DOCSLIB.ORG

Voices Matter in This Issue IFN Rapid

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Voices Matter in This Issue IFN Rapid Vol. 6, Issue 39 2nd October 2009 The World’s Global Islamic Finance News Provider BRUNEI 20 th October 2009 All voices matter In this issue IFN Rapid ..................................................... 2 Interaction — the free fl ow of ideas and As we greatly value the exchange of knowledge, Islamic Finance News ................................ 3 opinions between people who are sure of their experience and expertise, at this year’s Forum stands on principles and policies — has always we made a special effort to collate these Rating News ............................................... 8 been the cornerstone of forums, roadshows, questions and sought those well-versed in IFN Report: conferences and other events organized by the respective areas to respond. The topics Wanted: ‘Transnational’ body ..............10 Islamic Finance news. We have always believed are interesting, ranging from the secondary that people are the essence of Islamic fi nance, trading of Islamic papers to instances where Minor ‘hiccup’ .........................................11 as the system is all about enabling people to products that were being developed before Special Report ..........................................12 improve their lot. the global fi nancial crisis struck are now being considered too risky or potentially “toxic,” such Articles: This is why networking is an essential item as Islamic collateralized debt obligation. Unique American Approach to Interest on the agenda of IFN events. And its must- Free Financing .......................................14 read weekly online newsletter as well. This It is this diversity in thought, view and stance Taking the Road Less Travelled ...........17 newsletter facilitates the exchange of views that ironically fosters unity of purpose as and knowledge between Islamic fi nance well. Which is what this newsletter earnestly Product Innovation: Derivatives and practitioners and the related community, and promotes through its articles, reports and, Hedge Funds ..........................................19 has now become the focal point of industry signifi cantly, its forum pieces. As the global interaction. fi nancial crisis shows signs of receding and Forum .........................................................21 the prospects of economic recovery begin Meet the Head ..........................................25 This is best exemplifi ed in this issue’s Forum to emerge, Islamic fi nance activities will Dr Bernd van Linder, Acting managing director section where a record 14 respondents doubtless pick up pace. Which makes it even of Saudi Hollandi Bank have their say on a topic that always vexes more important for interaction, the meeting of the practitioners, scholars and academics minds, to take place. Termsheet ..................................................26 Syarikat Prasarana Negara’s Islamic Medium — Shariah compliant versus Shariah-based Term Notes products. Islamic Finance news will continue to facilitate this through its continuous process of upgrading Moves .........................................................27 The debate goes from one extreme to another: quality and presentation. It is important that one says those indulging in this debate “have Islamic fi nance practitioners view the disparity Deal Tracker ..............................................28 too much time on their hands,” while another in their stances in a positive light and seek Islamic Funds Tables ................................29 infers that Shariah compliant products common ground in striving for what’s best for are really a stage of the evolution process the fi nancial system and society. S&P Shariah Indexes ...............................30 towards Shariah-based products. Many of the responses will trigger fresh thinking among Already, thinking outside the box has yielded Dow Jones Shariah Indexes ....................31 our readers. Which is exactly what the Islamic ideas such as using Islamic fi nancing for the Islamic League Tables .............................32 fi nance community always savors. construction of the Olympic village in London or using television rights to sports activities Thomson Reuters League Tables ...........35 This issue takes interaction and networking as assets for Shariah compliant fi nancing further afi eld with a special report that answers