in third quarter pretax profits on the back of losses on the sale of its French unit and rising bad loans, but its interest income surged with rates rising around the world. Shares slumped by around 5%.HSBC LSE: HSBA NYSE: HSBC SEHK: 0005 bankowość
Re: HSBC LSE: HSBA NYSE: HSBC SEHK: 0005 bankowość
London-based rival HSBC Holdings PLC (LON:HSBA) reported a 42% drop in third quarter pretax profits on the back of losses on the sale of its French unit and rising bad loans, but its interest income surged with rates rising around the world. Shares slumped by around 5%.
in third quarter pretax profits on the back of losses on the sale of its French unit and rising bad loans, but its interest income surged with rates rising around the world. Shares slumped by around 5%.Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
REKLAMA
Re: HSBC LSE: HSBA NYSE: HSBC SEHK: 0005 bankowość
HSBC hits two-month high on Canada exit
Investing.com -- HSBC (LON:HSBA) stock rose over 4% in London to its highest in two months, after the U.K.-based bank said it will sell its Canadian business to Royal Bank of Canada (TSX:RY).
RBC will pay CAD 13.5 billion ($1 = CAD 1.3456) for HSBC Canada's common stock, plus another CAD 2.1B for its outstanding preferred stock and subordinated debt.
The deal is the latest move by HSBC to withdraw from its global ambitions in an effort to improve profitability, under pressure from its largest shareholder, Chinese insurance giant Ping An (HK:2318).
The deal will bring HSBC a pretax gain of some $5.7B, adjusted for foreign exchange losses, and improve its core tier 1 capital ratio - a key measure of financial strength - by 130 basis points, the bank said.
HSBC repeated that its target of paying out 50% of profits in shareholder returns doesn't include gains from disposals. All the same, the improvement in the bank's capital level should make more money available for shareholder returns - albeit only from 2024, given that the bank said the deal is expected to close in late 2023.
HSBC Canada has more than 130 branches and over 780,000 retail and commercial customers, with risk-weighted assets of $31B at the end of 2021. However, it has never threatened to break open the dominance of the big Canadian banks such as Toronto Dominion (TSX:TD), Bank of Montreal (TSX:BMO) and RBC. The costs of growing the business to a point where it would have more pricing power to widen its profit margins were thus considered too high.
"Our Group strategy is unchanged, and closing this transaction will free up additional capital to invest in growing our core businesses and to return to shareholders," CEO Noel Quinn said in a statement.
https://www.investing.com/news/stock-ma ... it-2953596
Investing.com -- HSBC (LON:HSBA) stock rose over 4% in London to its highest in two months, after the U.K.-based bank said it will sell its Canadian business to Royal Bank of Canada (TSX:RY).
RBC will pay CAD 13.5 billion ($1 = CAD 1.3456) for HSBC Canada's common stock, plus another CAD 2.1B for its outstanding preferred stock and subordinated debt.
The deal is the latest move by HSBC to withdraw from its global ambitions in an effort to improve profitability, under pressure from its largest shareholder, Chinese insurance giant Ping An (HK:2318).
The deal will bring HSBC a pretax gain of some $5.7B, adjusted for foreign exchange losses, and improve its core tier 1 capital ratio - a key measure of financial strength - by 130 basis points, the bank said.
HSBC repeated that its target of paying out 50% of profits in shareholder returns doesn't include gains from disposals. All the same, the improvement in the bank's capital level should make more money available for shareholder returns - albeit only from 2024, given that the bank said the deal is expected to close in late 2023.
HSBC Canada has more than 130 branches and over 780,000 retail and commercial customers, with risk-weighted assets of $31B at the end of 2021. However, it has never threatened to break open the dominance of the big Canadian banks such as Toronto Dominion (TSX:TD), Bank of Montreal (TSX:BMO) and RBC. The costs of growing the business to a point where it would have more pricing power to widen its profit margins were thus considered too high.
"Our Group strategy is unchanged, and closing this transaction will free up additional capital to invest in growing our core businesses and to return to shareholders," CEO Noel Quinn said in a statement.
https://www.investing.com/news/stock-ma ... it-2953596
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: HSBC LSE: HSBA NYSE: HSBC SEHK: 0005 bankowość
BRUSSELS (Reuters) - HSBC on Thursday failed to overturn a court ruling that it had participated in a cartel to rig benchmark Euribor rates in 2007, but Europe's top court confirmed that a 33.6 million euro ($36 million) fine had been scrapped.
The European Court of Justice, Europe's highest court, rejected HSBC's attempt to clear its name by challenging a 2019 lower court decision that it had colluded with others to try to manipulate key Euribor (euro interbank offered rate) rates.
"The Court of Justice upholds the annulment of the 33.6 million euro fine imposed on the HSBC Group," the Luxembourg-based EU Court of Justice (CJEU) said, but added it "dismisses the HSBC companies' action challenging the finding that it participated in the cartel at issue".
An HSBC spokesperson declined to comment.
The European Commission, the bloc's executive body, ruled in 2016 that HSBC and six other banks had tried to distort Euribor, a benchmark for rates on financial products, fining the lender 33.6 million euros.
HSBC, penalised alongside JPMorgan (NYSE:JPM) and Credit Agricole (OTC:CRARY), appealed against the decision. Three years later, a lower tribunal scrapped the fine because of insufficient reasoning, but dismissed the bank's attempt to shake off the ruling that it had taken part in a cartel.
The European Commission subsequently imposed a slightly lower fine of 31.7 million euros in 2021, which HSBC is separately challenging.
The Commission has said the trio was part of a cartel that colluded between September 2005 and May 2008 to try to rig Euribor interest rates - which provide a benchmark for rates on financial products such as interest rate swaps, futures, saving accounts and mortgages - to increase profit or reduce risk.
It said traders at seven banks were in regular contact and exchanged information on their trading positions and pricing strategies via chatrooms or messaging services.
HSBC has argued its role was peripheral - one former trader was involved in banks' attempts to manipulate Euribor over a six-week period in 2007 - and that the Commission's investigative procedure violated its rights of defence.
HSBC, JPMorgan and Credit Agricole opted against settling with European regulators and, following a full investigation, JPMorgan was fined 337.2 million euros and Credit Agricole was ordered to pay 114.7 million euros.
