NBFC company IIFL Finance stated that it has raised $175 million through external commercial borrowing (ECB) route in the month of June 2023. The retail focused NBFC has raised $75 million from HSBC, $50 million from Union Bank (Sydney) and $50 million from Bank of Baroda (IFSC unit). The funds were raised at SOFR plus…
Further to the announcement on 16 August 2021, HSBC Insurance (Asia Pacific) Holdings Limited, an indirect wholly-owned subsidiary of HSBC Holdings plc (HSBC), announced it has completed the acquisition of 100% of the issued share capital of AXA Insurance Pte Limited (AXA Singapore) for a consideration of US$529m, subject to closing adjustments. Surendra Rosha, Co-CEO,…
Foreign lender HSBC on Monday announced the appointment of bank veteran Hitendra Dave as its new chief executive for India, according to PTI report. Dave, who had been heading the largest profit contributing segment of global banking and markets, succeeds Surendra Rosha, as per an official statement. Rosha is moving to Hong Kong as the co-chief executive of HSBC…
London-based multinational investment bank HSBC recently said it is resuming plans to cut around 35,000 jobs which it put on hold after the coronavirus outbreak. The company has also said that It will also maintain a freeze on almost all external hiring. The decision was announced by Chief Executive Noel Quinn said in a memo…
London-based multinational investment bank HSBC recently announced that it has put on hold the plan to cut 35,000 jobs. The bank said that the decision to put job cuts on a halt was because it does not want to leave staff unable to find work elsewhere during the ongoing coronavirus pandemic. Earlier in February, HSBC…
British multinational bank HSBC recently sent more than 100 of its London staff home after a worker tested positive for the novel coronavirus. It is being reported that this is the first known case at any major company in the European financial district. As per an internal memo by CEO Noel Quinn, accessed by Reuters,…
HSBC (The Hongkong and Shanghai Banking Corporation) Holdings Plc recently announced that the bank will witness a major overhaul that would reduce the number of staff to 200,000 from 235,000 over the next three years. The announcement comes after the bank reported that it has missed the pre-tax profit expectations after the bank took a…
HSBC Holdings plc. has announced changes to its senior management team as a part of reorganization focused on positioning the Group for the next phase of its growth. Stephen Moss will be appointed Regional Chief Executive, with responsibility for Europe (ex-HBUK), the Middle East, Latin America, and Canada with effect from 1 March 2020. In…
HSBC is expected to initiate a fresh round of job cuts as a part of an organisational restructuring focused on growth and boosting profitability. The job cuts will target senior managers ( as per a Reuters report), and would mainly hit operations in London and to a lesser extent in Asia. The bank will also…
HSBC (The Hongkong and Shanghai Banking Corporation) Holdings Plc plans to lay off up to 10,000 staff jobs globally ( as per a Financial Times report.) These job cuts are seen as an outcome of shifts in the global banking sector, falling interest-rates, trade war between China and the United States and uncertainties stemming from…
Sir Jonathan Evans, is set to join HSBC’s board as a non-executive director in August 2013. He has spent about three decades at the intelligence service (MI5) as Director-General. He will also become a member of a special committee HSBC created to help combat financial crime. The special unit was set up after the bank…