HSBC aggressively pitches a growth plan to irate investors
A day after rejecting a pull-back plan by its top investor, HSBC officials on Tuesday reaffirmed the lender’s business strategy of operating as a global bank and pledged higher returns to irate personal stakeholders in Hong Kong. Ping An Insurance (Group) Co of China (601318.SS), a lender with its headquarters in London, is pressuring the company to…
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Financial risks of climate change overplayed
Central bank policymakers and other global authorities are exaggerating the financial risks of climate change, said a senior HSBC banker in charge of sustainable investments. The bank said his views did not reflect those of HSBC as a whole. Stuart Kirk, HSBC’s head of responsible investing, wrote on a slide accompanying his presentation at a…
HSBC buys virtual plot of land in digital push
HSBC is buying a plot of virtual real estate in an online gaming space called The Sandbox for an undisclosed sum. This is the bank’s first major foray into the metaverse as it shrinks its UK branch network. The digital push will enable HSBC to engage with sports, e-sports and gaming fans via its slice of…
Britain’s bank ‘ring-fencing’ rules need simplifying
Capital rules imposed on Britain’s high street banks after bailouts during the global financial crisis have not harmed competition. But it may need simplifying. Since January 2019, banks like HSBC, Lloyds, NatWest and Barclays with deposits of 25 billion pounds or more. They have been required to hold extra capital around their retail divisions to…
HSBC, StanChart halt new mortgages to two HK projects by Evergrande
HSBC and Standard Chartered are declining to extend new loans to buyers of property in two uncompleted Hong Kong residential projects, that is developed by China’s Evergrande Group. One of the brokers from the mortage told that Bank of East Asia had taken a similar step. The move by the banks emerged after a Chinese…
HSBC fund arm backs former Rosenberg Equities CEO in ESG startup
HSBC Asset Management, the fund arm of Britain’s biggest bank, said that it would take a minority stake RadiantESG. This is a women-led U.S.-based environmental, social and governance-focused asset management start-up As a number of U.S. endowments and public pension schemes have pledged to invest more money, tis move came forward. This investment is with firms run…