Both banks are also appealing. They declined to comment on Thursday.
Deutsche Bank (ETR:DBKGn), RBS (LON:NWG) and Societe Generale (OTC:SCGLY) admitted wrongdoing in return for much lower fines, while Barclays (LON:BARC) blew the whistle on the cartel and escaped a penalty.
EU, U.S. and British regulators have fined banks billions of euros for manipulating benchmark interest rates and the foreign exchange market.
The case is C-883/19 P HSBC Holdings (NYSE:HSBC) and Others v Commission.
The European Court of Justice, Europe's highest court, rejected HSBC's attempt to clear its name by challenging a 2019 lower court decision that it had colluded with others to try to manipulate key Euribor (euro interbank offered rate) rates.
"The Court of Justice upholds the annulment of the 33.6 million euro fine imposed on the HSBC Group," the Luxembourg-based EU Court of Justice (CJEU) said, but added it "dismisses the HSBC companies' action challenging the finding that it participated in the cartel at issue".
An HSBC spokesperson declined to comment.
The European Commission, the bloc's executive body, ruled in 2016 that HSBC and six other banks had tried to distort Euribor, a benchmark for rates on financial products, fining the lender 33.6 million euros.
HSBC, penalised alongside JPMorgan (NYSE:JPM) and Credit Agricole (OTC:CRARY), appealed against the decision. Three years later, a lower tribunal scrapped the fine because of insufficient reasoning, but dismissed the bank's attempt to shake off the ruling that it had taken part in a cartel.
The European Commission subsequently imposed a slightly lower fine of 31.7 million euros in 2021, which HSBC is separately challenging.
The Commission has said the trio was part of a cartel that colluded between September 2005 and May 2008 to try to rig Euribor interest rates - which provide a benchmark for rates on financial products such as interest rate swaps, futures, saving accounts and mortgages - to increase profit or reduce risk.
It said traders at seven banks were in regular contact and exchanged information on their trading positions and pricing strategies via chatrooms or messaging services.
HSBC has argued its role was peripheral - one former trader was involved in banks' attempts to manipulate Euribor over a six-week period in 2007 - and that the Commission's investigative procedure violated its rights of defence.
HSBC, JPMorgan and Credit Agricole opted against settling with European regulators and, following a full investigation, JPMorgan was fined 337.2 million euros and Credit Agricole was ordered to pay 114.7 million euros.
Both banks are also appealing. They declined to comment on Thursday.
Deutsche Bank (ETR:DBKGn), RBS (LON:NWG) and Societe Generale (OTC:SCGLY) admitted wrongdoing in return for much lower fines, while Barclays (LON:BARC) blew the whistle on the cartel and escaped a penalty.
EU, U.S. and British regulators have fined banks billions of euros for manipulating benchmark interest rates and the foreign exchange market.
The case is C-883/19 P HSBC Holdings (NYSE:HSBC) and Others v Commission.
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: HSBC LSE: HSBA NYSE: HSBC SEHK: 0005 bankowość
HSBC says the 'headwinds are ahead' for UK mortgage holders
LONDON (Reuters) - Many mortgage borrowers could struggle to manage more expensive home loans this year, one of Britain's top bank bosses said on Tuesday, as the cost of living crisis deepens.
"Headwinds are ahead of us, not behind us," Ian Stuart, CEO at HSBC UK, told a hearing of lawmakers as he issued "a health warning" about customers' finances that ran counter to reassuring statements from some other executives.
Some 222,000 of HSBC's customers would need to refinance loans this year, with most likely to face higher costs, Stuart told the cross-party Treasury Select Committee.
Tracker mortgages, where repayments move more closely in line with base rates, were rising in popularity among customers hopeful that interest rates might soon start to fall back again, Stuart said.
"But the vast majority of customers want to sleep easy at night, they want a fixed rate. There is no distress out there today but I'd put caution into that," he said.
Britain's big banks, which start reporting annual results next week, were also pressed to answer criticism that they were too slow to pass on the benefits of recent central bank rate hikes to savers.
"My constituents are cynical that you put the rates on mortgages up much faster than what you give back on savings," said Angela Eagle, a member of the committee.
The Bank of England last week pushed its key Bank Rate up to 4%, its highest level since 2008, as it tries to smother inflation, but many savings products still offer less than 1%, Eagle said.
Charlie Nunn, CEO of Lloyds Banking Group (LON:LLOY), said banks were not putting profits before customers but were normalising lending margins to levels last seen in 2018, with a view to building their own reserves ahead of the downturn.
"We need to make sure we have sufficient financial resilience to support customers through a recession," Nunn said.
https://www.investing.com/news/stock-ma ... rs-2997247
LONDON (Reuters) - Many mortgage borrowers could struggle to manage more expensive home loans this year, one of Britain's top bank bosses said on Tuesday, as the cost of living crisis deepens.
"Headwinds are ahead of us, not behind us," Ian Stuart, CEO at HSBC UK, told a hearing of lawmakers as he issued "a health warning" about customers' finances that ran counter to reassuring statements from some other executives.
Some 222,000 of HSBC's customers would need to refinance loans this year, with most likely to face higher costs, Stuart told the cross-party Treasury Select Committee.
Tracker mortgages, where repayments move more closely in line with base rates, were rising in popularity among customers hopeful that interest rates might soon start to fall back again, Stuart said.
"But the vast majority of customers want to sleep easy at night, they want a fixed rate. There is no distress out there today but I'd put caution into that," he said.
Britain's big banks, which start reporting annual results next week, were also pressed to answer criticism that they were too slow to pass on the benefits of recent central bank rate hikes to savers.
"My constituents are cynical that you put the rates on mortgages up much faster than what you give back on savings," said Angela Eagle, a member of the committee.
The Bank of England last week pushed its key Bank Rate up to 4%, its highest level since 2008, as it tries to smother inflation, but many savings products still offer less than 1%, Eagle said.
Charlie Nunn, CEO of Lloyds Banking Group (LON:LLOY), said banks were not putting profits before customers but were normalising lending margins to levels last seen in 2018, with a view to building their own reserves ahead of the downturn.
