DOCSLIB.ORG

Non Equity Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Non Equity Report 16 December 2019 FX Spotlight Currencies Global RMB: Limited US-China ‘Phase 1’ deal, limited upside risk China and the US have reached an agreement on a ‘Phase 1’ deal in which the US will halt the December tariffs and halve the 15% tariff rate on the September USD120bn list … … China will import more US goods and services over the next two years, at least USD200bn more than in 2017 US-China relations will remain a key RMB driver while the silver lining is structural portfolio inflows, in our view On 13 December 2019, China and the US have reached an agreement on a China and the US reaching an ‘Phase 1’ deal. The deal includes agreements related to intellectual property rights agreement on a ‘Phase 1’ deal (IPR), technology transfer, agriculture purchases, financial services and currency. In is an important step forward in particular, the US will halt the December tariffs and halve the 15% tariff rate on the US-China trade talks, in our September USD120bn list, while China will import more US goods and services over the next two years, at least USD200bn more compared to 20171, including annual economists’ opinion purchases of USD40-50bn in agriculture goods for the next two years. Our economists think this is an important step forward in US-China trade talks. First, it reduces risks of further escalation in US-China trade tensions for now, and offers some breathing room for companies that have been hit with relentless tariff threats. Second, this ‘Phase 1’ deal also opens the door for more substantial trade agreements in the future. USD-CNH went through a rollercoaster on 13 December 2019. It still closed lower The modest rollback of tariffs than on 12 December 2019, but it had markedly rebounded from its intraday low by the US seemed to disappoint level as both sides provided more details on the ‘Phase 1’ agreement. In our view, the currency market, in our the primary source of disappointment was the modest rollback of tariffs by the view US, as earlier news reports of 35%-60% of rollback (Bloomberg, 20 November 2019) and 50% of rollback (Bloomberg, 13 December 2019) turned out to be referring to the recent tariffs imposed in September only, rather than all the tariffs the US has placed on China since July 2018. Of the nine chapters in the agreement on the ‘Phase 1’ deal, we believe the We believe the ‘Currency’ ‘Currency’ chapter and ‘Expanding Trade’ chapter are particularly relevant for the chapter would have no RMB. Regarding the ‘Currency’ chapter, the United States Trade Representative directional impact on the RMB (USTR) fact sheet mentioned “high-standard commitments to refrain from competitive devaluations”, “significantly increasing transparency” and “providing mechanisms for accountability and enforcement”. Such language is very similar to the currency chapter (Chapter 33) of the US-Mexico-Canada Agreement (USMCA). 1 Source: USTR fact sheet Currencies ● Global 16 December 2019 We believe these terms would be manageable for China and would have no directional impact on the RMB. In our view, the US Treasury will likely lift the currency manipulator label placed on China on 5 August, but keep China on the monitoring list in its upcoming semi-annual report. The ‘Expanding Trade’ chapter is the one about China committing to import more We think the demand for China US goods and services over the next two years – at least USD200bn more than in to import dramatically more US 20172. According to the US statistics, its bilateral goods and services trade deficit good and services in a short with China was USD337bn in 2017, and that has shrunk to an annualized period of time, against the USD297bn in 1H 2019. In our view, it could be onerous for China to sharply backdrop of domestic increase its import demand and rebalance its trade position with the US over a headwinds, could be modestly short period, especially when China’s economy is facing some domestic negative for the RMB headwinds. This chapter could turn out to be modestly negative for the RMB – not only because of a possible shrinking of China’s current account surplus, but more importantly because the difficulty in fulfilling it might reignite tensions and raise uncertainty over subsequent negotiations and regarding tariffs. US-China ‘Phase 1’ deal may be done, but we believe the ups and downs of US- We still believe that the China trade relations will remain an important driver of the RMB’s outlook in 2020, developments in US-China albeit probably in a less all-encompassing way. We assume there would be limited trade relations will remain a key progress in further trade negotiations, due in part to some challenges in carrying RMB driver next year, albeit in a out ‘Phase 1’ and because of US elections, such that the threat of tariff reinstatement less all-encompassing way (or more tariffs) lingers through 2020. The silver lining for the RMB is that structural portfolio inflows should continue to be a source of some support, especially with China accelerating the opening up of its financial sector to the US (as per the ‘Financial Services’ chapter) and the rest of the world. 