 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 by AFP Staff Writers London (AFP) Nov 29, 2022
HSBC has agreed to sell its Canadian division to Royal Bank of Canada for US$10.1 billion, the Asia-focused banking giant announced Tuesday. The large sale comes after UK-listed HSBC faced calls from biggest shareholder Ping An Insurance Group to cut costs and shift more resources to Asia. HSBC added in a statement that it would use the funds to invest in its core business and return cash to investors. "We decided to sell following a thorough review of the business... and concluded that there was a material value upside from selling," said chief executive Noel Quinn. The divestment is expected to be completed in late 2023. "HSBC Canada offers the opportunity to add a complementary business and client base in the market we know best and where we can deliver strong returns and client value," RBC president and CEO Dave McKay said in a separate statement. "This also positions us as the bank of choice for commercial clients with international needs, newcomers to Canada and affluent clients who need global banking and wealth management capabilities." China's Ping An has urged HSBC to spin off its Asian operations in a bid to unlock shareholder value amid tensions between Beijing and the West. Shares rose 4.4 percent to 510.10 pence in late afternoon deals on London's rising stock market. "HSBC's policy for some time has been to pivot toward Asia and the sale of the Canadian business is the latest step in that mix shift," said AJ Bell investment director Russ Mould. "Pressure from Ping An could be accelerating the changes, especially if HSBC's board remains keen to avoid a full break-up." ode-rfj/raz
Equities and crude drop as China hit by protests Hong Kong (AFP) Nov 28, 2022 Stocks and oil prices sank Monday on concerns about protests across China calling for political freedoms and an end to the government's hardline zero-Covid policy, fuelling uncertainty in the world's number-two economy. Hundreds of people took to the streets at the weekend in the country's biggest demonstrations since pro-democracy rallies in 1989 were crushed. A deadly fire in the Xinjiang region on Thursday served as the catalyst for the public anger, with many blaming virus lockdowns for hamp ... read more
|
|||||||||||||
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |
del.icio.us
Digg
Reddit
Google
