Hsbc Bank

Business activity between India, UK flourishes in 2024, shows HSBC data

Business activity between the UK and India has flourished in 2024 as the value of payments received by clients in Britain from India rose by 121 per cent, according to the latest data released by HSBC UK. The multinational bank, which highlighted the figures based on its two-way support for businesses within the India-UK corridor this week, said its data on payments and client referrals showed year-on-year growth. In the nine months to October 2024, the value of payments made by HSBC UK business clients to India reportedly rose by 32 per cent and the bank received 36 per cent more new business client referrals from HSBC India year-on-year. Our data shows that business between the UK and India is not only strong, it's getting even stronger, and the opportunities for expanding businesses in India are huge, said Cora McLaren, Head of International Subsidiary Banking at HSBC UK. India's population is not only a vast number of potential customers, within it there is a growing middle cla

HSBC, IFC launch $1 bn trade finance programme for emerging markets

Demand for trade finance far outpaces supply, especially in emerging markets, with the global trade finance gap last estimated at $2.5 trillion, according to a report from the Asian Development Bank

HSBC appoints Lisa McGeough to lead US biz as CEO Elhedery shuffles leaders

The appointment comes as part of a sweeping overhaul by new CEO Georges Elhedery, who has made a raft of leadership changes and split the lender's geographic footprint into East and West

HSBC pulling back from China credit card biz after struggling to expand

HSBC has stopped issuing new cards and is working towards winding down the service offered to a large part of China onshore customers

HSBC relaunches 'Premier' brand in UK in pursuit of wealthy customers

HSBC aims to double assets under management in its British wealth business to 100 billion pounds

HSBC's third-quarter profit tops estimate, launches $3 bn buyback

HSBC's revenue grew 5 per cent in the quarter ended September to $17 billion from a year earlier, with volatile market conditions supporting higher customer activity in wealth products

HSBC weighs cost-cutting plan of up to $300 million, targeting top ranks

Reported $300 million in savings would be a fraction of group costs that reached $16.3 billion in the first six months this year, 5 per cent higher than in the same period a year ago

HSBC appoints Georges Elhedery as group chief executive, replaces Quinn

Since 2020, Elhedery had been the co-head of the Global Banking and Markets business

Five biggest challenges Quinn leaves for HSBC's new CEO Georges Elhedery

HSBC's net interest income, which accounts for half its revenues, rose $5.4 billion in 2023 to nearly $36 billion. But it is expected to fall back to $33 billion this year

Rupee rises 1 paisa to 83.43 against US dollar in early trade

The rupee inched up 1 paisa to 83.43 against the US dollar in early trade on Thursday on the back of a weak American currency and positive domestic equity markets. Forex traders said an upward movement in the crude oil prices resisted a sharp rise in the Indian currency even as investors moved cautiously ahead of the RBI's monetary policy decision to be announced on Friday. At the interbank foreign exchange market, the local unit opened at 83.40 and slipped to 83.43 against the greenback, trading 1 paisa higher from its previous close. On Wednesday, the domestic currency settled 7 paise higher at 83.44 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.15 per cent lower at 104.06. Analysts attributed the weakness in the dollar index to a sharp fall in US Treasury yields after the latest data showed private sector job growth in May was slower than estimated, raising expectations of an interest rat

May services growth cools to five-month low of 60.2 from April's 60.8: PMI

The final HSBC India Services purchasing managers' index, compiled by S&P Global, fell to 60.2 last month from April's 60.8, confounding a preliminary reading for a rise to 61.4

HSBC CEO Quinn announces surprise retirement, banks looks for successor

One of the main tasks for Quinn after he took over was to improve returns for shareholders, and he sought to do that by shrinking the bank's footprint in non-profitable markets

Ather Energy picks HSBC, JPMorgan, Nomura, Indian banks to arrange its IPO

Tarun Mehta and Swapnil Jain founded Ather in 2013 after graduating from the Indian Institute of Technology Madras

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

India's services growth at three-month high in Dec on buoyant demand: PMI

The HSBC India Services Purchasing Managers' Index, compiled by S&P Global, rose sharply in December to 59.0 from November's one-year low of 56.9

HSBC places 12 countries on exit watchlist to focus on expansion in Asia

HSBC's ongoing pivot to Asia has already triggered planned sales of all or parts of its businesses in France, Greece, Russia, and Canada

HSBC's profit jumped by $1.5 billon from acquisition of SVB's UK arm

Banking giant HSBC said that its profits got a $1.5 billion boost from the purchase of collapsed Silicon Valley Bank's (SVB) British business (SVB UK)

HSBC's London office shortlist includes former Goldman Sachs headquarters

The shortlist has not yet been finalized and HSBC may also choose to stay at its existing HQ and carry out a refurbishment while remaining in occupation, sources said

HSBC planning to add 30 private bankers in fresh India wealth push

HSBC's plans reflect an increasing competition to manage the growing wealth in India among both global and local firms, which has enticed the London-based bank