"We need to make sure we have sufficient financial resilience to support customers through a recession," Nunn said.
https://www.investing.com/news/stock-ma ... rs-2997247
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: HSBC LSE: HSBA NYSE: HSBC SEHK: 0005 bankowość
HSBC signals rate rise profit windfall has peaked even as payouts rise
SINGAPORE/LONDON (Reuters) -HSBC dampened investors' expectations of a sustained income bonanza from rising global interest rates, even after Europe's biggest bank reported a 92% surge in quarterly profit and pledging more regular dividends and share buybacks.
The London-headquartered bank said on Tuesday it would pay a special dividend of $0.21 per share, from the proceeds of the $10 billion sale of its Canada business.
Despite the payout promises, however, the lender's shares fell 2% in Hong Kong as investors weighed income forecasts that analysts deemed moderate against an environment of rising rates.
With its $1.3 trillion in customer deposits, HSBC benefits more than many smaller banks from central bank hikes that enable it to charge a wider margin on its loans and mortgages.
The bank however said it expected net interest income to be at least $36 billion in 2023, shy of $37 billion forecasts and a $38 billion annualised figure analysts calculated from its latest quarterly numbers.
Chief Executive Noel Quinn told Reuters the conservative forecasts were partly due to pressure from competitors to raise rates on deposits, among other factors.
"We are comfortable with consensus being around $37 billion, we are not looking to move that," Quinn said.
HSBC has been working to improve its investor relations after facing pressure from its biggest shareholder, Ping An Insurance Group, to split off its Asian business to boost returns, a strategy HSBC has rejected.
The Asia-focused bank, which counts Hong Kong as its biggest market, also said it will return to paying quarterly dividends in 2023, and would bring forward the consideration of fresh share buybacks to the first quarter of 2023.
HSBC's London-listed shares, currently trading at their highest in about three and a half years, have rebounded 45% from October 2022 lows when a drop in quarterly profit and a sudden change in its chief financial officer spooked investors and sent its shares tumbling 7%.
Since Quinn took charge in March 2020, just as the COVID-19 pandemic swept the globe, the shares have gained 25%, still underperforming a 50% rise in the broader market. So far this year, the stock has risen 20% versus a 7% rise in the FTSE index.
HSBC's conservative outlook echoed that of British rival NatWest, which warned last week that profit earned from rising interest rates may have peaked.
'NO EASING OFF'
Quinn, who is overseeing a programme of job cuts aimed at stripping out layers from the bank's bloated management structure, said more was to come.
"There will be no easing off at all on costs ... We are now considering up to $300 million of additional costs for severance in 2023," he said.
HSBC reported pretax earnings of $5.2 billion for the fourth quarter, up from $2.7 billion a year earlier and ahead of the $4.96 billion average estimate of analysts compiled by the bank.
HSBC said annual expected credit losses rose to $3.6 billion, more than the $3.2 billion analysts had estimated, due to rising inflation pressuring borrowers and lingering problems in China's property market.
But Quinn told Reuters the outlook for the sector had improved in January, in part due to policy measures aimed at propping up the sector.
Despite the fourth-quarter surge, annual profit fell to $17.5 billion from $18.9 billion for 2021, due to an impairment of $2.4 billion related to the sale of its retail banking operations in France.
That matched the $17.5 billion average estimate of 22 analysts compiled by the bank.
Meanwhile, HSBC said it still expects to complete the sale of its Russia business in first-half 2023, taking a $300 million loss.
https://www.investing.com/news/economy/ ... ue-3008406
Investing.com -- HSBC Holdings PLC (LON:HSBA) logged a sharp jump in its fourth-quarter profit on Tuesday as rising interest rates greatly boosted its net interest income, while the bank also flagged a special dividend on the sale of its Canadian business.
HSBC’s profit before tax for the three months to December 31 jumped 92% to $5.2 billion, while revenue rose 24% to $14.9B, thanks primarily to a jump in net interest income.
The bank declared a second interim dividend of $0.23 per share, and said it was also considering a special dividend of $0.21 per share from the proceeds of the $10B sale of its Canadian business to Royal Bank of Canada (TSX:RY).
The bank also forecast stronger earnings in 2023, with a net interest income of at least $36B in the year, up from $32.6B in 2022. The bank said it is targeting a dividend payout ratio of 50% for 2023 and 2024, and will revert to paying quarterly dividends from the first quarter of 2023.
The improved earnings and outlook come after years of transformation and cost-cutting for the lending giant, which had in May 2021 announced an exit from consumer banking in the U.S., and had later said it will sell its French retail business.
The move was intended to improve profits and to placate calls from its top shareholder, China’s Ping An Insurance (SS:601318), to spin off its Asian business. The exit from Canada was the latest move towards cutting costs.
Asia by far remains HSBC’s biggest moneymaker, and accounted for over 78% of its earnings in 2022. Hong Kong is the bank’s biggest market.
“Asia as a whole has proven resilient and there is the prospect of a strong rebound later in the year… We see strong and growing demand to connect clients in the Middle East with Asia’s economies, and vice versa,” said HSBC Chairman Mark Tucker.
Still, the bank logged a $1.4B decline in annual profit to $17.5B, largely due to a $2.4B impairment on the planned sale of its French retail banking operations.
HSBC said annual expected credit losses also rose sharply to $3.6B in 2022, driven by increased pressure on borrowers from high interest rates, as well as a sluggish Chinese property market.
https://www.investing.com/news/economy/ ... ue-3008406
SINGAPORE/LONDON (Reuters) -HSBC dampened investors' expectations of a sustained income bonanza from rising global interest rates, even after Europe's biggest bank reported a 92% surge in quarterly profit and pledging more regular dividends and share buybacks.
The London-headquartered bank said on Tuesday it would pay a special dividend of $0.21 per share, from the proceeds of the $10 billion sale of its Canada business.
Despite the payout promises, however, the lender's shares fell 2% in Hong Kong as investors weighed income forecasts that analysts deemed moderate against an environment of rising rates.
With its $1.3 trillion in customer deposits, HSBC benefits more than many smaller banks from central bank hikes that enable it to charge a wider margin on its loans and mortgages.
The bank however said it expected net interest income to be at least $36 billion in 2023, shy of $37 billion forecasts and a $38 billion annualised figure analysts calculated from its latest quarterly numbers.
Chief Executive Noel Quinn told Reuters the conservative forecasts were partly due to pressure from competitors to raise rates on deposits, among other factors.
