Thanks to lansdown,Wasron,jfgw,Rhyd6,eyeball08, for Donating to support the site
idpickering wrote:HSBC HOLDINGS PLC - AGM STATEMENTS.At the Annual General Meeting of HSBC Holdings plc, held at The Eastside Rooms, Birmingham, UK today, the following statements were issued by Group Chairman, Mark Tucker and Group Chief Executive, Noel Quinn.
Full item here; https://www.investegate.co.uk/announcement/7515548
Ian (I hold).
Following its Annual General Meeting ("AGM") held today, HSBC Holdings plc (the "Company") announces the results of the poll vote for each of the resolutions set out in the Notice of AGM.
Resolutions 1 to 7, 10 and 13 were passed as ordinary resolutions and resolutions 8, 9, 11, 12, 14 and 15 were passed as special resolutions.
In line with the Board's recommendation, the shareholder-requisitioned resolutions 16, 17 and 18 failed.
The table below shows the votes cast on each resolution.
The Board notes that over 20% of votes cast were against the Board's recommendations in respect of resolutions 2, 3(l), 6, 7, 14 and 15.
In this context, it should be noted that the largest shareholder, Ping An, voted against the Board's recommendations on these resolutions and a number of others. Ping An's votes account for approximately 18-19% of all votes cast at the AGM based on a turnout of around 50%. This turnout is consistent with prior years.
The Board is pleased that a large majority of shareholders voting at the AGM supported HSBC's strategy. The Board and the management team remain focused on executing the strategy and continuing to deliver shareholder value, as demonstrated by the Group's recent Q1 results.
Dod101 wrote:BTW I do not know if anyone has mentioned it but in the latest quarterly report, HSBC noted that SVB UK ,bought for £1, has resulted in a provisional gain of $1.5 billion which does not sound a bad deal.
Dod
Today, HSBC Holdings plc ('HSBC') updates investors on its Asia growth outlook, underlining the critical role the region plays in the bank's international growth ambitions. The insight into HSBC's Asia business is part of a week-long seminar for investors and analysts, held in Hong Kong and Singapore.
During the week, HSBC will discuss the following medium-term[1] ambitions for its Asia business:
· High-single digit percentage Wealth revenue growth;
· Mid-single digit percentage lending growth over the medium-to-long-term, more cautious in the short-term and;
· Mid-teens RoTE.
"In addition to our core strength in Hong Kong, we now have growth engines in mainland China, India, Singapore and beyond," said Group Chief Executive Noel Quinn. "We have spent the last three years transforming the Asia business, fine-tuning the portfolio and investing in technology to provide an integrated international offering for our customers, and ultimately generating strong returns for our shareholders.
"All parts of HSBC Asia are now motoring. In mainland China, we are ideally positioned to facilitate business with the rest of the world; in South and Southeast Asia, we have invested heavily in Singapore, and we have significantly bolstered our growing business in India.
"We have continued to invest in our digital capabilities, which help us serve customers more efficiently and at scale, and we are supporting clients as they manage their transition to a low-carbon economy.
"We now have an unrivalled international proposition that supports our Asia customers looking to trade with and grow in markets across Europe, the Middle East and the Americas, and vice versa. As our client base has grown year on year, we have been with them at every step to support and guide them. We have proved that our globally interconnected offering is needed and valued now more than ever before.
"Today's ambitions show the strategy is working, we are generating strong returns for our shareholders and we are confident there is more to come."
The HSBC Group ambition remains a RoTE of at least 12% from 2023.
Today's session will include presentations and Q&A on HSBC's overall Asia business, its operations in Hong Kong and mainland China, and the strategic focus of its Commercial Banking and Wealth & Personal Banking businesses in those two markets. The Hang Seng Bank management team will also make a presentation.
The presentations from today's seminar will be available shortly before 8:15am HKT at:
· hsbc.com/investors/investor-events-and-presentations
Today, HSBC Holdings plc ('HSBC') will continue its Asia Seminar for investors and analysts. The seminar began on 15 May and is being held over the course of the week in Hong Kong and Singapore, featuring presentations, Q&A and technology and product demonstrations showcasing our Asia business.
