HSBC Holdings, the largest banking group in Europe and Hong Kong by assets, on Wednesday reported a 7 per cent decline in profit last year, as bad debt in commercial property and lawsuits related to the Bernard Madoff fraud case offset strong growth in its wealth business. Pre-tax profit in 2025 dropped to US$29.9 billion…
HSBC, Hong Kong’s largest bank with a 6.2 million-strong customer base, suffered a widespread system breakdown on Friday afternoon. According to some customers, the bank’s mobile app and online services were inactive as early as 1pm, with login attempts diverted to a screen stating the system was under maintenance and would be accessible at a…
HSBC Holdings’ exploration of options for its insurance business in Singapore may lead to a sale of the unit as the group reallocates resources to its insurance business in Hong Kong and mainland China, according to analysts. “It makes sense for HSBC to consider an exit from Singapore’s insurance market to focus on Hong Kong…
Following the January 8 shareholder vote that overwhelmingly approved the largest privatisation deal in Hong Kong’s history, many questions remain about the future of Hang Seng Bank, its stakeholders and the broader financial landscape. For Hang Seng Bank’s shareholders, the immediate question is what to do with the HK$106.16 billion (US$13.6 billion) windfall from HSBC…
Hong Kong’s banking sector is set for a landmark transformation as thousands of Hang Seng Bank shareholders vote on HSBC Holdings’ bid to take the lender private on Thursday morning. Analysts expected an overwhelming approval for the proposal, which offers shareholders HK$155 a share – 30 per cent higher than Hang Seng Bank’s HK$119 closing…
Global trade tensions, stoked by China-US tariffs, are settling into a steadier balance as the world braces for fresh challenges from rapid technological disruptions, financial leaders said on Tuesday at a summit in Hong Kong. The China-US relationship had entered into a more “stable equilibrium” after last week’s talks between the leaders of the world’s…