HSBC Holdings Plc is “highly unlikely” to buy an investment bank, its Asia CEO said today, dousing speculation the bank may invest in Lehman Brothers Holdings Inc. “Our approach, as we’ve said, is it’s highly unlikely that we will take a major interest in an investment bank,” Sandy Flockhart, CEO of HSBC’s Asia-Pacific region, told Bloomberg Television when asked about speculation that London-based HSBC may invest in Lehman. He declined to comment on specific companies.
HSBC, Europe’s largest bank by market value, is focusing on expanding in emerging markets after posting about $27 billion of writedowns in the past year, mainly linked to sub-prime mortgage losses at its US Household International unit.
Even so, the bank has posted smaller markdowns than its competitors.
Merrill Lynch & Co, Citigroup Inc and UBS AG over the year-old credit crisis.
Ladenburg Thalmann & Co analyst Richard Bove identified HSBC as a potential buyer of the bank in a note to clients yesterday.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app