products. Some practitioners are also looking Events Diary...............................................38 several pertinent questions which were raised at venturing into distressed properties as Country Index ............................................39 by participants of the IFN 2009 Issuers and a viable revenue generator. These are all Investors Asia Forum held in Malaysia last proposals that emanate from exchanges of Company Index .........................................39 August but were not responded at that point ideas and opinions. Interaction is truly the real due to lack of time and opportunity. game. Subscription Form ....................................39 A round-up of all this week’s news IFN RAPID www.islamicfi nancenews.com • The Saad Financial Advisory Services • Sorouh Real Estate’s CEO Mounir Haidar NEWS to give up its Dubai Financial Services resigns • Banque Al Baraka D’Algerie posts 39% Authority license increase in profi t to US$23 million in the • Macquarie Capital Advisors names fi rst half of 2009 RATINGS Andrew Low as chief operating offi cer • Al Baraka Bank opens its second branch • RAM Ratings reaffi rms the ‘AAA’ ratings of • Robert Waugh to join RBS as chief in Berea city Projek Lebuhraya Utara-Selatan’s Sukuk investment offi cer for the pension fund and insurance business • The Muslim Community Co-operative • MARC revises the outlook on MM Vitaoils’ Australia launches MCCA Income Fund US$13 million MCP rating to negative from • HSBC to move its CEO Michael Geoghegan stable to Hong Kong in February 2010 • Bank Negara Malaysia and the Hong Kong Monetary Authority sign MoU for • The foreign currency and fi nancial strength • Yahaya Besah and Dr Syed Musa Syed long-term strategic partnership ratings of Affi n Bank raised to ‘BB’ from Jaafar Alhabshi are Takaful Ikhlas’ ‘BB-’ independent non-executive directors • Bank Negara Malaysia: Strong legal framework in Islamic fi nance enables • RHB Bank’s foreign currency ratings • Mahdi Murad is appointed the new CEO of more innovative and complex products affi rmed at ‘BBB’ long-term and ‘A3’ short- AmIslamic Bank term • Sime Darby to undertake a US$1.3 billion • SABB Takaful appoints Philip Head as its IMTN • Preliminary ratings of ‘AAA-ID’ and ‘MARC- new CEO 1-ID/AAA-ID’ have been assigned to Sime • Indonesia to sell a global Sukuk of up to Darby’s proposed Islamic debt programs • Rasmala Investment Bank appoints US$1 billion by second quarter of 2010 Husam Kutaifan as head of corporate • The outlook on the long-term rating of fi nance and Michael Kidd as head of • Economist emphasizes the need for a Kesas’ US$230.5 million BaIDS revised private equity unifi ed regulatory framework for Islamic from negative to stable fi nance • Moody’s views the outlook for the • Bank Islam Malaysia: Dubai Financial direction of credit conditions in the Saudi Group has not subscribed to its portion of banking system as stable Islamic CRNCPS • Moody’s downgrades the long-term • Islamic banks need to resolve issues deposit ratings of Investcorp Bank to before France can grant license ‘Ba2’ from ‘Ba1’ • Crédit Agricole Asset Management • Jordan Islamic Bank gets ‘BBB- / A-3 / launches its fi rst Shariah compliant sicav, Stable’ for foreign currency long term and CAAM Islamic short term obligations from IIRA • National Bank of Kuwait launches Islamic • Fitch affi rms Ahli United Bank’s long-term KD Ijara Fund III Issuer Default Rating at ‘A-’ with stable outlook Launched in 2004 • Central Bank of Bahrain publishes a Japanese version of its book on Islamic • S&P affi rms National Bank of Kuwait’s 175 Issues published to date fi nance long term rating at ‘A+’ 12,000 articles and reports • Kuwait Finance House to reschedule Aref • S&P lowers its long-term counterparty featured Investment Group’s debts of US$461 credit and insurer fi nancial strength million ratings on Wethaq Takaful Insurance to 19,500 weekly readers from ‘BB’ from ‘BB+’ 53 countries • Central Bank of Bahrain’s monthly Sukuk issue oversubscribed 100% within a day MOVES 1 choice • MENA region’s fi rst Shariah compliant gold ETC increases four-fold in six months • BNP Paribas Wealth Management appoints Thierry Dana as CEO for Hong • Sharjah Islamic Bank launches its Kong and North Asia electronic banking service, Weyy@com • Four executives of Nakheel transferred • BMB Islamic to launch the World Zakat to Istithmar World under group The World’s Global Islamic Finance News Provider Fund in the fi rst