2 Source: USTR Fact Sheet 2 Currencies ● Global 16 December 2019 Disclosure appendix Important disclosures This document is for information purposes only and it should not be regarded as an offer to sell or as a solicitation of an offer to buy the securities or other investment products mentioned in it and/or to participate in any trading strategy. Information in this document is general and should not be construed as personal advice, given it has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Accordingly, investors should, before acting on it, consider the appropriateness of the information, having regard to their objectives, financial situation and needs. If necessary, seek professional investment and tax advice. Certain investment products mentioned in this document may not be eligible for sale in some states or countries, and they may not be suitable for all types of investors. Investors should consult with their HSBC representative regarding the suitability of the investment products mentioned in this document and take into account their specific investment objectives, financial situation or particular needs before making a commitment to purchase investment products. The value of and the income produced by the investment products mentioned in this document may fluctuate, so that an investor may get back less than originally invested. Certain high-volatility investments can be subject to sudden and large falls in value that could equal or exceed the amount invested. Value and income from investment products may be adversely affected by exchange rates, interest rates, or other factors. Past performance of a particular investment product is not indicative of future results. HSBC and its affiliates will from time to time sell to and buy from customers the securities/instruments (including derivatives) of companies covered in HSBC Research on a principal or agency basis. Whether, or in what time frame, an update of this analysis will be published is not determined in advance. Additional disclosures 1 This report is dated as at 16 December 2019. 2 All market data included in this report are dated as at close 13 December 2019, unless a different date and/or a specific time of day is indicated in the report. 3 HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its Research business. HSBC's analysts and its other staff who are involved in the preparation and dissemination of Research operate and have a management reporting line independent of HSBC's Investment Banking business. Information Barrier procedures are in place between the Investment Banking, Principal Trading, and Research businesses to ensure that any confidential and/or price sensitive information is handled in an appropriate manner. 4 You are not permitted to use, for reference, any data in this document for the purpose of (i) determining the interest payable, or other sums due, under loan agreements or under other financial contracts or instruments, (ii) determining the price at which a financial instrument may be bought or sold or traded or redeemed, or the value of a financial instrument, and/or (iii) measuring the performance of a financial instrument or of an investment fund. 3 Currencies ● Global 16 December 2019 Disclaimer This document is prepared by The Hongkong and Shanghai Banking Corporation Limited (‘HBAP’), 1 Queen’s Road Central, Hong Kong. HBAP is incorporated in Hong Kong and is part of the HSBC Group. This document is for general circulation and information purposes only. This document is not prepared with any particular customers or purposes in mind and does not take into account any investment objectives, financial situation or personal circumstances or needs of any particular customer. HBAP has prepared this document based on publicly available information at the time of preparation from sources it believes to be reliable but it has not independently verified such information. The contents of this document are subject to change without notice. HBAP is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use of or reliance on this document. HBAP gives no guarantee, representation or warranty as to the accuracy, timeliness or completeness of this document. This document is not investment advice or recommendation nor is it intended to sell investments or services or solicit purchases or subscriptions for them. You SHOULD NOT use or rely on this document in making any investment decision or decision to buy or sell currency.
Load more

Recommended publications
  • Hsbc Acquires Significant Equity Stake in Ame Info
    5 March 2005 HSBC ACQUIRES SIGNIFICANT EQUITY STAKE IN AME INFO HSBC Private Equity Middle East Limited & HSBC Private Equity Middle East L.P. (referred to as HSBC Private Equity Middle East) has announced that it has acquired a significant equity stake in AME Info FZ LLC. AME Info is the leading online regional business resource and business news provider in the Middle East providing a comprehensive online source of information on business and finance in the region. David Price, Director of HSBC Private Equity Middle East stated, “We are very pleased to be investing in AME Info. It is one of the most recognised business brands in the region and it has a proven track record across the Middle East. Our investment is intended to provide a strong institutional platform for the company’s further growth in the region. Investing in AME Info is very much in line with our policy of backing profitable and well managed businesses.” He added that although the private equity market in the region remains modest, HSBC is seeing an increasing flow of interesting investment opportunities such as this one. Klaus Lovgreen, CEO, AME Info commented, “The involvement of HSBC increases our range of opportunities as we now have the support and involvement of one of the world’s leading financial institutions as a major shareholder who has extensive experience in the region and is committed to helping us develop further”. AME Info is the 4th investment made by HSBC Private Equity Middle East in the past 9 months. HSBC Private Equity Middle East Limited is the private equity arm of the HSBC group in the region and is the general partner and investment manager of a US$118 million fund dedicated to private equity opportunities in the GCC.
