Noel Quinn, the Group Chief Executive at HSBC, commented: I’m encouraged by our start to the year. Our strategy is on track, with organic growth and good momentum across most parts of the Group. While profits were down on last year’s first quarter due to market impacts on Wealth revenue and a more normalized level…
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Action for the joint venture In order to expand its banking business in the second largest economy worldwide, China, HSBC will bid for the entire 39% stake in the joint venture. The action, due to expire on 21 January, follows HSBC regulatory approval in China to take full ownership of its life insurance joint venture…
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Mark Jones, co-head of Macro, Wells Fargo Corporate & Investment Bank, said: We are pleased to announce that we will be utilizing blockchain technology for the first time in the settlement process of cross-border payments. We are extremely excited to be collaborating with HSBC on a project which places both organizations at the forefront of…
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Adam Reynolds, APAC CEO, Saxo, commented: Singapore will be the first in HSBC to adopt our trading platform, and we are excited to be combining natural synergies from both companies to deliver an enhanced trading and investment experience for HSBC customers. Saxo’s OpenAPI technology provides best-in-class efficiency and scalability investment and trading architecture, while allowing…
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HSBC’s outlook for revenue remains positive with expectations to see growth, moving forward. The company also noted that it remains committed to the ESG agenda and continues to make progress. Quinn continued: While we retain a cautious outlook on the external risk environment, we believe that the lows of recent quarters are behind us. This…
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This means the pre-tax profit for the first half of 2021 has already eclipsed what HSBC brought in for the whole of 2020. With total pre-tax profit of $8.777 billion for 2020, HSBC feels that it is in a promising position moving towards the second half of 2021. The Group Chief Executive of HSBC, Noel…
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The cross-currency swaps service is an extension of CLS’s PvP settlement service. It also uses the MarkitSERV trade confirmation platform to enable members of CLSSettlement to send their cross-currency swaps for settlement. The cross-currency swap flows are multilaterally netted against all other FX transactions in CLSSettlement, which results in a meaningful reduction in daily funding…
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Richard Lissack, QC and barrister for ECU Group, said of the allegations that: ECU’s case is that HSBC’s foreign exchange trading desk between 2004 and 2006 were rotten. Traders treated clients’ orders as an opportunity for self-enrichment. ECU is a former client of HSBC and also alleges that HSBC’s private bank, HBPB, would commonly carry…
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The Swiss Exchange welcomed VanEck ETP AG as a new issuer of Exchange Traded Products (ETPs). VanEck ETP AG adds 4 new listings which makes a total of 100 ETPs and Structured Products with cryptocurrencies as underlyings are offered for trading at SIX Swiss Exchange. SIX has recorded trading volumes of CHF 4.6 billion on…
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In their new roles, Liao and Rosha will be based in Hong Kong. Liao has been with the bank for 24 years and has been considered one of the front-runners as a replacement of Wong. Rosha became CEO of India in 2018 has previously served as head of the APAC financial institutions group. Brock Silvers,…
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