HSBC Holdings PLC (HSBA.L) Key Developments |
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HSBC Holdings PLC (HSBA.L)

HSBA.L on London Stock Exchange

24 Jun 2016
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Latest Key Developments (Source: Significant Developments)

HSBC Holdings says HSBC Finance reaches agreement to resolve shareholder class action<0005.HK>
Thursday, 16 Jun 2016 07:56pm EDT 

HSBC Holdings PLC : HSBC Finance Corp reaches agreement to resolve 14-year shareholder class action <0005.HK> . HSBC Finance agreed to pay US$1.575 BN to settle all claims in Jaffe v. Household International . Settlement is subject to court approval . Settlement is expected to result in a pretax charge to HSBC Finance of approximately US$585M in the second quarter of 2016 .  Full Article

HSBC says Brazil regulator approves sale of unit
Thursday, 9 Jun 2016 02:49am EDT 

Hsbc Holdings Plc : Sale of Brazil business receives reg approval . Transaction was unanimously approved by Brazilian Administrative Council for Economic Defence (Brazil's competition agency) and official publication of this decision is expected to be on or before 14 June 2016 . Bradesco and HSBC plan to complete transaction early in July . Transaction is expected to decrease group risk weighted assets by around $37bn and increase group's common equity tier 1 ratio by c.65bps .HSBC plans to maintain a presence in brazil to serve large corporate clients with respect to their international needs.  Full Article

HSBC Holdings announces issuance of subordinated notes due 2028<0005.HK>
Tuesday, 7 Jun 2016 08:53pm EDT 

HSBC Holdings PLC : Issuance of subordinated notes due 2028 <0005.HK> . On 7 June 2016, HSBC Holdings PLC issued EUR1.0 billion 3.125% subordinated notes due 2028 under its debt issuance programme . Application has been made to list the new notes on the official list of the UK listing authority .  Full Article

HSBC to seek new chair for its board pay committee- Sky News
Wednesday, 25 May 2016 12:46pm EDT 

:Hsbc Holdings Plc to seek a new chair for its board pay committee as Sam Laidlaw prepares to step down - Sky News.  Full Article

HSBC announces issuance of perpetual subordinated contingent convertible securities<0005.HK>
Tuesday, 24 May 2016 07:33pm EDT 

HSBC Holdings PLC : Issuance of perpetual subordinated contingent convertible securities <0005.HK> . Intends to issue US$2 billion 6.875% perpetual subordinated contingent convertible securities on 1 June 2016 . Denominations of the securities will be US$200,000 and integral multiples of US$1,000 in excess thereof . Securities are expected to be admitted to official list and to trading on global exchange market of the Irish stock exchange within 30 days of the issue date .  Full Article

HSBC Holdings PLC - Deutsche Bank AG to settle U.S. silver price-fixing litigation - Reuters News
Wednesday, 13 Apr 2016 07:01pm EDT 

HSBC Holdings PLC:Deutsche Bank AG has agreed to settle U.S. litigation over allegations it illegally conspired with Bank of Nova Scotia and HSBC Holdings Plc to fix silver prices at the expense of investors, a court filing on Wednesday showed - RTRS.Terms were not disclosed, but the accord will include a monetary payment by the German bank, a letter filed in Manhattan federal court by lawyers for the investors said.Deutsche Bank has signed a binding settlement term sheet, and is negotiating a formal settlement agreement to be submitted for approval by U.S. District Judge Valerie Caproni, who oversees the litigation.A Deutsche Bank spokeswoman declined to comment. Lawyers for the investors did not immediately respond to requests for comment.Investors accused Deutsche Bank, HSBC and ScotiaBank of abusing their power as three of the largest silver bullion banks to dictate the price of silver through a secret, once-a-day meeting known as the Silver Fix.According to the lawsuit, the defendants distorted prices on the roughly $30 billion of silver and silver financial instruments traded annually, violating U.S. antitrust law. UBS AG UBSG.S was also named as a defendant.Investors accused the Swiss bank of conspiring to exploit the Silver Fix, though it did not help set the benchmark.Spokesmen for HSBC and ScotiaBank declined to comment, saying they could not discuss pending litigation. A spokeswoman for UBS did not immediately respond to requests for comment.  Full Article

HSBC Holdings PLC -UK watchdog asks banks to check for ties to Panama Papers - Reuters News
Thursday, 7 Apr 2016 06:24am EDT 