quarter of 2010 organizational restructuring © Page 2 2nd October 2009 NEWS www.islamicfi nancenews.com AFRICA Good performer ALGERIA: Banque Al Baraka D’Algerie, a subsidiary banking unit of Al Baraka Banking Group, posted a 39% increase in profi t to US$23 million in the fi rst half of 2009 compared to the same period last year. Total operating income rose 16% to US$42 million, while net operating income climbed 13% to US$32 million. The bank attributed the results to its 17% growth in fi nancing activities to US$828 million in the fi rst half of this year as total assets grew by 8% to US$1.1 billion, in turn fi nanced by a 7% increase in customer deposits and unrestricted investment amounting to US$833 million. Banque Al Baraka D’Algerie plans a 33% increase in
Load more

Recommended publications
  • Emerging and Frontier Markets: the New Frontline Markets Professional Careers
    GONCALVES GONCALVES THE BUSINESS Emerging and Frontier Economics Collection EXPERT PRESS Philip J. Romero and Jeffrey A. Edwards, Editors DIGITAL LIBRARIES Markets The New Frontline for Global Trade EBOOKS FOR • BUSINESS STUDENTS Marcus Goncalves • José Alves ALVES Curriculum-oriented, born- Goncalves and Alves’ work is a very interesting and digital books for advanced business students, written promising book for the development themes of emerging by academic thought markets. The style and quality of the material is worthy Emerging leaders who translate real- of respect, providing a clear analysis of the internation- world business experience al markets and global development of various economic into course readings and and commercial relations and trading routes. —Yurii reference materials for and Frontier students expecting to tackle Pozniak, International Management Consultant at management and leadership Ukroboronservis, Kiev, Ukraine. challenges during their Emerging and Frontier Markets: The New Frontline Markets professional careers. for Global Trade brings together a collection of insights POLICIES BUILT and a new outlook of the dynamics happening between AND FRONTIER MARKETS EMERGING BY LIBRARIANS The New Frontline for the emerging and the advanced markets. The book pro- • Unlimited simultaneous usage vides also an excellent, easy to read and straight-to-the Global Trade • Unrestricted downloading point economic and political description of the MENA, and printing BRICS, ASEAN, and CIVETS markets. A description that • Perpetual access for a should interest every person willing to invest, work or just one-time fee • No platform or acquire a deep understanding of the emerging markets maintenance fees economic and political conditions. —Réda Massoudi, BU • Free MARC records Director Management and Transformation Consult- • No license to execute ing, LMS Organization & Human Resources.
    [Show full text]
  • HSBC Holdings Plc Q1 2010 Interim Management Statement Conference Call
    FINAL TRANSCRIPT HBC - HSBC Holdings plc Q1 2010 Interim Management Statement Conference Call Event Date/Time: May. 07. 2010 / 12:00PM GMT THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2010 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. FINAL TRANSCRIPT May. 07. 2010 / 12:00PM, HBC - HSBC Holdings plc Q1 2010 Interim Management Statement Conference Call CORPORATE PARTICIPANTS Michael Geoghegan HSBC Holdings plc - Group Chief Executive Douglas Flint HSBC Holdings plc - Group Financial Officer, Executive Director Risk and Regulation Brendan McDonagh HSBC North America Holdings Inc. - CEO CONFERENCE CALL PARTICIPANTS Sunil Garg JPMorgan Securities, Ltd. - Analyst Jon Kirk Redburn Partners - Analyst Ian Smillie Royal Bank of Scotland - Analyst Steven Hayne Morgan Stanley - Analyst Simon Maughan MF Global Securities Limited - Analyst John Waddle Mirae Asset Securities - Analyst Manus Costello Autonomous Research LLP - Analyst Leigh Goodwin Citigroup - Analyst Tom Rayner Barclays Capital - Analyst Michael Helsby BofA Merrill Lynch - Analyst Arturo de Frias Evolution Securities - Analyst PRESENTATION Operator Welcome to the HSBC Holdings plc Interim Management Statement and HSBC Finance Corporation and HSBC USA Inc. first-quarter 2010 results. Today©s call is being chaired by Michael Geoghegan, Group Chief Executive, HSBC Holdings plc; Douglas Flint, Chief Financial Officer, Executive Director, Risk and Regulation HSBC Holdings plc; and Brendan McDonagh, Chief Executive Officer, HSBC North America[n] Holdings Inc. I would now like to hand over to Mr.