    [Show full text]
  • Page 01 July 18.Indd
    www.thepeninsulaqatar.com BUSINESS | 17 SPORT | 21 Qatar Airways Teen sensation makes it big at Fares ready for Rio Farnborough Airshow show to begin MONDAY 18 JULY 2016 • 13 SHAWWAL 1437 • Volume 21 • Number 6861 2 Riyals thepeninsulaqatar @peninsulaqatar @peninsula_qatar Ministry specifies Minister opens rules for expats Rawdat Al Khail to bring families The Peninsula DOHA: The Ministry of Interior Health Centre has stressed that expatriates in Qatar are allowed to bring their families and get residence visa according to Law No. 4/2009 that Managing Director, Primary regulates their exit, entry and res- Healthcare Care Corporation idence. The new facility, (PHCC) and officials from health The ministry said on its Twit- equipped with latest sector attended the inauguration ter and Facebook accounts that ceremony. the applicant must have a valid devices, has capacity The Minister was briefed by residence permit, and marriage to provide services officials on the centre’s services. certificate attested by authorities to around 150,000 She said the opening of the as required. It said employees of centre is a big achievement for government and semi-govern- patients from PHCC in improving health serv- ment entities shall have family Fareej Abdul Ajeez, ices as it is not a traditional health housing from their employers, or centre. family housing allowance shall Fareej bin Mahmud, It provides treatment to Turkish President Recep Tayyip Erdogan helps carry a coffin of a victim of a thwarted coup following a be provided as specified in their Najma, Mansoura, Al patients and helps them enjoy a funeral service in Istanbul yesterday.
    [Show full text]
  • Mohammad Maziad Al-Tuwaijri
    MOHAMMAD MAZIAD AL-TUWAIJRI Kingdom of Saudi Arabia Riyadh +966504219240 [email protected] Career highlights - Currently, Minister advising the royal court on international and local economic strategic matters. - Former Minister of Economy and Planning responsible of the Economic development agenda of the Kingdom of Saudi Arabia, and the interaction with international organizations and multilateral agencies - Long career in banking with the Saudi British Bank, J.P. Morgan and HSBC, eventually becoming the Group Managing Director, Deputy Chairman and CEO for Middle East, North Africa and Turkey. - Strong advocate of Saudi Vision 2030, worked tirelessly to bring it to life through the support of the Ministry of Economy, as well through the position occupied as a Board member of key organizations, institutions and companies in Saudi Arabia. - Former Saudi Air Force pilot. - Education Master’s degree in Business Administration (MBA) in finance with Honors from King Saud University 1997 B.Sc in Aeronautics, 1986, King Faisal Air Force Academy, Riyadh Experience 2016 - 2020 Minister of Economy and Planning, Saudi Arabia His priorities as a Minister have been to foster the Saudi economy through a comprehensive economic reforms, policies, strategic planning and regulations to achieve the Kingdom’s diversification objectives including removing obstacles to productivity and competitiveness. He has focused on strengthening the integration of SMEs into the local and global economy; encouraging privatization and PPP; and enhancing regional and international cooperation with trading partners and relevant stakeholders based on best standards to promote trade, and leverage on best practices to achieve economic prosperity and sustainability. While focusing on the realization of Saudi Vision 2030 and the National Transformation Program, He was keen to strengthen policy research and analysis that will better position the economy of the Kingdom to support the evolving trade and investment policy environment.