HSBC Holdings PLC:Britain's Financial Conduct Authority has asked 20 banks and other financial firms to check if they have any ties to Panama law firm Mossack Fonseca, the regulator said on Thursday. - RTRS.A massive leak of documents from the firm released this week detailed how the world's rich skipped through loopholes to park cash in low-tax jurisdictions.Recipients of the letter have been given until April 15 to respond to the disclosure request. More than 500 banks, their subsidiaries and branches registered nearly 15,600 shell companies with Mossack Fonseca, according to the International Consortium of Investigative Journalists (ICIJ).HSBC, and its affiliates created more than 2,300 in total, the ICIJ says.HSBC has dismissed suggestions it actively used offshore structures to help clients cheat on their taxes.The bank has said the documents from Panama pre-dated a thorough reform of its business model.Spokespeople for HSBC and Barclays BARC.L declined to comment on the FCA correspondence. RBS and Standard Chartered both said they were reviewing their operations and co-operating fully with regulators on the issue.News of the FCA's letter follows calls from Conservative lawmaker and chairman of Britain's Treasury Select Committee, Andrew Tyrie, for a thorough investigation of the trove and prosecutions "wherever possible".  Full Article

HSBC Holdings PLC - Italian police open money laundering investigation of broker linked to HSBC - Reuters News
Tuesday, 22 Mar 2016 11:04am EDT 

HSBC Holdings PLC:An Italian financial broker working on behalf of HSBC in the Swiss town of Lugano is under investigation for possible money laundering in a probe linked to a wider tax evasion case, an Italian finance police colonel told Reuters. - RTRS.The officer's confirmation that an investigation has been opened followed a statement on Tuesday from Turin tax police, saying that police searched the home of the broker in the Northern Italian town of Lecco. It did not name the broker.The statement said the individual is suspected of being part of a group of a dozen brokers who are alleged to have collected funds from Italian clients.deposited them in anonymous accounts in the Lugano office of HSBC and then transferred them to offshore companies in Panama, Luxembourg and the British Virgin Isles to shield the money from tax authorities.The other 11 people are not under investigation and no other searches have been carried out, finance police colonel Ivan Bixio told Reuters on Tuesday."We are monitoring the situation but have no further comment at this stage," an HSBC representative told Reuters in an emailed statement.HSBC no longer has offices in Lugano.The investigation grew out of an analysis by the finance police of the so-called Falciani list of more than 100,000 names leaked in 2008 by a former HSBC employee, sparking a U.S. probe into whether the British bank helped Americans to evade taxes.  Full Article

HSBC Holdings PLC - South Korea fines Deutsche, HSBC over "rigging" foreign currency swap deals - BBCMON
Monday, 14 Mar 2016 12:58pm EDT 

HSBC Holdings PLC:South Korea's antitrust watchdog said Tuesday [15 March] that it has slapped a combined 59 million won (US$49,600) in fines on two foreign banks for rigging bids for foreign currency swap deals - BBCMON.According to the Fair Trade Commission (FTC), Seoul branches of Germany's Deutsche Bank and Britain's HSBC were accused of rigging four bidding processes for foreign currency swap transactions that took place between January 2011 and February 2012.Foreign currency swap is a kind of FX derivative that simultaneously trades the same amount of one currency for another with two different value dates.It is used by financial institutions and investors to hedge against their foreign exchange positions."It is the first time that the FTC caught an offense in foreign exchange derivatives trading," the watchdog said in a release."The FTC will tighten monitoring of the financial and foreign currency markets to root out such unfair trading and illegal activities." Deutsche Bank was fined 13 million won, while HSBC was slapped with 46 million won, added the FTC.  Full Article

HSBC Holdings PLC - HSBC freezes at least $87 mln in accounts linked to China's Sam Pa- FT - Reuters News
Monday, 14 Mar 2016 04:14am EDT 

HSBC Holdings PLC:HSBC has frozen more than $87m in accounts linked to a Chinese tycoon behind several multibillion-dollar deals in Africa, while it investigates allegations of “serious financial crimes”. - FT.Accounts controlled by Sam Pa and his business associate Veronica Fung were blocked by the bank a year ago, but its internal investigation is still going, court documents have revealed.Last week, a Hong Kong judge declined Mr Pa and Ms Fung’s request that he order HSBC to release the funds, which are “extremely substantial”, according to the ruling. One account alone contains $87m, the documents show.Mr Pa has built a network of interests in oil, minerals and infrastructure by cultivating regimes regarded as among the world’s most repressive and corrupt, from Angola to North Korea — often blazing a trail for Chinese state-owned groups.His commercial empire, known as the Queensway Group after the Hong Kong address of its headquarters, has amassed assets including the former JPMorgan building opposite the New York Stock Exchange.In a 2014 Financial Times investigation, people who have had dealings with Mr Pa — who goes by at least seven different names — claimed that he also had close ties to the Chinese intelligence services.HSBC told the court that it froze the accounts and began an investigation in March 2015 after learning that Washington had placed Mr Pa under sanctions.  Full Article