    [Show full text]
  • Layout 1 (Page 1)
    BUSINESS WITH PERSONALITY BRITS HEAD JULIA ROBERTS STARS FOR GAMES IN EAT, PRAY, LOVE COMMONWEALTH GETS OK BUT SITE WEEKEND FILM REVIEWS P33 STILL A MESS P38 Issue 1,227 Friday 24 September 2010 www.cityam.com FREE GEOGHEGAN QUITS AFTER MISSING OUT ON CHAIRMAN ROLE Profits hit GULLIVER TO BE CEO • FLINT IS NEW CHAIR • MACKAY TO BE CFO record high at Arsenal ▲ EXCLUSIVE BY FRANK DALLERES COUP▲ AT HSBC ARSENAL will today announce record BANKING BY VICTORIA BATES pre-tax profits of around £55m, an increase of £10m, as the football club HSBC CHIEF executive Michael continues to reap the rewards of mov- Geoghegan is set to step down from ing to the Emirates Stadium. his role before the end of the year to City A.M. understands that the make way for investment banker strong performance of Arsenal Stuart Gulliver, after a boardroom Holdings’ property development arm coup that will rock the banking sector. has driven an increase in revenue. Geoghegan’s ego will be dealt a fur- The north Londoners’ continued ther blow with the appointment of success off the field will see them HSBC’s finance director Douglas Flint record an increase in turnover for the as chairman, a role Geoghegan is fourth successive year since leaving understood to have coveted since Highbury for their new home. Stephen Green’s resignation earlier Pre-tax profit is significantly up on this month. last year’s figure of £45.5m for the HSBC’s nominations committee has year ending 31 May. That improve- submitted recommendations for ment has been aided by strong sales of Gulliver and Flint to the board, paving apartments in the group’s Highbury the way for official approval of the Square Development.
    [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]
  • A Very Short, Fairly Interesting and Reasonably Cheap Book About
    second edition a very short, fairly interesting and reasonably cheap book about 00_CAIRNS_SLIWA_FM.indd 3 4/21/2017 6:08:22 PM SAGE Publications Ltd © George Cairns and Martyna Śliwa 2017 1 Oliver’s Yard 55 City Road First published in 2008. Reprinted 2009 (twice), London EC1Y 1SP 2010, 2011, 2013 and 2016 This second edition published 2017 SAGE Publications Inc. 2455 Teller Road Apart from any fair dealing for the purposes of Thousand Oaks, California 91320 research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents SAGE Publications India Pvt Ltd Act, 1988, this publication may be reproduced, stored B 1/I 1 Mohan Cooperative Industrial Area or transmitted in any form, or by any means, only with Mathura Road the prior permission in writing of the publishers, or in New Delhi 110 044 the case of reprographic reproduction, in accordance with the terms of licences issued by the Copyright SAGE Publications Asia-Pacific Pte Ltd Licensing Agency. Enquiries concerning reproduction 3 Church Street outside those terms should be sent to the publishers. #10-04 Samsung Hub Singapore 049483 Library of Congress Control Number: 2016955369 Editor: Matthew Waters Assistant editor: Lyndsay Aitken British Library Cataloguing in Publication data Production editor: Sarah Cooke Marketing manager: Alison Borg A catalogue record for this book is available from Cover design: Wendy Scott the British Library Typeset by: C&M Digitals (P) Ltd, Chennai, India Printed in the UK ISBN 978-1-47398-100-3 ISBN 978-1-47398-101-0 (pbk) At SAGE we take sustainability seriously.
