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Tag: HSBC


Activity, Retail Banking

HSBC completes sale of French retail banking business to CCF

January 2, 2024

Via: FinTech Futures

News of the sale first broke in May 2021, with HSBC reportedly having paid more than €1 billion for New York-based private equity firm Cerberus Capital Management to take its loss-making French branches off its hands. As of 1 January […]


Activity, Corporate Banking

HSBC launches $150m venture debt product for high-growth scale-ups in Australia

November 28, 2023

Via: FinTech Futures

Launching this month, the bank has allocated $150 million (AUD 227 million) to lend between $6.6 million and $19.8 million to late stage venture capital-backed companies operating in the technology and new economy sectors. Venture debt forms an attractive alternative […]


News

Citi to sell China retail-wealth business to HSBC: reports

September 28, 2023

Via: Banking Dive

As part of a global retreat announced in 2021, Citi aims to exit 14 markets in Asia, Europe, the Middle East, Africa and Mexico. The bank announced last year that it planned to wind down its consumer-banking operations in China. […]


News

Pepper Money agrees to buy HSBC’s New Zealand mortgage portfolio

September 6, 2023

Via: FinTech Futures

Subject to approval by the New Zealand Overseas Investment Office, the deal is expected to close in late November, following which the pair will work towards a “smooth and efficient” transition for its customers. On completion, the acquired portfolio is […]


Regulations

SEC fines HSBC and Scotia Capital over recordkeeping failures

May 12, 2023

Via: FinTech Futures

The SEC says both firms admitted its employees “often communicated off-channel” about securities business matters on personal devices and via messaging platforms such as WhatsApp, with neither firm maintaining a record of the “substantial majority” of those conversations. HSBC and […]


News

HSBC to sell its Canada business to Royal Bank of Canada for $10bn

December 2, 2022

Via: FinTech Futures

RBC will acquire 100% of the issued common equity of HSBC Canada. The firm will also buy all the preferred shares and the outstanding subordinated debt issued by HSBC Canada and held by the HSBC Group for an additional $1.5 […]


News

HSBC names Georges Elhedery as new group CFO

October 25, 2022

Via: FinTech Futures

Elhedery will take on his new role from 1 January 2023, replacing Ewen Stevenson, who will be stepping down from the role of group CFO and executive director on 31 December and will leave HSBC in April next year. The […]


Capital and Risk, Operational

HSBC turns to Trade Ledger for digital receivables finance capability

October 12, 2022

Via: FinTech Futures

The bank says customers can now transfer data directly through an API from their accounting software package “with a few clicks”, and they also have the option to upload their data through a user interface (UI). Digital RF automatically generates […]


Activity, Corporate Banking

Go international or shed foreign assets? HSBC, Taiwanese bank take opposing tacks

October 5, 2022

Via: Banking Dive

The past two years have seen more than a handful of banks based on other continents pull up the stakes on their foreign outposts. BBVA sold its U.S. footprint to PNC. HSBC spun off its U.S. branches to Citizens and […]


Activity, Investment Banking

HSBC Ventures invests $35m in Monese

September 20, 2022

Via: FinTech Futures

The fresh funding brings the total capital raised by Monese to $208 million and will be used to grow its cloud-based Platform-as-a-Service (PaaS) business. Last year, Monese launched its PaaS business in a strategic partnership with Investec, which saw the […]


Activity, Retail Banking

HSBC to offer gender-neutral banking in bid for inclusivity

July 25, 2022

Via: American Banker

HSBC Holdings’ U.K. unit is planning to stop collecting data on the gender of its customers across some products as the bank pursues more inclusive services for nonbinary and trans people. The bank has begun removing references to gender in […]


Capital and Risk, Insurance

HSBC’s New Insurance Chief Executive Eyes ‘Crucial’ New Deals in China

April 1, 2022

Via: Insurance Journal

Greg Hingston, who took over as global chief executive of HSBC Holdings Plc’s insurance unit in January, has had a busy quarter, closing the group’s first acquisition in a decade, building out the China business and eyeing new deals to […]


Regulations

M&T, People’s United delay merger timeline as Citizens winds up HSBC deal

February 22, 2022

Via: Banking Dive

Buffalo, New York-based M&T Bank and Bridgeport, Connecticut-based People’s United Financial are extending the deadline to complete their merger until June 1, the banks announced Friday. The $7.6 billion deal, announced in February 2021, carried an initial cutoff date of […]


Channels

Wells Fargo Partnered With HSBC to Settle Foreign Transactions Using Blockchain

February 1, 2022

Via: TechBullion

Recently, Wells Fargo, a leading financial services company, partnered with HSBC bank, one of the largest banking and financial services organizations, to benefit from its blockchain-based tools to settle foreign exchange transactions. After this agreement, Wells Fargo and HSBC Bank […]


Regulations

FCA fines HSBC £64m for failings in its AML processes

December 21, 2021

Via: FinTech Futures

The FCA claims HSBC’s transaction monitoring systems showed “serious weaknesses” over a period of eight years from March 2010 to March 2018. The regulator says HSBC did not dispute its findings and agreed to settle “at the earliest possible opportunity”. […]


News

Lloyds hires former HSBC man Boteju as new group chief data officer

November 4, 2021

Via: FinTech Futures

Boteju spent almost 10 years at HSBC before leaving in October as its global head of data and analytics. Prior to that he also spent time at Standard Chartered, Commonwealth Bank of Australian, and Vodafone New Zealand. In a post […]


News

HSBC hires Google veteran to lead commercial banking platforms

October 1, 2021

Via: FinTech Futures

HSBC has hired former Google executive Aman Narain to lead its global commercial banking platforms. Narain, who describes himself as a “banker turned Googler”, spent four years at the Big Tech before leaving as global new payments ecosystems lead. His […]


News

Former HSBC boss to head up UK green infrastructure bank

September 3, 2021

Via: FinTech Futures

Flint will formally take up his new position at the UK Infrastructure Bank (UKIB) on 27 September. The bank aims to support regional growth through private and local government partnerships in order to finance a green industrial revolution in clean […]


Activity, News, Retail Banking

HSBC bids goodbye to loss-making US division as profits move to Asia

May 28, 2021

Via: FinTech Futures

HSBC has announced a “strategic withdrawal” from its US retail banking operations, selling chunks of its business as it continues to focus on Asia. In February, the first notes of a withdrawal sounded as HSBC said it planned “organic and […]


News

HSBC sells 80 branches to Citizens Bank, 10 to Cathay in US retreat

May 27, 2021

Via: Banking Dive

Pending regulatory approval, the deals with Citizens and Cathay are expected to close by the first quarter of 2022. The acquisition is slated to give Citizens Bank 800,000 new customer relationships and a foothold in several strategic markets, including the […]