"We are comfortable with consensus being around $37 billion, we are not looking to move that," Quinn said.
HSBC has been working to improve its investor relations after facing pressure from its biggest shareholder, Ping An Insurance Group, to split off its Asian business to boost returns, a strategy HSBC has rejected.
The Asia-focused bank, which counts Hong Kong as its biggest market, also said it will return to paying quarterly dividends in 2023, and would bring forward the consideration of fresh share buybacks to the first quarter of 2023.
HSBC's London-listed shares, currently trading at their highest in about three and a half years, have rebounded 45% from October 2022 lows when a drop in quarterly profit and a sudden change in its chief financial officer spooked investors and sent its shares tumbling 7%.
Since Quinn took charge in March 2020, just as the COVID-19 pandemic swept the globe, the shares have gained 25%, still underperforming a 50% rise in the broader market. So far this year, the stock has risen 20% versus a 7% rise in the FTSE index.
HSBC's conservative outlook echoed that of British rival NatWest, which warned last week that profit earned from rising interest rates may have peaked.
'NO EASING OFF'
Quinn, who is overseeing a programme of job cuts aimed at stripping out layers from the bank's bloated management structure, said more was to come.
"There will be no easing off at all on costs ... We are now considering up to $300 million of additional costs for severance in 2023," he said.
HSBC reported pretax earnings of $5.2 billion for the fourth quarter, up from $2.7 billion a year earlier and ahead of the $4.96 billion average estimate of analysts compiled by the bank.
HSBC said annual expected credit losses rose to $3.6 billion, more than the $3.2 billion analysts had estimated, due to rising inflation pressuring borrowers and lingering problems in China's property market.
But Quinn told Reuters the outlook for the sector had improved in January, in part due to policy measures aimed at propping up the sector.
Despite the fourth-quarter surge, annual profit fell to $17.5 billion from $18.9 billion for 2021, due to an impairment of $2.4 billion related to the sale of its retail banking operations in France.
That matched the $17.5 billion average estimate of 22 analysts compiled by the bank.
Meanwhile, HSBC said it still expects to complete the sale of its Russia business in first-half 2023, taking a $300 million loss.
https://www.investing.com/news/economy/ ... ue-3008406
Investing.com -- HSBC Holdings PLC (LON:HSBA) logged a sharp jump in its fourth-quarter profit on Tuesday as rising interest rates greatly boosted its net interest income, while the bank also flagged a special dividend on the sale of its Canadian business.
HSBC’s profit before tax for the three months to December 31 jumped 92% to $5.2 billion, while revenue rose 24% to $14.9B, thanks primarily to a jump in net interest income.
The bank declared a second interim dividend of $0.23 per share, and said it was also considering a special dividend of $0.21 per share from the proceeds of the $10B sale of its Canadian business to Royal Bank of Canada (TSX:RY).
The bank also forecast stronger earnings in 2023, with a net interest income of at least $36B in the year, up from $32.6B in 2022. The bank said it is targeting a dividend payout ratio of 50% for 2023 and 2024, and will revert to paying quarterly dividends from the first quarter of 2023.
The improved earnings and outlook come after years of transformation and cost-cutting for the lending giant, which had in May 2021 announced an exit from consumer banking in the U.S., and had later said it will sell its French retail business.
The move was intended to improve profits and to placate calls from its top shareholder, China’s Ping An Insurance (SS:601318), to spin off its Asian business. The exit from Canada was the latest move towards cutting costs.
Asia by far remains HSBC’s biggest moneymaker, and accounted for over 78% of its earnings in 2022. Hong Kong is the bank’s biggest market.
“Asia as a whole has proven resilient and there is the prospect of a strong rebound later in the year… We see strong and growing demand to connect clients in the Middle East with Asia’s economies, and vice versa,” said HSBC Chairman Mark Tucker.
Still, the bank logged a $1.4B decline in annual profit to $17.5B, largely due to a $2.4B impairment on the planned sale of its French retail banking operations.
HSBC said annual expected credit losses also rose sharply to $3.6B in 2022, driven by increased pressure on borrowers from high interest rates, as well as a sluggish Chinese property market.
https://www.investing.com/news/economy/ ... ue-3008406
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: HSBC LSE: HSBA NYSE: HSBC SEHK: 0005 bankowość
The European banking sector slumped Friday, following the lead on Wall Street overnight after SVB Financial's (NASDAQ:SIVB) announcement of a $2.25 billion equity raise after revealing a $1.8B net loss and crypto bank Silvergate Capital's (NYSE:SI) decision to wind down operations.
Losses were widespread, with HSBC (LON:HSBA) stock falling 5.1%, BNP Paribas SA (EPA:BNPP) stock down 4.5% and Deutsche Bank (ETR:DBKGn) slipping 7.2%.
Swedbank (ST:SWEDa) stock fell 5.4% after the Nordic lender said it will book a provision of around $3.7M to do with a U.S. investigation over the bank's "historical shortcomings".
Losses were widespread, with HSBC (LON:HSBA) stock falling 5.1%, BNP Paribas SA (EPA:BNPP) stock down 4.5% and Deutsche Bank (ETR:DBKGn) slipping 7.2%.
Swedbank (ST:SWEDa) stock fell 5.4% after the Nordic lender said it will book a provision of around $3.7M to do with a U.S. investigation over the bank's "historical shortcomings".
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: HSBC LSE: HSBA NYSE: HSBC SEHK: 0005 bankowość
HSBC slipped 0.1% after the British bank said it is acquiring the UK subsidiary of SVB for 1 pound, rescuing a key lender for technology start-ups in Britain.
Victoria Scholar, szefowa działu inwestycji w Interactive Investor, powiedziała: "Przejęcie SVB UK przez HSBC jest mile widzianym wydarzeniem dla jego deponentów i szerszego systemu bankowego. Oznacza to, że SVB UK uniknie postępowania upadłościowego, a jego klienci będą mogli od dziś normalnie korzystać z depozytów i usług bankowych.
Victoria Scholar, szefowa działu inwestycji w Interactive Investor, powiedziała: "Przejęcie SVB UK przez HSBC jest mile widzianym wydarzeniem dla jego deponentów i szerszego systemu bankowego. Oznacza to, że SVB UK uniknie postępowania upadłościowego, a jego klienci będą mogli od dziś normalnie korzystać z depozytów i usług bankowych.