    [Show full text]
  • 6Talking Business
    /6 Talking Business Nouriel Roubini – Résumé Present Roubini Global Economics, co-founder and chairman New York University’s Stern School of Business, professor of economics Crisis Economics: A Crash Course in the Future of Finance to be published by Penguin (2010) 1998 - 2000 White House Council of Economic Advisors, senior economist for International Affairs US Treasury Department, senior advisor to the Under Secretary for International Affairs Dr Roubini has published more than 70 policy papers on international macroeconomic issues and co-authored Political Cycles: Theory and Evidence (1997) and Bailouts or Bail-ins? Responding to Financial Crises in Emerging Markets (2004). He holds a PhD in economics from Harvard University. the markit magazine – Winter 2010 Talking Business /7 Nouriel Roubini, the US economist, believes quantitative easing is a necessary evil and that crises are becoming more frequent and damaging Crisis? Which crisis? Q: Since the start of the global credit crisis, governments I think recent opposition to QE2, especially those that around the world have injected an unprecedented have said it is a disaster, is totally wrong. Given the high amount of liquidity into the global economy. The risk of a double dip recession, ask yourself where would initial experience of quantitative easing suggests that the economy and risky asset prices be today if this had the increase in liquidity is positive for risky assets. not been done. Asset price reaction had already priced in However, the impact on the real economy is less QE2 from Bernanke’s speech in Jackson Hole well ahead clear. Do you think it has been effective in stimu- of the actual implementation.
    [Show full text]
  • The Annual Report on the Most Valuable Global Banking Brands
    Brand Finance® Banking 500 The annual report on the most valuable global banking brands February 2010 “Brands are the most valuable intangible assets in business today. They drive demand, motivate staff, secure business partners and reassure financial markets. Leading edge organisations recognise the need to understand brand equity and brand value when making strategic decisions” David Haigh, CEO, Brand Finance 1 © Brand Finance plc 2010 Foreword This report, first published in 2006, was the Once again, the fortunes of the world’s largest first publicly available study analyzing the banks continued to dominate the headlines. Financial institutions have never been placed financial value of the world’s top 100 banking under such public scrutiny, from questions on brands. For the third year running we have the credibility of risk management programs to extended our analysis to the top 500 global politically-sensitive bonus policies. Following the banking brands. It is published annually and collapse or acquisition of many famous brands, incorporates data from all listed companies those remaining have been able to take advantage globally. Each brand has been accorded a brand of government bailouts, partially thaw the credit rating: a benchmarking study of the strength, freeze and enjoy the benefits of a less competitive risk and future potential of a brand relative to its market. As a result, the banking sector has begun competitor set as well as a brand value: a summary to show tangible signs of recovery. Not only have the top 500 most valuable banking brands grown measure of the financial strength of the brand. by 62% in terms of market capitalisation, but their brand values have cumulatively increased by 49%.
    [Show full text]
  • In the United States District Court for the Southern District of New York
