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Hong Kong blamed for financing Iran’s regime via sanctions-busting networks
world15 days ago

Hong Kong blamed for financing Iran’s regime via sanctions-busting networks

A 26-page report from the Committee for Freedom in Hong Kong alleges that Hong Kong-based firms and its financial and shipping sectors helped Iran evade Western sanctions, funneling billions to the Islamic Revolutionary Guard Corps and supporting oil shipments, drone components, and surveillance tech for Tehran’s program. The document cites shell companies, shadow fleets, and past HSBC sanctions violations, while Hong Kong officials say they enforce UN sanctions and oppose unilateral measures; the report calls for stronger enforcement and political will to use existing authority.

via New York Post|
#hong-kong#hsbc#iran
Behind the back-leverage: HSBC’s $400m hit from Apollo-backed lending
business18 days ago

Behind the back-leverage: HSBC’s $400m hit from Apollo-backed lending

HSBC faces a roughly $400 million loss from a back-leverage loan to Market Financial Solutions, with Atlas SP Partners (an Apollo unit) handling sponsor due diligence; the episode underscores the risks of sponsor-led private credit where lenders rely on intermediaries and non-recourse structures, highlighting the need to verify sponsors’ checks even as the industry prioritizes speed and diversification.

via eFinancialCareers|
#apollo#atlas-sp-partners#business
HSBC’s Q1 revenue climbs, but pre-tax profit misses estimates on higher credit losses
business22 days ago

HSBC’s Q1 revenue climbs, but pre-tax profit misses estimates on higher credit losses

HSBC reported a first-quarter pre-tax profit of about $9.4 billion, below consensus estimates (~$9.59B), even as revenue rose 6% to $18.62 billion on stronger wealth and fee income. The bank flagged higher expected credit losses of $1.3 billion (up $400 million year-over-year) tied to UK sponsor exposure and a weaker macro outlook amid the Middle East conflict. Net interest income rose 8% to $8.9 billion, with costs up 8% as inflation and scheduling pressures weighed. Annualised RoTE stood at 17.3%, but management warned that adverse Middle East developments could push RoTE below 17% in 2026. The board approved a 10-cent interim dividend for 2026 and HSBC reiterated its plan to cut costs by $1.5 billion annually by 2026, alongside about $0.5 billion in Hang Seng Bank-related pre-tax revenue and cost synergies by end-2028 after Hang Seng’s privatization completed. Hong Kong shares fell roughly 3.7% following the results.

via CNBC|
#banks#business#credit-losses
HSBC beats 2025 targets as Hang Seng privatization drives momentum
business3 months ago

HSBC beats 2025 targets as Hang Seng privatization drives momentum

HSBC reported 2025 pre-tax profit of $29.91 billion on revenue of $68.27 billion, beating estimates with RoTE of 13.3% and a target of 17%+ for 2026–2028. The results come after the privatization of Hang Seng Bank completed Jan 26 and are expected to yield synergies gradually. Q4 pre-tax profit rose to $6.8 billion and revenue to $16.4 billion. The bank is pursuing cost efficiency, signaling about 8% payroll cost reductions and a 15% cut in managing-director roles, while potential performance-linked bonus changes are being discussed to weed out underperformers.

via CNBC|
#business#earnings#hang-seng-bank
HSBC Plans $13.6 Billion Privatization of Hang Seng Bank
business7 months ago

HSBC Plans $13.6 Billion Privatization of Hang Seng Bank

HSBC plans to privatize Hong Kong's Hang Seng Bank in a $13.6 billion deal, offering a 30.3% premium, amid concerns over Hang Seng's rising bad loans and exposure to the property market. The move aims to strengthen HSBC's market position in Hong Kong, with the bank pausing share buybacks to fund the acquisition, which will keep Hang Seng as a separate brand.

via Reuters|
#bank-acquisition#business#hang-seng-bank