders apart from HSBC, with shares held broadly by passive investment funds [6]. Group 3: Somerley Capital's Credentials - Somerley Capital is licensed for securities dealing and corporate finance advisory under Hong Kong's Securities and Futures Ordinance [7]. - It was ranked seventh among financial advisers for China-related mergers and acquisitions in the first three quarters of the year, holding a 6.7% market share [7].

Core Viewpoint - Shenyang Shengjing Financial Holding has increased its privatization offer for Shengjing Bank to HK$1.60 per share from an initial offer of HK$1.32, valuing the bank at approximately HK$11.61 billion ($1.49 billion) [1][2]. Group 1: Offer Details - The revised offer for Shengjing Bank's Hong Kong-listed shares is now HK$1.60 per share, up from HK$1.32 [1]. - The bid for Shengjing Bank's domestic shares has been raised to 1.45 yuan, up from the earlier 1.2 yuan [2]. - Shenyang Shengjing Financial has stated that this offer is final with no plans for further revisions [2]. Group 2: Ownership and Stake - Shenyang Shengjing is primarily owned by the Shenyang Municipal Government's Assets Supervision and Administration Commission, holding approximately 37.23% of Shengjing Bank along with its affiliates [2]. - State-owned entities from Liaoning province have intervened to acquire Evergrande's stake in Shengjing Bank through court-ordered auctions [3]. Group 3: Financial Challenges - Shengjing Bank has faced challenges due to its previous association with Evergrande Group, which is set to delist from the Hong Kong stock market [3]. - The bank's financial health has declined since its peak in 2019, with significant drops in revenues and net profits projected for 2024 [5]. - As of the end of 2024, Shengjing Bank reported assets totaling 1.12 trillion yuan [5]. Group 4: Historical Context - In 2021, Evergrande announced the sale of a $1.5 billion stake in Shengjing Bank to alleviate its debt crisis, with Shenyang Shengjing Finance Investment Group purchasing 1.75 billion domestic shares [4]. - By September 2022, government-backed entities had secured Evergrande's stake in the bank via an auction [4]. - In 2023, Shengjing Bank agreed to a significant sale of credit assets to the province's asset management company [4].

Industry Perspective - The British water industry's overhaul is viewed by some as missing the point, with privatization considered the original issue [1] - Many on the left and fed-up customers share the view that privatization was the "original sin" [1]

For some in Britain, the overhaul of the water industry misses the point. In the view of many on the left and lots of fed-up customers, the original sin was privatisation https://t.co/JNkMSQj99f ...

Industry Perspective - The British water industry overhaul is viewed by some as missing the point, with privatization considered the original sin by many on the left and fed-up customers [1]

For some in Britain, the overhaul of the water industry misses the point. In the view of many on the left and lots of fed-up customers, the original sin was privatisation https://t.co/6kZ1ADU5Wm ...

For some in Britain, the overhaul of the water industry misses the point. In the view of many on the left and lots of fed-up customers, the original sin was privatisation https://t.co/voxNUeCyXu ...