Tuesday, March 5, 3:26 PM
More on the HSBC (HBC) loan portfolio sale: The package has a book value of $3.4B vs. the sale price of $3.2B, so the bank won't book too much of a loss. Newcastle Chairman Wes Edens said just days ago this could be the year when banks really start to unload non-performing loan portfolios, and the buy makes a nice addition ahead of the spinoff the company's residential business.
1 Comment[Financials]
Tuesday, March 5, 9:03 AM
Newcastle Investment (NCT) jumps 3.1% after inking a deal to acquire up to 50% of a $4.2B UPB portfolio of consumer loans - home and unsecured personal - from HSBC (HBC). Newcastle will team with another Fortress (FIG) affiliate - Springleaf Financial, which will have responsibility for servicing the loans. The total purchase price comes to $3.2B. (PR)
2 Comments[Financials, Breaking News, On the Move]
Monday, March 4, 3:37 AM
More on HSBC (HBC) 2012: EPS -20% to $0.74. Notable items include $1.9B of fines for compliance breaches and $1.4B for mis-selling of financial products in U.K. Return on equity 8.4% vs 10.9% in 2011. Revenue breakdown: Global Banking & Markets +10% to $18.2B, Commercial Banking +8% to $15.9B; Retail Banking & Wealth Management +6% to US$27.7B. Over half of underlying revenue came from faster-growing regions. (PR)
Comment![Earnings, Financials, Top Stories, Breaking News]
Monday, March 4, 3:28 AM
HSBC (HBC): 2012 pretax profit -6% to $20.6B vs consensus of $22.7B, and includes $5.2B of adverse fair value movements on own debt. Underlying pretax profit +18% to $16.4B. Core tier 1 capital ratio 12.3% vs 10.1% in December 2011. Underlying revenues +7% to $63.5B. Raises 2012 dividend by 10% to $0.45/share, including $0.18 for Q4, for a total payout of $8.3B. First three dividends of 2013 will be $0.10. (PR)
Comment![Breaking News, Financials, Top Stories]
Tuesday, February 19, 11:48 AM
HSBC's (HBC) Latin American unit agrees to sell HSBC Panama to Bancolombia for $2.1B in cash. The move furthers HSBC's goal of concentrating its Latin American business on the core markets of Brazil, Mexico, and Argentina. (PR)
Comment![Financials, M&A]
Friday, February 1, 6:09 AM
The China Insurance Regulatory Commission has approved HSBC's (HBC) sale of its remaining 15.7% stake in Ping An Insurance to Thailand's Charoen Pokphand for $7.5B. There had been reports that the agency would block the deal due to concerns about how Charoen Pokphand would fund it. HSBC will now be able to book a $2.6B post-tax gain. (previous)
Comment![Financials, Top Stories, M&A]
Thursday, January 31, 5:33 AM
Barclays (BCS), HSBC (HBC), Lloyds (LYG) and RBS (RBS) may have to pay small-business customers hundreds of millions of pounds in compensation over the mis-selling of products that were supposed to lower their clients' interest-rate risks. The FSA has ordered the banks to review the sales after the U.K. regulator found that banks breached rules in over 90% of 173 deals that it looked at. Barclays has already provisioned £450M for the purpose.
Comment![Financials, Top Stories]
Wednesday, January 30, 11:58 AM
HSBC's (HBC) agreement to sell the rest of its stake Ping An Insurance to Thailand's Charoen Pokphand for $7.4B expires tomorrow if a Chinese regulator does not sign off, or if the parties don't agree to an extension. With HSBC planning to book a $2.6B profit on the deal, the "odds are high" the agreement will be extended.
Comment![Financials]
Friday, January 18, 3:04 PM
HSBC (HBC) settles foreclosure-abuse charges with the Fed and the OCC, agreeing to pay $249M to certain mortgage holders. This settlement follows recent deals (I, II) cut by numerous other household names in the banking industry.
Comment![Financials, Breaking News]
Thursday, January 10, 11:33 AM
HSBC (HBC +1.1%) knows of no information relating to its proposed sale of Ping An that "must be announced to avoid a false market" in its stock, and the Dec. 5 report - the announcement of its sale of a $9.4B stake in the insurer - "remains accurate." Recent stories have suggested Chinese regulators are set to block the sale.
Comment![Financials]
Wednesday, January 9, 7:09 AM
Chinese regulators are reportedly set to reject HSBC's (HBC) deal to sell a 15.7% stake in Ping An Insurance for $9.39B because the funding for the sale isn't yet in place. The sale would have allowed HSBC to book a massive gain on the insurer ahead of tougher capital rules.
Comment![Global & FX]
Wednesday, January 9, 4:32 AM
Goldman Sachs (GS), Morgan Stanley (MS), HSBC (HBC) and Ally Financial could reportedly reach a $1.5B deal with regulators this week to settle allegations of foreclosure abuse, and end a costly and ineffective review of individual repossessions. The agreement would be similar to the $8.5B+ deal that ten other banks reached earlier this week.
1 Comment[Financials, Top Stories]
Tuesday, January 8, 5:38 AM
HSBC's (HBC -0.8%) sale of its 15.6% stake in China's Ping An Insurance to Thailand's Charoen Pokphand for $9.4B is reportedly in doubt after China Development Bank changed its mind about providing a large part of the funding for the deal. HSBC had expected to book a profit of $3B on the transaction.
Comment![Financials, Top Stories, M&A]
Monday, January 7, 4:04 AM
Credit Agricole (CRARF.PK) leads major European banks higher, rising 4.7% after regulators ease Basel liquidity rules, followed by Deutsche Bank (DB) +4.3%, Unicredit (UNCFY.OB) +4.3% and Barclays (BCS) +3.7%. Also, SocGen (SCGLF.PK) +3.4%, HSBC (HBC) +0.75%, Lloyds (LYG) +1.9%, Santander (SAN) +2%, RBS (RBS) +1.5%, UBS (UBS) +2% and Credit Suisse (CS) +3.4%. Italy's Banca Monte dei Paschi di Siena (BMDPY.PK) +15%.
Comment![Financials, On the Move, Top Stories]
Thursday, January 3, 5:36 AM
British banks intend to increase loans to companies and consumers after having already provided more mortgages in Q4, a Bank of England survey has found. The government will no doubt be happy given that banks cited its funding-for-lending scheme, which offers banks cheap loans for re-lending to businesses and individuals, as a major factor in the increased availability of credit.
Comment![Financials]
Tuesday, January 1, 9:15 AM
The indictment of several Colombian men in January 2010 on money-laundering charges in a Brooklyn federal court attracted little attention, but it was a vital lead for authorities in their efforts to crack down on HSBC (HBC) for its lax compliance policies in an investigation that led to a $1.9B settlement last month. Reuters has the inside scoop.
1 Comment[Financials]