Today's session will focus on Asia Wealth and our digital proposition within our Asia Wealth and Personal Banking business.
The presentations used in today's seminar will be available shortly before 8:15am HKT at:
hsbc.com/investors/investor-events-and-presentations
Today, HSBC Holdings plc ('HSBC') holds the final day of its Asia Seminar for investors and analysts. The seminar began on 15 May and has been held over the course of this week in Hong Kong and Singapore, featuring presentations, Q&A and technology and product demonstrations showcasing our Asia business.
Today's session will be opened by Surendra Rosha, Co-CEO of The Hongkong and Shanghai Banking Corporation and will include presentations, Q&A sessions and panel discussions focusing on our Asia Global Banking and Markets business and our businesses in Singapore, India, ASEAN and the rest of Asia, including our approach to sustainable finance across the Asia region.
The presentations used in today's seminar will be available shortly before 8:15am HKT at:
hsbc.com/investors/investor-events-and-presentations
HSBC Continental Europe ('HBCE') has today signed a further Memorandum of Understanding regarding certain potential changes to the terms of the sale of its French retail banking business.
The following potential changes are designed to enable the Purchaser to satisfy its future capital requirements (following significant interest rate rises since the sale was first agreed in 2021) and to obtain regulatory approval for the transaction:
· the indirect shareholder of My Money Group will contribute €225m of capital to My Money Group by closing;
· HBCE will retain a portfolio of €7.0bn of home loans, which was originally part of the sale (and in respect of which HBCE may consider on-sale opportunities at a suitable time), with HBCE including cash, equivalent to the carrying value of those loans, in the transaction perimeter;
· the net asset value of the business to be transferred at closing will be set by reference to the prevailing mortgage interest rate and the 10-year mid-swap rate at the closing date of the transaction (the 'Prevailing Rates') capped at €1.720bn;
· depending on the Prevailing Rates, HBCE will receive a profit participation interest of 1.25 times the amount invested (carrying PIK interest of 8% per annum on the outstanding balance) in exchange for investing capital into My Money Group's top holding company - the maximum amount invested would be €407m, and the aggregate of the actual net asset value delivered at closing and this investment would not exceed €1.768bn;
· a long term agreement for HBCE to license the Crédit Commercial de France ('CCF') brand to the Purchaser;
· enhancements for HBCE in respect of insurance and asset management distribution agreements with the Purchaser; and
· operational and servicing arrangements necessary to implement the above arrangements.
HSBC bank is set to move its global headquarters out of Canary Wharf more than two decades after moving into the financial distriction.
The financial services giant is expected to leave its building at 8 Canada Square before the current lease expires in 2027.
A former headquarters for BT, Panorama St Paul’s, near St Paul’s Cathedral is expected to be the bank’s new location.
idpickering wrote:HSBC to move headquarters out of Canary Wharf.HSBC bank is set to move its global headquarters out of Canary Wharf more than two decades after moving into the financial distriction.
The financial services giant is expected to leave its building at 8 Canada Square before the current lease expires in 2027.
A former headquarters for BT, Panorama St Paul’s, near St Paul’s Cathedral is expected to be the bank’s new location.
https://www.msn.com/en-gb/money/other/h ... r-AA1d49Zd
Ian (i hold).
Dod101 wrote:
Ian kindly posts company news items including this about HSBC planning to move from Canary Wharf back to the City. Few bother to comment on this sort of thing but the FT this morning has articulated the implications for property companies. Seems that Canary Wharf is now going out of fashion again, illustrating the fact that the City is probably a more desirable spot if companies do not need vast office floors or in general, huge amounts of space. The implications for landlords are of course interesting. Canary Wharf is owned mostly I think by the Quatari Investment Authority and Brookfield Asset Management and if we see companies moving back to the City that may help the likes of B Land and LandSecs. I would not hold my breath but it does not look as if it will help BAM very much. Before anyone mentions it, this does not seem to have anything to do with B*****. Largely it seems that it has a lot to do with WFH and is a worldwide phenomenon.