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: HSBC LSE: HSBA NYSE: HSBC SEHK: 0005 bankowość
HSBC slipped 1.8% in its fourth consecutive day of losses. The UK bank bought the UK arm of Silicon Valley Bank on Monday, rescuing a key lender for technology start-ups in Britain.
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: HSBC LSE: HSBA NYSE: HSBC SEHK: 0005 bankowość
HSBC urges SVB UK staff to assure clients their cash, loans are safe - memo
LONDON (Reuters) - HSBC's top bosses have called on employees at the rescued British arm of failed U.S. lender Silicon Valley Bank to assure clients "their deposits are safe and loans are supported" as the process of integration following its 'white knight' takeover begins.
"Please continue to operate as usual ... it is vital that you continue to serve your clients as you have done up to now," a memo sent to SVB staff on Tuesday and posted by HSBC UK Chief Executive Ian Stuart on the professional networking site LinkedIn said.
HSBC on Monday agreed to buy SVB UK for 1 pound in a rescue deal brokered by the Bank of England and the UK finance ministry, following the rapid demise of its parent in the biggest U.S. bank collapse in more than a decade.
"We've put close to 2 billion pounds of liquidity into SVB UK and we're ready to deploy more cash and more liquidity, as needed," the memo, which was also signed by group Chief Executive Noel Quinn, added.
A spokesperson for HSBC confirmed the authenticity of the memo, without providing further comment.
https://www.investing.com/news/stock-ma ... mo-3030958
LONDON (Reuters) - HSBC's top bosses have called on employees at the rescued British arm of failed U.S. lender Silicon Valley Bank to assure clients "their deposits are safe and loans are supported" as the process of integration following its 'white knight' takeover begins.
"Please continue to operate as usual ... it is vital that you continue to serve your clients as you have done up to now," a memo sent to SVB staff on Tuesday and posted by HSBC UK Chief Executive Ian Stuart on the professional networking site LinkedIn said.
HSBC on Monday agreed to buy SVB UK for 1 pound in a rescue deal brokered by the Bank of England and the UK finance ministry, following the rapid demise of its parent in the biggest U.S. bank collapse in more than a decade.
"We've put close to 2 billion pounds of liquidity into SVB UK and we're ready to deploy more cash and more liquidity, as needed," the memo, which was also signed by group Chief Executive Noel Quinn, added.
A spokesperson for HSBC confirmed the authenticity of the memo, without providing further comment.
https://www.investing.com/news/stock-ma ... mo-3030958
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: HSBC LSE: HSBA NYSE: HSBC SEHK: 0005 bankowość
Bankom we Francji grożą olbrzymie grzywny w wysokości ponad 1,1 miliarda dolarów! To efekt nalotu urzędów nadzoru. W tle oszustwa podatkowe oraz pranie brudnych pieniędzy! Straty w wyniku działań tych banków to nawet 140 mld euro
Francuskim bankom, w tym Societe Generale SA i BNP Paribas SA, grozi zbiorowa grzywna w wysokości ponad 1 miliarda euro (1,1 miliarda dolarów) w ramach dochodzenia w sprawie oszustw podatkowych i prania pieniędzy związanych z wypłatą dywidendy. Śledczy prowadzą przeszukania w siedzibie obu banków.
Jak poinformował „Le Monde”, skoordynowane prace prokuratury trwają od wtorku od godz. 9:30. Udział w niech bierze 150 śledczych z Bercy (tj. dzielnica Paryża, w której mieści się francuskie Ministerstwo Finansów - red.) oraz 16 francuskich sędziów.
HSBC Holdings Plc, Natixis SA i jednostka BNP Exane są również objęte śledztwem, według prokuratury w Paryżu, która stwierdziła, że grzywny obejmują kary i zaległe odsetki. Wstępne śledztwo w sprawie nalotów zostało wszczęte w grudniu 2021 roku - poinformował prokurator.
Jak czytamy w „Le Monde”, działania prokuratury są powiązane z ujawnionym przez media skandalem z 2018 r., czyli aferą „CumCum”, zwaną także „CumEx-Files”. Okazało się, że w sektorze bankowym prowadzone są sztuczne transakcje, które mają na celu przelewanie pieniędzy w taki sposób, aby spółki nie płaciły podatków od kupionych dywidend.
Dziennikarza oszacowali, że taka praktyka mogła wówczas kosztować budżet państwa nawet kilkadziesiąt miliardów euro, choć podaje się, że straty mogą realnie wynosić nawet 140 mld euro.
Modus operandi „cum-ex” polega na przeprowadzeniu schematu handlowego, w którym banki i inwestorzy szybko sprzedają i skupują akcje spółek w okolicach okresu wypłaty dywidendy. Dzięki temu pozornemu rozmyciu ulega własności akcji, co umożliwia stronom odzyskanie ulg podatkowych od dywidend kupionych w ramach sztucznej transakcji
Co znamienne, oba wspomniane banki, zwłaszcza BNP Paribas, są bardzo zaangażowane w kampanie wizerunkowe, przekonujące o ich poświęceniu obronie i promowaniu wartości, jak społeczna odpowiedzialność, ochrona środowiska oraz wspieranie praw osób LGBT+.
na podst. Bloomberg, Reuters, mw
https://www.msn.com/pl-pl/finanse/najpo ... 4b465&ei=9
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: HSBC LSE: HSBA NYSE: HSBC SEHK: 0005 bankowość
HSBC hires Silicon Valley Bank bankers to focus on tech, healthcare
NEW YORK (Reuters) -HSBC Holdings plc's U.S. unit has hired dozens of Silicon Valley Bank bankers led by David Sabow, who most recently led the technology and healthcare banking segment for the California-based bank that collapsed last month.
HSBC USA said in a statement the hiring will help the bank establish a dedicated banking practice focused on serving companies in technology and healthcare, as well as investors who support them.
HSBC has initially assembled a team of more than 40 bankers in the San Francisco Bay Area, Boston and New York City as part of this initiative, it said.
The Federal Deposit Insurance Corporation (FDIC) took over Silicon Valley Bank on March 10 after depositors rushed to pull out their money in a bank run that also brought down Signature Bank (OTC:SBNY) and wiped out more than half the market value of several other U.S. regional lenders.