    [Show full text]
  • HSBC Saudi Arabia Directors' Report 31 December 2019
    HSBC Saudi Arabia Directors’ Report 31 December 2019 1 2 HSBC SAUDI ARABIA Table of Contents 1. Principal activities 4 Business Overview 4 Global Banking and Markets (GBM) 4 Retail Banking and Wealth Management (RBWM) 4-7 2. Strategic Focus 8 Strategic Highlights 8-9 3. People 10 4. Corporate Social Responsbility 10 5. Financial results and business segment performance highlights 11 Key financial highlights 11-13 6. Risk Overview and Risk Management 14-22 7. Legal Entity Structure 23-24 8. Corporate Governance 24 Corporate governance principles 24 Directors of the Board 24 Profiles of Directors 2-26 Board meetings 27 Board committees 28 Audit committee 28 Nomination and remuneration committee 29 Executive committee 30 Board Risk Committee 31 Dividends 32 Accounting standards 32 9. Statutory payments 32 10. Remuneration Report 33 11. Board of directors’ assurance 33 12. Internal controls 33 13. Penalties 34 14. HSBC SA general meetings 35 15. Appointment of external auditors 35 16. Board of directors’ approval 35 3 HSBC SAUDI ARABIA Directors’ Report The Board of Directors (the “Board”) is pleased to submit to shareholders the Annual Report of HSBC Saudi Arabia (“HSBC SA”) for the financial year ended 31st December 2019. 1. Principal activities HSBC Saudi Arabia (“the Company”) is a Saudi closed joint stock company registered in the Kingdom of Saudi Arabia under Commercial Registration No. 1010221555 and regulated by the Capital Market Authority, pursuant to Capital Market Authority Licence No. 05008-37, whose principal place of business in the Kingdom of Saudi Arabia is at HSBC Building, 7267 Olaya- Al Morooj, Riyadh 12283-2255 Kingdom of Saudi Arabia.
    [Show full text]
  • HSBC Bank Middle East Limited Annual Report and Accounts 2020
    HSBC Bank Middle East Limited Annual Report and Accounts 2020 Contents Presentation of Information Page This document comprises the Annual Report and Accounts 2020 Report of the Directors 2 for HSBC Bank Middle East Limited (‘the bank’) and its subsidiary Independent Auditor’s Report to the Shareholder of HSBC Bank undertakings (together ‘the group’). It contains the Report of the Middle East Limited 3 Directors, Financial Statements together with the Auditor’s report Financial Statements 8 and Additional information. References to ‘HSBC’ or ‘the HSBC Consolidated income statement 8 Group ’or 'the Group' within this document mean HSBC Holdings Consolidated statement of comprehensive income 9 plc together with its subsidiaries. Consolidated statement of financial position 10 Consolidated statement of cash flows 11 Consolidated statement of changes in equity 12 Notes on the Financial Statements 13 1 Legal status and principal activities 13 2 Basis of preparation and significant accounting policies 13 3 Net fee income 22 4 Changes in fair value of designated debt and related derivatives 22 5 Operating profit/(loss) 23 6 Employee compensation and benefits 23 7 Auditors’ remuneration 24 8 Tax 24 9 Dividends 25 10 Segment analysis 26 11 Trading assets 27 12 Fair values of financial instruments carried at fair value 27 13 Fair values of financial instruments not carried at fair value 31 14 Derivatives 32 15 Financial investments 34 16 Assets charged as security for liabilities, and collateral accepted as security for assets 34 17 Interests in
    [Show full text]
  • HSBC Entity Giinsdownload
    HSBC Counterparties - Common Reporting Standard legal entity information Updated: 10 May 2019 The Common Reporting Standard (CRS) affects both business and individuals, from the smallest account holder to the largest of corporations. Therefore, as well as requiring our customers to provide CRS related information to us, HSBC should also provide its tax residency information to those financial institutions (referred to as "counterparties") that count us as their customer, when those financial institutions are required to carry out their CRS due diligence obligations. To fulfil our CRS requirements, HSBC has provided the following data for each of its entities: -Entity Name -Registered Address -Country of Incorporation -Entity Type -Jurisdiction of Tax Residency -Global Intermediary Identification Number (GIIN) (if relevant) -Taxpayer Identification Number (TIN) To access this information, simply search below by any of these fields. If you cannot find the information you are looking for, please speak to your main point of contact at HSBC. Global Intermediary Identification Number Taxpayer Identification Number (TIN) Entity Name Registered Address Country of Incorporation Entity Type Jurisdiction of Tax Residency (GIIN) HSBC Administradora de Inversiones S.A. Bouchard 557, Piso 18° , Cdad. Autónoma de Buenos Aires, Argentina, 1106 Argentina REPORTING FI Argentina IN8MB5.99999.SL.032 30-58408672-2 HSBC Argentina Holdings S.A. 557 Bouchard, Level 22 , Ciudad de Buenos Aires, Capital federal, Argentina, C1106ABG Argentina REPORTING FI Argentina HFH4AU.00001.ME.032 30-54054626-2 HSBC Bank Argentina S.A. 557 Bouchard, Level 22 , Ciudad de Buenos Aires, Capital federal, Argentina, C1106ABG Argentina REPORTING FI Argentina HFH4AU.00000.LE.032 33537186009 HSBC Seguros de Retiro (Argentina) S.A.
