Page 6 - Hsbc

HSBC's shares decline as $3 billion charge on stake in China bank

HSBC's shares slid as much as 8% in London, heading for their worst single-day drop since the Covid-19 pandemic erupted in March 2020

HSBC posts 25% rise in profit from India operations to $1.5 bn in 2023

HSBC Group on Wednesday posted a 25 per cent increase in profit from India operations to USD 1.5 billion for the financial year ended December 2023. The bank, which follows the calendar year as its fiscal, had earned a profit of USD 1.2 billion in 2022, HSBC said in its annual report for 2023. Countries, including India, Singapore, and Saudi Arabia, are the growing markets for the bank, it said. This was again evident as all of them reported a significant increase in profits in 2023, with mainland China (excluding associates), India, and Singapore each contributing in excess of USD 1 billion of profits to the group, it said. HSBC aims to continue growing its wholesale franchise by taking advantage of corporate supply chains in India, as per the annual report. The bank is also tapping into the wealth pools of the Indian diaspora with the launch of onshore Global Private Banking, it said. HSBC, which has 42,000 employees in India operations, said the economies of south and southeas

Vladimir Putin signs decree allowing HSBC to sell Russian unit to Expobank

Monday's order said it was allowing Expobank to acquire 100% of the unit, owned by HSBC Europe BV

India's manufacturing PMI rises to four-month high of 56.5 in January

New orders placed with Indian goods producers rose at a sharp pace in January and were the strongest in four months

Indian bonds set for new era with $100 billion inflows likely: HSBC AM

India's trillion-dollar sovereign bond market is gearing up for a rush of foreign money in the run-up to inclusion in JPMorgan Chase & Co.'s emerging markets bond index in June

HSBC unveils its largest branch in India, bets big on growing customer base

HSBC India on Wednesday announced opening of its largest branch in the country in a bid to tap growing affluent customers. Located in Whitefield, Bengaluru, the branch is spread across 8,300 square feet, HSBC India said in a statement. This marks a significant milestone as HSBC India continues to solidify its strong presence as the leading international bank in the country, it said. Bengaluru South, which now has easier connectivity to Whitefield, has a per capita income of USD 11,305 (Rs 9,36,983), one of the highest in the country and over four times that of India's per capita income of USD 2,610 (Rs 2,16,316), it said. The new branch in the heart of technology hub will cater to the financial needs of the growing tech community, offering them an extensive international network, breadth of products, bespoke wealth solutions, specialized relationship managers, and global private banking expertise. "Entrepreneurialism and innovation are fuelling wealth creation and at HSBC India, w

Commercials back rupee-denominated borrowing: HSBC India's Amitabh Malhotra

"Given cross-currency hedging rates, the borrowing cost in dollar terms would be significantly more for companies that do not have a natural hedge"

HSBC hires UBS's Gautam Anand for role serving India's rich diaspora

Gautam Anand was appointed Global Coordinator for Global India, the Middle East, North Africa and Europe from Dec. 1, according to an internal memo seen by Bloomberg News

Tech is critical, but banks won't like to be tech companies: Citi India CEO

It is demeaning to compare what banks do and what technology companies do; banks build relationship of trust with customers and use technology as an enabler, says Ashu Khullar, CEO Citibank India

Reliance Industries' luxury real estate bet gets HSBC financing boost

London-based bank originally provided £60 mn loan facility to subsidiary of Reliance Industries Ltd. shortly after it acquired the Stoke Park estate in southeast England for £57 million in 2021

India still far from replacing China as global growth engine, says HSBC

HSBC expects the gap between the two economies to continue to widen in the foreseeable future, expanding to $17.5 trillion by 2028, based on IMF forecasts

Reliance Jio raises Rs 16,640 crore via offshore loans from HSBC, others

Earlier in September, Jio had also raised close to $2 billion from BNP Paribas

HSBC hires eight former Credit Suisse bankers to global equities unit

The appointments have been made to the bank's high touch and portfolio trading desks, across several locations including London, New York, Hong Kong and Mumbai

Indian equity market 'like no other': HSBC Global Research report

Strong earnings outlook and superior return on equity help domestic market standout

HSBC India launches 'ONDC in a Box' to expand corporate offerings

HSBC India on Thursday announced the launch of 'ONDC in a Box', a one-stop-shop proposition for corporates towards seamless enablement on ONDC. With this launch, HSBC India becomes the first foreign bank in India to offer an ONDC-enabled proposition, the lender said in a statement. The Open Network for Digital Commerce (ONDC) is an initiative by Department for Promotion of Industry and Internal Trade, and Ministry of Commerce and Industry to build an open, interoperable network on which buyers and sellers can transact without needing to be present on the same platform. ONDC aims at fostering an inclusive, competitive, and open network, amplifying its impact across the business spectrum. "The 'ONDC in a Box' proposition by HSBC India is presented along with its ecosystem partners - Protean eGov Technologies Ltd (Protean) and Shayr Omnichannel Private Limited (Adya). As part of this proposition, banking services are offered by HSBC India and the ONDC Modules are offered by Protean a

Widespread cereal shortages may further fuel India's inflation, says HSBC

HSBC has retained its inflation forecast of 5 per cent for the year ending March 2024 but sees higher risks if cereal inflation takes off

HSBC chases wealthy clients in India with private banking business launch

HSBC said on Tuesday it would target business with India's wealthy as it launched its global private banking business in the country

IIFL Finance raised $175 million in June from HSBC, Union Bank and BoB

With a borrowing of $100 million in March, the total borrowing in 2023-24 (FY24) so far has reached $275 million

National consumer commission imposes Rs 15 lakh fine on HSBC for negligence

The National Consumer Disputes Redressal Commission has imposed a fine of Rs 15 lakh on the Hongkong and Shanghai Banking Corporation Ltd (HSBC) for negligence and deficiency in service. The top consumer commission was hearing a plea filed by complainants claiming their joint savings bank account was illegally frozen resulting in ATM withdrawal transactions being declined and dishonour of cheques. Presiding Member Inder Jit Singh said, Opposite Party (HSBC) shall pay a compensation of Rs 15 lakh to complainants for the mental agony, harassment and adverse impact on the reputation of complainants on account of dishonour of cheques despite the account having sufficient balance on account of acts of negligence and deficiency in service on the part of the OP. The commission also directed HSBC to pay litigation costs of Rs one lakh. It noted that the bank had frozen the joint on the grounds of non-renewal of the Know Your Customer (KYC) details of either of the complainants and/or ...

DBS Bank India appoints Rajat Verma as MD, Head of Institutional Banking

Rajat Verma will be taking over from Niraj Mittal, who will take charge as the country head of DBS Bank in Australia