U.S. regulators last month decided to backstop a deal for regional lender First Citizens BancShares to acquire failed Silicon Valley Bank, triggering an estimated $20 billion hit to a government-run insurance fund.
HSBC said other hires included Sunita Patel, who will oversee investor coverage and business development for technology and healthcare market, Katherine Andersen who will lead life sciences and healthcare, and Melissa Stepanis, who will oversee technology.
HSBC's new banking practice will sit within the bank's US commercial banking business, it said.
HSBC last month bought the UK arm of Silicon Valley Bank for a symbolic one pound, rescuing a key lender for technology start-ups in Britain.
NEW YORK (Reuters) -HSBC Holdings plc's U.S. unit has hired dozens of Silicon Valley Bank bankers led by David Sabow, who most recently led the technology and healthcare banking segment for the California-based bank that collapsed last month.
HSBC USA said in a statement the hiring will help the bank establish a dedicated banking practice focused on serving companies in technology and healthcare, as well as investors who support them.
HSBC has initially assembled a team of more than 40 bankers in the San Francisco Bay Area, Boston and New York City as part of this initiative, it said.
The Federal Deposit Insurance Corporation (FDIC) took over Silicon Valley Bank on March 10 after depositors rushed to pull out their money in a bank run that also brought down Signature Bank (OTC:SBNY) and wiped out more than half the market value of several other U.S. regional lenders.
U.S. regulators last month decided to backstop a deal for regional lender First Citizens BancShares to acquire failed Silicon Valley Bank, triggering an estimated $20 billion hit to a government-run insurance fund.
HSBC said other hires included Sunita Patel, who will oversee investor coverage and business development for technology and healthcare market, Katherine Andersen who will lead life sciences and healthcare, and Melissa Stepanis, who will oversee technology.
HSBC's new banking practice will sit within the bank's US commercial banking business, it said.
HSBC last month bought the UK arm of Silicon Valley Bank for a symbolic one pound, rescuing a key lender for technology start-ups in Britain.
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: HSBC LSE: HSBA NYSE: HSBC SEHK: 0005 bankowość
HONG KONG/LONDON (Reuters) - HSBC's biggest shareholder Ping An is likely to vote in favour of splitting the bank up at its annual investor meeting on May 5, a source familiar with the Chinese insurer's thinking said on Monday.
The source said Ping An would vote in favour of two resolutions tabled by individual investor Ken Lui, which call for HSBC to restore dividends to 51 cents per share and to provide regular updates on the possibility of spinning off its Asia business.
HSBC recommended that shareholders vote against the resolutions, and has, since Ping An began urging the spinoff last November, maintained that its global presence is worth more than any such fragmentation would yield.
"We remain clear that our current strategy is the fastest, safest and most value enhancing way to deliver returns," a spokesperson for the bank said on Monday.
A spokesperson for Ping An declined to comment.
HSBC’s other institutional shareholders, particularly in Britain, have so far shown little appetite for a break-up. With an around 8% stake in HSBC, Ping An would not be able to force the issue on its own.
The source said Ping An would vote in favour of two resolutions tabled by individual investor Ken Lui, which call for HSBC to restore dividends to 51 cents per share and to provide regular updates on the possibility of spinning off its Asia business.
HSBC recommended that shareholders vote against the resolutions, and has, since Ping An began urging the spinoff last November, maintained that its global presence is worth more than any such fragmentation would yield.
"We remain clear that our current strategy is the fastest, safest and most value enhancing way to deliver returns," a spokesperson for the bank said on Monday.
A spokesperson for Ping An declined to comment.
HSBC’s other institutional shareholders, particularly in Britain, have so far shown little appetite for a break-up. With an around 8% stake in HSBC, Ping An would not be able to force the issue on its own.
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: HSBC LSE: HSBA NYSE: HSBC SEHK: 0005 bankowość
HSBC (LON:HSBA), Europe’s largest bank by assets, reported a tripling of quarterly profit, as rising interest rates worldwide boosted its income and helped it pay a first quarterly dividend since 2019.
These stellar results have helped to prop up the banking sector in Europe, with HSBC stock 4% higher, following a troubled period which has seen Credit Suisse taken over under duress by Swiss rival UBS (SIX:UBSG) and three smaller U.S. banks collapsing.
HSBC rallied as it reinstated its dividend and announced a new round of share buybacks as it trebled first-quarter profits on the back of rising interest rates. The bank posted a pre-tax profit of $13bn for the three months to March against $4.2bn a year earlier and the $8.64bn average company-compiled analysts' estimates.
It was also boosted by a reversal of a $2bn impairment HSBC took against the planned sale of its French business, reflecting the fact that the deal may no longer go through.
Matt Britzman, equity analyst at Hargreaves Lansdown, said: "HSBC has seen profits soar, and investors should be reasonably happy with the restored quarterly dividend and $2bn buyback that looks likely to be completed over the next quarter.
"Whether this is enough to quell the voices of those adamant that splitting HSBC up is the best course of action for investors remains to be seen, but certainly, one gripe had been the lack of returns given the strong capital position."
These stellar results have helped to prop up the banking sector in Europe, with HSBC stock 4% higher, following a troubled period which has seen Credit Suisse taken over under duress by Swiss rival UBS (SIX:UBSG) and three smaller U.S. banks collapsing.
HSBC rallied as it reinstated its dividend and announced a new round of share buybacks as it trebled first-quarter profits on the back of rising interest rates. The bank posted a pre-tax profit of $13bn for the three months to March against $4.2bn a year earlier and the $8.64bn average company-compiled analysts' estimates.
It was also boosted by a reversal of a $2bn impairment HSBC took against the planned sale of its French business, reflecting the fact that the deal may no longer go through.
Matt Britzman, equity analyst at Hargreaves Lansdown, said: "HSBC has seen profits soar, and investors should be reasonably happy with the restored quarterly dividend and $2bn buyback that looks likely to be completed over the next quarter.
"Whether this is enough to quell the voices of those adamant that splitting HSBC up is the best course of action for investors remains to be seen, but certainly, one gripe had been the lack of returns given the strong capital position."