    [Show full text]
  • X CHARLOTTE FREEMAN Et Al
    Case 1:14-cv-06601-DLI-CLP Document 165 Filed 07/27/18 Page 1 of 135 PageID #: 7136 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF NEW YORK ------------------------------------------------------------- X CHARLOTTE FREEMAN et al., Plaintiffs, -against- HSBC HOLDINGS PLC, HSBC BANK PLC, REPORT AND HSBC BANK MIDDLE EAST LTD, HSBC RECOMMENDATION BANK USA, N.A., BARCLAYS BANK PLC, 14 CV 6601 (DLI) (CLP) STANDARD CHARTERED BANK, ROYAL BANK OF SCOTLAND, N.V., CREDIT SUISSE AG, BANK SADERAT PLC, COMMERZBANK AG, AND JOHN DOES 1-50, Defendants. ------------------------------------------------------------- X POLLAK, United States Magistrate Judge: On November 10, 2014, plaintiffs, a group of American nationals and/or their families, commenced this action pursuant to the Antiterrorism Act (the “ATA”), 18 U.S.C. § 2333, against ten banking institutions, HSBC Holdings, PLC, HSBC Bank PLC, HSBC Bank Middle East Ltd, HSBC Bank USA, N.A. (collectively, “HSBC” or the “HSBC defendants”), Barclays Bank PLC (“Barclays”), Standard Chartered Bank (“Standard Chartered” or “SCB”), Royal Bank of Scotland, N.V. (“RBS” or “ABN”), Credit Suisse AG (“Credit Suisse”), Bank Saderat PLC (“Bank Saderat”), and Commerzbank AG (“Commerzbank”), and John Does 1-50, seeking damages for injuries suffered in Iraq between 2004 and 2011 as a result of terrorist attacks. (SAC1). On April 2, 2015, plaintiffs filed their first Amended Complaint. Following the filing of defendants’ motions to dismiss in May 2015, plaintiffs filed their Second Amended Complaint 1 Citations to “SAC” refer to plaintiffs’ corrected Second Amended Complaint, filed August 17, 2016. 1 Case 1:14-cv-06601-DLI-CLP Document 165 Filed 07/27/18 Page 2 of 135 PageID #: 7137 on July 10, 2016.