    Case 1:18-cv-12325 Document 1 Filed 12/29/18 Page 1 of 559 IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK TIMOTHY O’SULLIVAN, § DOMENICK JARED ALAGNA, § BRIAN CLARK ALLDRIDGE, JOANN § ALLDRIDGE, ANDREW CHARLES § MAJOR, ASHLEY MEIKEL MAJOR, § A.M.M., A MINOR CHILD, RONALD § ALLDRIDGE, DIANNA ALLDRIDGE, § TODD ALLDRIDGE, CHRISTOPHER § BRYANT ANDERSON, TAHNEE § ANDERSON, T.A.1, A MINOR CHILD, § T.A.2, A MINOR CHILD, K.A., A § MINOR CHILD, ERIC JAMES § ATKINSON, TRAVIS RYAN BASS, § HAROLD C. BASS, MARY LOUISE § MILTON, HAROLD ALLEN MILTON, § AARON BASS, ADAM § CHRISTOPHER BASS, LISA § LAMBERT, MICHAEL JAMES BELL, § MARK HOWARD BEYERS, DENISE § BEYERS, WILLIAM ROBERT § PLAINTIFFS’ COMPLAINT BIGGS, GRANT RANSOM § BLACKWELL, TERAY ANTON § JURY TRIAL DEMANDED BUNDY, EVAN WAYNE BYLER, § GUILLERMO CASTILLO, WILLIAM § Case No.: 18-cv-12325 M. CHINN, WALTER LEMAN § THOMAS, THOMAS MILTON COE II, § HEATHER NICOLE COE, V.T.C., A § MINOR CHILD, QUENTIN D. § COLLINS, MELIDA COLLINS, SIERA § NICOLE COLLINS, SHAWN § CHRISTOPHER ALAN COLLINS, § MICHAEL ANTHONY COLLINS, § I.C.C., A MINOR, JOSHUA § JONATHON COOLEY, CHRISTINE § COOLEY, JAY MYRLE FONDREN, § ANNE HOLLINGSWORTH § FONDREN, M.J.F., A MINOR, § ERNESTO P. HERNANDEZ III, § LAURA FAY HERNANDEZ, § ERNESTO HERNANDEZ IV, N.H., A § MINOR, ERNESTO I. HERNANDEZ II, § KADE LUTHER HINKHOUSE, § JONATHAN BROCK HOGGE, T.B.H., § Case 1:18-cv-12325 Document 1 Filed 12/29/18 Page 2 of 559 A MINOR, K.A.H., A MINOR, § JOSHUA LIONEL HOLLADAY, § SHIRLEY ATKINSON, CRYSTAL § HASTINGS, TINA LOUISE § HOUCHINS INDIVIDUALLY, AND § FOR THE ESTATE OF AARON § DANIEL GAUTIER, DANIEL § GAUTIER, PATRICIA ALEXANDRIA § GAUTIER, ALEXIS HOUCHINS, § GREGORY EDWARD HOGANCAMP, § TARA KATHLEEN HUTCHINSON, § LINDA ANN GRESS, JERRALD J.
    [Show full text]
  • Switzerland Kuwait Malaysia Thailand/Malaysia
    Vol. 4, Issue 20 18th May 2007 The World’s Global Islamic Finance News Provider MALAYSIA In this issue News Briefs Bonds priced Capital Markets .......................................... 1 Fresh from the launch, Cagamas has at the time of pricing, building a book of Expand, expand, expand priced its Islamic residential mortgage- RM9 million (US$2.64 million). The six-day Cross-border wealth backed securities (RMBS) at RM2.11 billion roadshow for the deal encompassed Kuala KFH research launched in Dubai Corporate Social Responsibility (US$621.26 million). The RMBS achieved a Lumpur, Singapore and Hong Kong, allowing record yield, with a 3.93% average. It is the Cagamas to meet the bulk of key Islamic more inside... fi rst Islamic RMBS with a 20-year tranche. investors in the region. (See Islamic Finance Ratings .......................................................11 news, Vol. 4, issue 19 for more details.) Different rating standards? Hong Leong stable The deal was oversubscribed by four times more inside... SWITZERLAND Islamic Banking in South Africa ............12 UAE Stock Market – Just Taking a Going west Breather .....................................................13 The National Bank of Abu Dhabi (NBAD) has regulations, including those on banking Cash Rich and Geared Up to Go .............15 established an independent, wholly owned confi dentiality. subsidiary in Switzerland. The bank will op- The Glass Has Yet to Become Full..........18 erate under the moniker NBAD Private Bank NBAD’s Swiss unit will have an initial capital (Suisse). It is the fi rst bank in the UAE to have of Dh301 million (US$81.95 million), and will Meet the Head ..........................................20 Fauzi Saad (CFA), 3i Capital Group been granted a full Swiss banking licence.