Dod
daveh wrote:Dod101 wrote:
Ian kindly posts company news items including this about HSBC planning to move from Canary Wharf back to the City. Few bother to comment on this sort of thing but the FT this morning has articulated the implications for property companies. Seems that Canary Wharf is now going out of fashion again, illustrating the fact that the City is probably a more desirable spot if companies do not need vast office floors or in general, huge amounts of space. The implications for landlords are of course interesting. Canary Wharf is owned mostly I think by the Quatari Investment Authority and Brookfield Asset Management and if we see companies moving back to the City that may help the likes of B Land and LandSecs. I would not hold my breath but it does not look as if it will help BAM very much. Before anyone mentions it, this does not seem to have anything to do with B*****. Largely it seems that it has a lot to do with WFH and is a worldwide phenomenon.
Dod
Thanks for that, I was wondering which of the property companies might benefit (and which loss out) from the move as a BLand owner. Though Panorama St Paul's seems to be owned by Orion Capital Managers
Dod101 wrote:daveh wrote:
Thanks for that, I was wondering which of the property companies might benefit (and which loss out) from the move as a BLand owner. Though Panorama St Paul's seems to be owned by Orion Capital Managers
That is the company mentioned but I suppose that if and it is only an if, companies do start returning to the City, that may put pressure on rents there in general and should therefore benefit all landlords but I daresay that smaller companies may also be downsizing so who knows?
Dod
HSBC Holdings plc ('HSBC' or together with its subsidiaries, 'the Group' or 'HSBC Group') and HSBC UK Bank plc (together with its subsidiaries, 'HSBC UK') note the publication today of the Bank of England's 2022 Annual Cyclical Scenario Stress Test ('ACS') results.
The severe stress scenario used for the 2022 ACS is not a forecast. It is designed to test the resilience of the UK banking system to deep simultaneous recessions in the UK and global economies, large falls in asset prices and higher global interest rates, and a separate stress of misconduct costs.
HSBC Group
Under this stress scenario, the Bank of England's results indicate that the Group's common equity tier 1 ('CET1') capital ratio on an IFRS 9 transitional basisb would fall to a low point of 10.7%, above the Group's CET1 hurdle rate of 7.0%. On an IFRS 9 non-transitional basis, the Group's CET1 capital ratio is projected to reach a low point of 9.9%, which is above its IFRS 9 non-transitional CET1 hurdle rate of 6.2%.
HSBC UK
Under this stress scenario, the Bank of England's results indicate that HSBC UK's CET1 capital ratio on an IFRS 9 transitional basisb would fall to a low point of 10.1%, above its CET1 hurdle rate of 6.2%. On an IFRS 9 non-transitional basis, HSBC UK's CET1 capital ratio is projected to reach a low point of 8.9%, which is above its IFRS 9 non-transitional CET1 hurdle rate of 6.4%.
Both the Group and HSBC UK's results incorporate strategic management actions, which have been accepted by the Bank of England for the purposes of this exercise. In practice, under such adverse economic circumstances, the Group would consider a variety of management actions depending on the prevailing circumstances at the time.
The Group's intention, as evidenced by its past actions, is to maintain a conservative and prudent approach to capital management. Today's results demonstrate the Group and HSBC UK's continued capital strength under this severe downside scenario.
The Bank of England's 2022 ACS results are available to view in full at: http://www.bankofengland.co.uk/stress-testing
Profit before tax of $21.7bn – up $12.9bn vs 1H22
Revenue increase was driven by higher net interest income
We completed the $2bn buyback announced at 1Q23 and are announcing a further buyback of up to $2bn, with the intention to complete this in around three months
Common equity tier 1 (CET1) capital ratio of 14.7% increased by 0.5 percentage points since the end of 4Q22
Operating expenses of $15.5bn were 4% lower than in 1H22; on a target basis, operating expenses were up 4.3%
Expected credit losses and other credit impairment charges (ECL) were $1.3bn, up $0.3bn
Annualised return on average tangible equity (RoTE) was 22.4%, or 18.5% excluding the impact of our acquisition of Silicon Valley Bank UK (SVB UK) and the reversal of the French retail sale impairment
Return to “Company Share news (LSE Main Market)”
Users browsing this forum: No registered users and 11 guests