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hsbc

China businessman jailed trying to bribe HSBC staff

In hope that the bank’s officer can facilitate his account opening application for his company Background: HSBC has recently tightened requirements for opening company accounts in Hong Kong to comply with anti-fraud regulations, and international anti-money laundering and counterterrorist financing… Continue Reading →

HSBC rents co-working space for cutting cost?

The biggest deal of membership subscription in Hong Kong yet: 300 I.T. specialists are moved to a hot-desking site in Causeway Bay Setting up transitional office in Causeway Bay to house its digital and transformation teams requires long-term leasing contract… Continue Reading →

HSBC is said to be reducing salaries expense globally

Salary freeze and cease of recruitment are rumored around. HSBC fires the first shot that was heard around the world in 2016, amid slowing down economy growth of China. The bank told its staff a detailed cost-cutting plan last Friday,… Continue Reading →

China approved HSBC & BOCHK to sell RMB bonds

The People’s Bank of China allowed international commercial banks to issue RMB bonds for the first time. The People’s Bank of China (PBoC), the central bank of china, announced on 22 September that it allowed offshore international commercial banks to issue RMB… Continue Reading →

HK investors await US Fed’s rate update

Rebound of 0.3 pc in HSI on 14 Sept was suppressed by sharp correction in China stocks and Fed’s rate hike expectation. The HSI rose 0.3% to 21,561.90, while the China Enterprises Index gained 0.1% to 9,728.72 on 14 September but the gains were limited… Continue Reading →

Manulife eyes on StanChart’s HK pension business

Standard Chartered Bank was reported selling non-core items in an attempt to narrow the margin gap with competitors. Canadian insurer Manulife Financial Corp (0945.HK) was nearing a deal on the HK$3.12 billion acquisition of the Hong Kong pension business (Mandatory Provident Fund (MPF))… Continue Reading →

HK’s HSI hit 2-year low

Hang Seng Index (HSI) fell for 4th straight day,  hit the low level of 20,600 on 7 Sept. Financial shares led Chinese equities and HK stocks market lower on 7 September, HSI opened at 20,683, hit the day-low at 20,579 and eventually close at 20,583,… Continue Reading →

HSBC sold its Brazilian subsidiary for US$5.2 b

HSBC seek to cut its unprofitable businesses. HSBC Holdings (0005.HK) announced on 3 August that it sold its entire unit in Brazil, including HSBC Brasil Bank and banking services to Banco Bradesco S.A (Bradesco), the 2nd- largest privately owned bank in Brazil,… Continue Reading →

China-HK mutual recognition of funds scheme are launched

Bank of China (BOC) is the first to apply for cross-border fund sales under the scheme. The Mutual Recognition of Funds is a milestone in the mutual access to the capital markets between the Mainland and Hong Kong following the launch of the… Continue Reading →

HSBC Hong Kong will close its report and mailing department

Outsourced its printing and delivering services be to Fuji Xerox in coming Sept, HSBC Hong Kong lays off 80 staffs. HSBC globally announced that the bank will cut up to 20,000 jobs globally last week Chief executive Stuart Gulliver is going… Continue Reading →

Money laundering hurts Hong Kong banking system

Regulatory are noted inability to detect ill-gotten gains of banks’ clients, HKMA said. International banks including HSBC Holdings (0005.HK) and Standard Chartered (2888.HK) were fined in money laundering cases in US. Currently, these banks may also be involved in FIFA officials’ money laundering case. In Hong Kong,… Continue Reading →

HSBC prepares to cut thousands of jobs globally

Plan to sack up to 20,000 staffs worldwide for serious costs saving by the end of 2017. HSBC Holdings (0005.HK), the biggest bank in Europe, is planning to sack 10,000 to 20,000 staffs across its global workforce in a bid to reassure its… Continue Reading →

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