    [Show full text]
  • Hsbc Announces New Leadership Team
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. Abc 24 September 2010 HSBC ANNOUNCES NEW LEADERSHIP TEAM HSBC Holdings plc today unveils the leadership team that will take forward HSBC’s position as the world’s leading international bank which has been sustained and enhanced under the leadership of Stephen Green and Michael Geoghegan. Douglas Flint will succeed Stephen Green as Group Chairman and Stuart Gulliver will be appointed Group Chief Executive, following Michael Geoghegan’s decision to retire early next year. Sandy Flockhart will become Chairman, Europe, Middle East, Africa, Latin America, Commercial Banking and Chairman of HSBC Bank plc*. Sir Simon Robertson will remain the senior independent non-executive Director and assume the role of Deputy Chairman. Iain Mackay will be appointed Group Finance Director*. Group Chairman It had always been the Board’s intention to be in a position to approve Stephen Green’s successor before the end of the year. Following the announcement on 7 September 2010 that Stephen Green would be stepping down as Chairman, in order to accept the invitation of the UK Prime Minister to become Minister of State for Trade and Investment in January 2011, he retires from the Group at the conclusion of the Board meeting on 3 December 2010.
    [Show full text]
  • Corporate Governance Case Studies Financial Services Edition
    CORPORATE GOVERNANCE CASE STUDIES FINANCIAL SERVICES EDITION Mak Yuen Teen and Richard Tan CPAAOM3499_297x210_Corporate Governance Report Covers_FA.indd 2 22/5/20 8:41 am CORPORATE GOVERNANCE CASE STUDIES Financial Services Edition Mak Yuen Teen and Richard Tan Editors First published July 2020 Copyright ©2020 Mak Yuen Teen and CPA Australia All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, except for inclusion of brief quotations in a review. The views expressed in this publication are those of the authors and do not necessarily represent the views of, and should not be attributed to, CPA Australia Ltd. CORPORATE GOVERNANCE CASE STUDIES: FINANCIAL SERVICES EDITION Authors : Mak Yuen Teen, PhD, FCPA (Aust.) Email: [email protected] Richard Tan MBA, FCA (S’pore) Email: [email protected] Published by : CPA Australia Ltd 1 Raffles Place #31-01 One Raffles Place Singapore 048616 Website : cpaaustralia.com.au Email : [email protected] ISBN : 978-981-14-6595-6 CONTENTS PREFACE ABOUT THE EDITORS BOARD RESPONSIBILITIES AND PRACTICES GOLDMAN SACHS: HELLO LLOYD, MEET BLANKFEIN 1 HSBC: WHO’S THE BOSS? 6 THE CO-OPERATIVE BANK: THE WITHERING FLOWERS 10 FINDING THE WHISTLE AT BARCLAYS 14 MISCONDUCT COMMONWEALTH BANK OF AUSTRALIA: ROGUE ONE 20 WELLS FARGO: FORGONE REPUTATION? 26 COMMINSURE: NO ONE’S COVERED 33 UNAUTHORISED TRADING ANOTHER DAY,
    [Show full text]
  • Page | 1 [PART A] 1.0 INTRODUCTION 2.0 OPERATION
    [PART A] 1.0 INTRODUCTION 2.0 OPERATION HSBC has its world headquarters at 8 Canada Square in Canary Wharf, London. HSBC has a significant presence in each of the world's major financial markets, with the Americas, Asia Pacific and Europe each representing around one third of its business. HSBC is the largest bank in Hong Kong and prints most of Hong Kong's local currency in its own name. As of 2 April 2008, according to Forbes magazine, HSBC was the fourth-largest bank in the world by assets (with $2,348.98 billion), the second largest in terms of revenues (with $146.50 billion) and the largest in terms of market value (with $180.81 billion). It was also the most profitable bank in the world with $19.13 billion in net income in 2007 (compared to Citigroup's $3.62 billion and Bank of America's $14.98 billion in the same period). Since the end of 2005, HSBC has been rated the largest banking group in the world by Tier 1 capital. In February 2008, HSBC was named the world's most valuable banking brand by The Banker magazine. HSBC is known for a conservative and risk-averse approach to business – a company tradition going back to the 19th century. This reputation has been brought into question in the 21st century. In its technical management, however, HSBC has recently suffered a series of headline-making incidents in which some customer data were allegedly leaked or simply went missing. Although the consequences turned out to be small, the embarrassing effect on the group's image did not go unnoticed.
    [Show full text]