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: HSBC LSE: HSBA NYSE: HSBC SEHK: 0005 bankowość
HONG KONG/LONDON (Reuters) - HSBC tripled its profit in the first quarter as rising interest rates boosted its income, beating analyst forecasts and helping the bank pay its first quarterly dividend since 2019.
The strong results reported by HSBC and Asian rival DBS on Tuesday underscore how aggressive policy tightening has lifted profit margins, even though it has also sparked banking sector turmoil in the U.S. and other markets. On Monday, regulators seized First Republic Bank (NYSE:FRC) and sold its assets to JPMorgan Chase & Co (NYSE:JPM), in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under the bank sector jitters.
With the rate cycle nearing a peak, the challenge for the likes of HSBC, Europe's largest bank, will be to sustain its margins this year and beyond.
CEO Noel Quinn said on a call the results showed HSBC's strengths in a rising rate environment, and played down the risks of further contagion after First Republic's rescue.
"We do not believe there is a global banking crisis on the horizon. We do not see a negative impact on our business".
HSBC posted a pretax profit of $12.9 billion for the quarter ended March, versus $4.2 billion a year earlier. The average estimate of 17 analysts compiled by the bank was $8.64 billion.
GRAPHIC: HSBC's pretax profit triples in Q1 2023 https://www.reuters.com/graphics/HSBC-R ... /chart.png
HSBC shares rose as high as 6% in London, the second best performer on the benchmark FTSE index.
The bank's revenue "showed strength notably in non-interest income", analysts from Jefferies said, with more than $1 billion from assets held for trading and global banking and HSBC's markets unit, which saw a 20% revenue rise from a year ago.
HSBC's headline profit was boosted by a reversal of a $2 billion impairment it took against the planned sale of its French business, reflecting that the deal may not go through.
It warned last month the disposal could be in jeopardy over regulatory capital concerns for the buyer.
London-headquartered HSBC also reported a delay in the sale of its Canada business, a key part of its strategy to shrink in slow-growing Western markets where it lacks scale.
HSBC said the planned $10 billion sale, originally slated to be completed by the end of this year, will now only likely go through in the first quarter of 2024.
SHAREHOLDERS' MEETING
HSBC has tried recently to accelerate its Asian pivot, in part to head off calls from its biggest shareholder, Ping An Insurance Group Co of China, to spin off the Asia unit to boost shareholder returns.
Shareholders will vote at the bank's annual meeting on May 5 on two resolutions filed by a Hong Kong investor and supported by Ping An, calling for higher dividends and a regular update on strategic proposals.
HSBC, which has opposed the resolutions, criticised the spin-off proposal again on Tuesday. Shareholder advisory firms Glass Lewis and Institutional Shareholder Services recommended that investors vote against the proposal, which needs 75% approval to pass.
Norway's state investment fund, HSBC's fourth biggest shareholder with a 3% stake, has also said it will vote in line with the bank, which announced a $0.10 per share dividend and flagged the first of a new buyback cycle of up to $2 billion.
HSBC reported deposits fell 0.6% to $1.6 trillion, excluding those it acquired by bailing out the UK arm of failed U.S. lender Silicon Valley Bank and the reclassification of French retail deposits. Quinn said the drop was "nothing significant".
Big European banks have reported deposits falling as consumers, faced with a cost of living crisis, eat into savings and shop around for higher-paying products such as fixed-term deposits and investment funds.
Despite the surging profit, HSBC did not raise its key performance target of a return on tangible equity of at least 12% from this year onwards, which analysts were anticipating.
HSBC's results showed a strong overall performance but a failure to upgrade its outlook was overly cautious, Citi analysts said.
The strong results reported by HSBC and Asian rival DBS on Tuesday underscore how aggressive policy tightening has lifted profit margins, even though it has also sparked banking sector turmoil in the U.S. and other markets. On Monday, regulators seized First Republic Bank (NYSE:FRC) and sold its assets to JPMorgan Chase & Co (NYSE:JPM), in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under the bank sector jitters.
With the rate cycle nearing a peak, the challenge for the likes of HSBC, Europe's largest bank, will be to sustain its margins this year and beyond.
CEO Noel Quinn said on a call the results showed HSBC's strengths in a rising rate environment, and played down the risks of further contagion after First Republic's rescue.
"We do not believe there is a global banking crisis on the horizon. We do not see a negative impact on our business".
HSBC posted a pretax profit of $12.9 billion for the quarter ended March, versus $4.2 billion a year earlier. The average estimate of 17 analysts compiled by the bank was $8.64 billion.
GRAPHIC: HSBC's pretax profit triples in Q1 2023 https://www.reuters.com/graphics/HSBC-R ... /chart.png
HSBC shares rose as high as 6% in London, the second best performer on the benchmark FTSE index.
The bank's revenue "showed strength notably in non-interest income", analysts from Jefferies said, with more than $1 billion from assets held for trading and global banking and HSBC's markets unit, which saw a 20% revenue rise from a year ago.
HSBC's headline profit was boosted by a reversal of a $2 billion impairment it took against the planned sale of its French business, reflecting that the deal may not go through.
It warned last month the disposal could be in jeopardy over regulatory capital concerns for the buyer.
London-headquartered HSBC also reported a delay in the sale of its Canada business, a key part of its strategy to shrink in slow-growing Western markets where it lacks scale.
HSBC said the planned $10 billion sale, originally slated to be completed by the end of this year, will now only likely go through in the first quarter of 2024.
SHAREHOLDERS' MEETING
HSBC has tried recently to accelerate its Asian pivot, in part to head off calls from its biggest shareholder, Ping An Insurance Group Co of China, to spin off the Asia unit to boost shareholder returns.
Shareholders will vote at the bank's annual meeting on May 5 on two resolutions filed by a Hong Kong investor and supported by Ping An, calling for higher dividends and a regular update on strategic proposals.
HSBC, which has opposed the resolutions, criticised the spin-off proposal again on Tuesday. Shareholder advisory firms Glass Lewis and Institutional Shareholder Services recommended that investors vote against the proposal, which needs 75% approval to pass.
Norway's state investment fund, HSBC's fourth biggest shareholder with a 3% stake, has also said it will vote in line with the bank, which announced a $0.10 per share dividend and flagged the first of a new buyback cycle of up to $2 billion.
