HSBC said Thursday that a digital version of the Chinese yuan, which it suspects will launch soon, could improve China’s payment systems and put the nation at the forefront of digital currency development.
Chinese new bank lending soared to a record CNY 12.09 trillion ($1.72 trillion) in the first half of 2020 as China sought to recover from pandemic-related shutdowns, according to data released Friday by the country’s central bank.
Hong Kong Exchanges and Clearing has launched the first clearing service using an alternative to the Hong Kong Interbank Offered Rate, or HIBOR, reflecting local regulatory efforts to nudge banks away from the old reference rate regime.
HSBC Bank Canada has issued the country’s first green loan, the company said Thursday, converting an existing 71.5 million Canadian dollar (about $52.6 million) loan to Vancouver-based Concert Properties and building on HSBC’s sustainability goals.
In a bid to appeal to a younger generation by removing perceived obstacles, Hang Seng Bank has debuted SimplyFund, an in-app service that offers curated mutual fund choices to beginning investors, the Hong Kong-based bank said Tuesday.
London-based HSBC plans to cut 255 jobs from its French subsidiary’s struggling global and banking markets division, HSBC France’s Force Ouvrière union said Monday, marking the first time that HSBC France has seen economic layoffs.
HSBC is further expanding its Chinese footprint by creating a new fintech company and hiring a group of personal wealth advisers, a bank spokesperson told Fastinform on Monday.
The U.S. Senate unanimously passed legislation Thursday to impose sanctions on banks that do business with Chinese officials implementing Beijing’s new security law, which is viewed by many Western lawmakers as a violation of Hong Kong’s promised autonomy.
Sixteen major European banks banded together to produce a payment system encompassing card payments, merchant transactions, and peer-to-peer payments, according to a joint statement released on Thursday.
Virgin Money said Wednesday it will shed 300 employees and cut 52 branches following a 2018 merger with Clydesdale Bank, as the U.K. bank resumes restructuring plans it had delayed in light of the COVID-19 crisis.
A United Kingdom financial watchdog on Wednesday declined for now to investigate how banks decide to charge overdraft fees, but said it would keep a close eye on the issue, “particularly during and after the coronavirus pandemic.”
Asset manager Federated Hermes is the latest investor to denounce HSBC for its support of China’s controversial security law for Hong Kong, which many view as a threat to civil liberties in the city.
If the U.K. wants to tackle climate change and meet its target of achieving net-zero carbon emissions by 2050, financial institutions have a big role to play, and the government can help them out by, for example, offering regulatory capital relief to banks to encourage them to lend and invest in ways that help the transition, a group that includes regulators and major financial institutions said in a report published on Monday.
A bill that would punish groups, entities or banks for subverting the autonomy of Hong Kong unanimously passed the U.S. Senate on Thursday, in a response to China’s controversial national security law that critics say undermines the city’s partial independence.
National Commercial Bank, Saudi Arabia’s largest lender by assets, has offered as much as 58.5 billion riyals ($15.6 billion) to acquire rival Samba Financial Group, the latest proposed consolidation between Saudi banks seeking a capital boost amid economic slowdown.
Deutsche Bank plans to boost the efficiency of messaging between its clients and employees by integrating the popular WhatsApp chat platform into its communication channels through an expansion of its partnership with Symphony Connect Solution, the bank said Thursday.
Swiss lender Credit Suisse named a chief executive officer to lead its new Saudi commercial banking business as it seeks to further establish its presence in the country.
Vanguard’s efforts to accelerate blockchain use in foreign currency forward contracts is joined by a trio of major banks, moving the Pennsylvania-based asset manager a step closer to having its own blockchain forex platform.
Santander’s American subsidiary served as joint lead arranger for $225 million in loans to American chemical company Purolite, the bank revealed Tuesday, as the lender positions itself to go after more mid-market financing deals.
Dutch banking group ING said Friday that its current chief risk officer, Steven van Rijswijk, will succeed Ralph Hamers as CEO and chairman of the Executive Board, being tasked to lead the bank through a global pandemic and to continue the bank’s aggressive push into digital banking.