    [Show full text]
  • IFC Mobile Money Scoping Country Report: Lebanon Alaa Abbassi, Andrew Lake, Cherine El Sayed
    IFC Mobile Money Scoping Country Report: Lebanon Alaa Abbassi, Andrew Lake, Cherine El Sayed May, 2012 Lebanon Summary Overall readiness rating 4 (Moderately high readiness for Bank Centric Mobile Money deployment in high income segments) 3 (Medium readiness for the mid market, those unable to afford smart phones) Current mobile money solution The banks have begun implementing mobile money – both mobile payments and mobile banking. This is being done by the banks on their own and in conjunction with Mobile payments suppliers within Lebanon. Population 4.14 mil * Mobile Penetration 68% 2010 (High) ** Banked Population 2.5 mil (60%) (Moderately high) *** Remittance % of GDP Outbound $3,737 mil (9.7%) *** Inbound $7,558 mil (19.6%) *** Percent under poverty line 28% * Economically Active population 1,48 mil (36%) * Adult Literacy 87.4% * Main banks Bank Audi, Blom Bank, Byblos Bank, Fransabank, Bankmed, BLF MobileIFC Opportunities Network Operators MTC Touch 1,724,854 (54%) Alfa 1,482,819 (46%) Ease of doing business Ranked 104 in the world, better than Pakistan, worse than Seychelles **** Sources: * https://www.cia.gov/library/publications/the-world-factbook/geos/le.html ** TRA annual report 2010 *** http://elibrary-data.imf.org/DataReport.aspx?c=2529608&d=33060&e=161939 **** http://doingbusiness.org/rankings • Macro-economic Overview • Regulations • Financial Sector • Telecom Sector • Distribution Channel • Mobile Financial Services Landscape Macro-Economic Overview Key Country Statistics Insights • Population: 4.14 mil • Lebanon is a small country, both in terms of population size and geography. • Age distribution: 23% (0 – 14 years) 68% (15 - 64 years) 9% (>65 years) • It has a sophisticated banking industry which serves 60% of the population (2.48 mil • Urban/rural split: 87% urban people, through 900 branches).
    [Show full text]
  • MUL-615225 SETTLEMENT AGREEMENT This
    DEPARTMENT OF THE TREASURY WASHINGTON, D.C. 20220 MUL-615225 SETTLEMENT AGREEMENT This Settlement Agreement (the "Agreement") is made by and between the U.S. Department of the Treasury's Office of Foreign Assets Control and HSBC Holdings plc ("HSBC Holdings"). I. PARTIES ' 1. The Office of Foreign Assets Control ("OFAC") of the U.S. Department of the Treasury administers and enforces economic sanctions against targeted foreign countries, regimes, terrorists, international narcotics traffickers, and persons engaged in activities related to the proliferation of weapons of mass destruction, among others. OF AC acts under Presidential national emergency authorities, as well as authority granted by specific legislation, to impose controls on transactions and freeze assets under U.S. jurisdiction. 2. HSBC Holdings is a public limited company organized under the laws of the United Kingdom and directly or indirectly owns, inter alia, HSBC Bank plc ("HBEU"), a financial institution registered under the laws of England and Wales; HSBC Bank Middle East Limited ("HBME"), a financial institution registered under the laws of the Jersey Channel Islands; The Hongkong and Shanghai Banking Corporation Ltd ("HBAP"), a financial institution organized under the laws of Hong Kong; and HSBC Bank USA, N.A. ("HBUS"), a national bank chartered under the laws of the United States (collectively, HSBC Holdings and its subsidiaries, including HBEU, HBME, HBAP, and HBUS, are referred to herein as "HSBC Group"). II. FACTUAL STATEMENT 3. In January 2001, HBEU approached HBUS with a proposal to clear U.S. dollar transactions for Bank Melli London ("Bank Melli") through HBEU's correspondent account with HBUS by utilizing Society for Worldwide Interbank Financial Telecommunication ("SWIFT") MT 202 cover payments that would not reference Bank Melli.
    [Show full text]
  • HSBC in India HSBC's Origins in India Date Back to 1853, When The
    INTRODUCTION:- HSBC in India HSBC's origins in India date back to 1853, when the Mercantile Bank of India was established in Mumbai. The Bank has since, steadily grown in reach and service offerings, keeping pace with the evolving banking and financial needs of its customers. In India, the Bank offers a comprehensive suite of world-class products and services to its corporate and commercial banking clients as also to a fast growing personal banking customer base. Since our inception, we have entered new markets and launched innovative new products to help our clients seize investment opportunities around the world. Our origins The HSBC group was founded in Hong Kong in 1865 to finance trade between the China coast and Europe and the United States. Since then, the HSBC Group has expanded through both internal growth and acquisition. Members of the Group include HSBC Private Bank (UK) Limited (formerly Samuel Montagu & Co Limited), founded in 1853, HSBC Trinkaus & Burkhardt KG (1785), HSBC Guyerzeller Bank AG (1866), HSBC Bank USA (formerly Republic National Bank of New York) (1966) and Crédit Commercial de France (CCF, 1894). HSBC Private Bank (formerly HSBC (Republic) was established on 31 December 1999, when HSBC acquired Republic New York Corporation and Safra Republic Holdings, parent companies of Republic National Bank of New York. Founded in 1966 and built on a banking tradition established during the Ottoman Empire, Republic National Bank of New York specialized in private banking. Since then, our business has grown substantially, both organically and through acquisition. We are currently building a strong onshore business to complement our historical franchise.