HSBC reported deposits fell 0.6% to $1.6 trillion, excluding those it acquired by bailing out the UK arm of failed U.S. lender Silicon Valley Bank and the reclassification of French retail deposits. Quinn said the drop was "nothing significant".
Big European banks have reported deposits falling as consumers, faced with a cost of living crisis, eat into savings and shop around for higher-paying products such as fixed-term deposits and investment funds.
Despite the surging profit, HSBC did not raise its key performance target of a return on tangible equity of at least 12% from this year onwards, which analysts were anticipating.
HSBC's results showed a strong overall performance but a failure to upgrade its outlook was overly cautious, Citi analysts said.
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
Re: HSBC LSE: HSBA NYSE: HSBC SEHK: 0005 bankowość
Exclusive-HSBC reaches deal to buy out China fund partner -sources
HONG KONG (Reuters) -HSBC has agreed to buy out its China fund management joint venture partner, two people familiar with the matter said, as the Asia-focused bank pushes ahead with expansion in the world's second-largest economy.
HSBC, which currently owns a 49% stake in HSBC Jintrust Fund Management, has signed an agreement with Shanxi Trust under which the Chinese state-owned company will sell its 51% holding in the joint venture to the bank, said the sources.
The transfer is, however, subject to a public auction of the shares and regulatory review and approval, said the sources, who declined to be identified as they were not authorised to speak to media.
If approved, Europe's biggest bank by assets, which makes the bulk of its revenue and profit in Asia, will expand its presence in the $3.8 trillion fund management market in China.
A spokesperson for HSBC in Hong Kong declined to comment. Representatives for Shanghai-headquartered HSBC Jintrust and Shanxi Trust did not immediately respond to a request for comment.
It was not immediately clear how much HSBC will pay Shanxi Trust to wholly own HSBC Jintrust, which, according to the joint venture's website, had $7.7 billion in funds under management as of end-March.
HSBC's move to boost its stake in the fund venture is the lender's latest to expand its presence in China.
The London-headquartered bank converted its China insurance joint venture to a wholly-owned subsidiary in 2021, and boosted ownership of its China securities joint venture to 90% last year.
HSBC has deployed billions of dollars in China in the last few years as part of an Asia pivot, boosting its market share across banking, insurance and securities businesses in the country's $57 trillion financial sector.
China, including Hong Kong and the mainland, contributed around 44% of HSBC's profit in 2022.
CHINA INVESTMENTS
HSBC Chief Executive Noel Quinn visited Beijing in March, when a top official told him China "welcomed an expansion of HSBC's investment in the country".
The bank's signing of the deal for the China fund business comes as it contends with a months-long campaign from shareholder Ping An to hive off its Asia business. HSBC managed to defeat a break-up bid at Friday's annual investor meeting.
HSBC joins a string of global financial companies including Manulife, JPMorgan (NYSE:JPM) and Morgan Stanley (NYSE:MS) in taking advantage of the removal of a foreign ownership cap in 2019 to boost stakes in Chinese fund ventures.
HSBC Global Asset Management, the bank's fund business unit, is planning an accelerated push to win regulatory approval to bring the ownership change into effect, the sources said.
However, before turning to the regulators, it must cut or offload a majority stake indirectly owned via its subsidiary Hang Seng Bank in 70%-controlled fund unit Hang Seng Qianhai Fund Management, the sources said.
Domestic and foreign firms are subject to China's "One Majority, One Minority" ownership rule, which means they can't have more than two fund units in China and only hold majority control of one.
HONG KONG (Reuters) -HSBC has agreed to buy out its China fund management joint venture partner, two people familiar with the matter said, as the Asia-focused bank pushes ahead with expansion in the world's second-largest economy.
HSBC, which currently owns a 49% stake in HSBC Jintrust Fund Management, has signed an agreement with Shanxi Trust under which the Chinese state-owned company will sell its 51% holding in the joint venture to the bank, said the sources.
The transfer is, however, subject to a public auction of the shares and regulatory review and approval, said the sources, who declined to be identified as they were not authorised to speak to media.
If approved, Europe's biggest bank by assets, which makes the bulk of its revenue and profit in Asia, will expand its presence in the $3.8 trillion fund management market in China.
A spokesperson for HSBC in Hong Kong declined to comment. Representatives for Shanghai-headquartered HSBC Jintrust and Shanxi Trust did not immediately respond to a request for comment.
It was not immediately clear how much HSBC will pay Shanxi Trust to wholly own HSBC Jintrust, which, according to the joint venture's website, had $7.7 billion in funds under management as of end-March.
HSBC's move to boost its stake in the fund venture is the lender's latest to expand its presence in China.
The London-headquartered bank converted its China insurance joint venture to a wholly-owned subsidiary in 2021, and boosted ownership of its China securities joint venture to 90% last year.
HSBC has deployed billions of dollars in China in the last few years as part of an Asia pivot, boosting its market share across banking, insurance and securities businesses in the country's $57 trillion financial sector.
China, including Hong Kong and the mainland, contributed around 44% of HSBC's profit in 2022.
CHINA INVESTMENTS
HSBC Chief Executive Noel Quinn visited Beijing in March, when a top official told him China "welcomed an expansion of HSBC's investment in the country".
The bank's signing of the deal for the China fund business comes as it contends with a months-long campaign from shareholder Ping An to hive off its Asia business. HSBC managed to defeat a break-up bid at Friday's annual investor meeting.
HSBC joins a string of global financial companies including Manulife, JPMorgan (NYSE:JPM) and Morgan Stanley (NYSE:MS) in taking advantage of the removal of a foreign ownership cap in 2019 to boost stakes in Chinese fund ventures.
HSBC Global Asset Management, the bank's fund business unit, is planning an accelerated push to win regulatory approval to bring the ownership change into effect, the sources said.
However, before turning to the regulators, it must cut or offload a majority stake indirectly owned via its subsidiary Hang Seng Bank in 70%-controlled fund unit Hang Seng Qianhai Fund Management, the sources said.
Domestic and foreign firms are subject to China's "One Majority, One Minority" ownership rule, which means they can't have more than two fund units in China and only hold majority control of one.
Pieniądz robi pieniądz a bieda robi jeszcze wiekszą biedę !!!
REKLAMA
Kto jest online
Użytkownicy przeglądający to forum: Obecnie na forum nie ma żadnego zarejestrowanego użytkownika i 71 gości