    [Show full text]
  • HSBC Strengthens Emerging Markets Focus As the Group CEO Moves to HK
    Ab c 25 September 2009 HSBC STRENGTHENS EMERGING MARKETS FOCUS AS THE GROUP CEO MOVES TO HONG KONG *** Group CEO also to become Chairman of HSBC’s Asia business *** *** HSBC Holdings to remain domiciled in the UK *** HSBC, the world’s leading international and emerging markets bank, is to relocate the principal office of the Group Chief Executive to Hong Kong, in line with its stated strategy to focus on emerging markets and the unique international connectivity that HSBC’s global network offers its 100 million-plus customers around the world. The move further positions the Group for the shift in the world’s centre of economic gravity from West to East, while HSBC’s continued strong presence in major developed markets reflects the increasingly interconnected nature of the global economy and the profile of the Group’s customers. The Group was founded in Hong Kong and Shanghai in 1865 and remains the largest international bank in the region. Operating from Hong Kong, the hub for HSBC’s Asia-Pacific business, the Group Chief Executive, Michael Geoghegan, will be located in the Group’s strategically most important region, with a focus on ensuring its growth potential is fully realised. The Group Chief Executive will also assume responsibility for developing Group strategy in agreement with the Group Chairman and for recommendation to the Board. As chair of HSBC’s executive management team, the Group Management Board, he will continue to drive company performance within Board agreed strategic goals and commercial objectives. HSBC Holdings plc, the Group holding company, remains domiciled in the UK and has no plans to move.
    [Show full text]
  • Sabb | Annual Report 2020 Positioning for Growth 3 a Joint History of Over 160 Years
    POSITIONING FOR GROWTH ANNUAL REPORT 2020 The Custodian of the Two Holy Mosques His Royal Highness Crown Prince King Salman Bin Abdulaziz Al Saud Mohammad Bin Salman Bin Abdulaziz Al Saud SABB | ANNUAL REPORT 2020 POSITIONING FOR GROWTH 3 A JOINT HISTORY OF OVER 160 YEARS 1926 1928 1939 1977 Netherlands Assists the Kingdom Facilitates payment Saudi Hollandi Trading Society in issuing its first for first oil export Bank established opens in Jeddah independent currency as a JV bank In a year when the world faced unprecedented challenges, we 2017 2016 2004 2003 Launches first digital Rebrands to Alawwal Issues first Issues first smart maintained our progress in the branch IBDA Bank subordinated bond credit card in the in the Kingdom Kingdom Best Digital Bank in Bank of the Year in integration of SABB and Alawwal Bank. Saudi Arabia KSA (The Banker) With the merger of our institutions (Banker Middle East) 2018 approaching completion, and the 2019 2018 Best Trade Finance Provider conclusion of the Strategy 2025 we have (Euromoney) Most Innovative Merger Best Treasury and Cash Bank in KSA Management Provider positioned ourselves for growth. (Banker Middle East) (Global Finance) SABB Ms. Lubna S. Olayan Board Chair 1991 2002 2005 2016 Issuance of SABB’s First Saudi bank First Saudi bank to Best Bank in Saudi first credit card to launch a Home issue international Arabia (Asiamoney) Finance Programme bonds 1990 1978 1950 SABB’s first Royal Decree SABB’s origins begin ATM launched establishing SABB at a branch of BBME in Alkhobar SABB | ANNUAL REPORT 2020 POSITIONING FOR GROWTH 5 24% CUSTOMER LENDING SAR 160.4 BY BUSINESS bln AT A GROSS LOANS 76% RBWM VS.
    [Show full text]