REUTERS/CARLOS BARRIA SECOND COMING? HSBC’S CHINA PUSH HSBC wants to be the financier and international bank of choice for China’s entrepreneurs. But its problems in the still haunt it

BY STEVE SLATER AND KELVIN SOH was that of HSBC, the company most closely “It really felt like Hong Kong and China’s /HONG KONG, DEC 9 associated with the rise of Asia’s financial glory days were over,” says Chow, a retired centre and the territory’s de facto central bank. teacher and longtime HSBC shareholder. dward Chow remembers the nervous While HSBC’s red and white ATMs remained “This was a few years after tanks rolled days of the early 1990s in Hong Kong, ubiquitous from Hong Kong’s bustling on Tiananmen Square, and things looked whenE tens of thousands of people left the commercial district Central to the dingy alleys really horrible for Hong Kong and HSBC’s then British colony, fearful of what would of Sham Shui Po, the bank’s decision to move departure really made a lot of us feel like the happen when Chinese rule returned. its HQ to London suggested it saw its future in good days were over.” Among the most high profile departures Europe and the United States. It’s a different world now. After two

DECEMBER 2010 HSBC IN CHINA DECEMBER 2010 decades spent expanding in Britain, the United States and other developed economies, the world’s third biggest bank is shifting its focus back to its Asian roots, and especially China. HSBC wants to become the financier and international bank of choice for China’s growing band of entrepreneurs, just as it bankrolled Hong Kong’s tycoons in the second half of the 20th century. As capital markets open up and cross-border takeovers and bond deals are struck in yuan rather than HONG KONG ROAR: dollars, it also aims to become one of the top Will HSBC’s base in Hong investment banks in China, despite the fact it Kong become the bank’s global headquarters ranks outside the top 10 globally. in the next few years? In many ways -- history, connections, staff -- REUTERS/BOBBY YIP HSBC is well positioned for a push into China. Bankers in Asia and the west see it as slotting in between China’s massive domestic banks biggest economy, can HSBC make it work in burgers each week in China and expects to and the foreign banks that seem to blow hot the second biggest? almost double in size to more than 2,000 and cold over the world’s most populous “There’s headroom for more growth, but it’s stores within four years. It wasn’t food that country. As proof of its commitment, HSBC not massive until there is more liberalisation got the banks salivating, though, but the first soon hopes to become the first international and it’s not going to be quick,” says Steven bond by a foreign company denominated in company to list on the stock exchange in Hayne, banking analyst for Morgan Stanley in yuan -- also known as renminbi (RMB), or the Shanghai, a city in which it first set up in April London. As foreign banks target Asia in search “the people’s currency”. 1865, a month after it opened in Hong Kong. of growth, “competition is pretty fierce. Banks Growth in China has averaged around 10 Key staff are already making the shift east are expanding there and the Chinese banks percent a year for the last decade and shows from London. Last January, CEO Michael themselves are getting more sophisticated little sign of slowing. As trade flows with the Geoghegan swapped his office in London’s and developing their capabilities and rest of the world increase -- HSBC says they Canary Wharf financial district for one in shouldn’t be underestimated.” will reach $5 trillion by 2015, which means HSBC’s stylish Norman Foster-designed growth of 13 percent a year -- more of China’s building overlooking Hong Kong Harbour, PROMISE AND PITFALLS cross-border trade will be settled in yuan. saying he wanted to be nearer the action. TO GET AN IDEA why HSBC (and every On paper, HSBC is well placed to take a good “West is coming east and we want to be at other major bank in the world, for that chunk of business in that yuan-denominated the gate into China and be in China itself,” he matter) wants to be in China, consider what trade. It is often one of the first foreign entities declared. When Geoghegan was ousted in a McDonald’s served up there in August. The to win key licences in China. It was the first boardroom power struggle in September, his American fast food giant sells millions of to settle a cross-border yuan trade last year, successor Stuart Gulliver opted for Hong Kong too. Other members of the leadership team are also making the move, including Paul Thurston, named last month as head of retail banking and wealth management, and Chris Meares, head of private banking. But nothing is guaranteed. HSBC shares have fallen by just over a fifth over the last decade, broadly in line with the global bank sector but lagging far behind arch-rival Standard Chartered (see chart on page 4). It also faces fierce competition in China and, by some measures, has been lagging foreign rivals in winning big deals. Its unseemly boardroom fight, which also saw a new chairman installed, has hit the company’s reputation for tidy planning. HSBC is also still sorting through a disastrous and costly housing loans adventure in the United States -- losses that could reach $50 billion. Given such a high-profile failure in the world’s 2 HSBC IN CHINA DECEMBER 2010 BOBBY REUTERS/CLARO CORTES PRAKASH; YIP; IV; REUTERS/VIVEK REUTERS/GARRIGE HO (Clockwise from top left) REUTERS/JACK REUTERS/STEPHEN HIRD; DABAGHIAN; REUTERS/

REVOLVING CAST: (Clockwise from top left) Paul Thurston, new head of retail banking and wealth management, will make Hong Kong his base; Former CEO and Chairman John Bond is blamed for the problems in the United States; Recently ousted CEO during a news conference in March, 2010; Private banking boss Chris Meares will also work from Hong Kong; New CEO Stuart Gulliver at a conference in China in 2006; China head Peter Wong, who some talk about as a future CEO

the first to handle a yuan-denominated “The market is big enough that the interest rate swap in Hong Kong in October, crumbs that China throws out will keep the and it became the first international bank to international banks interested,” says Joe complete yuan settlements in six continents Studwell, author of “Asian Godfathers”, a with a deal in Brazil last month. book that charts the rise of modern Hong The McDonald’s bond, though, was arranged Kong and South-east Asian tycoons. “But the by Standard Chartered. Goldman Sachs Chinese are not dumb enough to deregulate handled an even bigger yuan-denominated their financial markets prematurely and bond soon after from Caterpillar, the giant become another Latin American or south-east U.S. maker of earth-moving equipment. While Asian carcass for Wall Street and the City of HSBC typically tops Asia-Pacific bond market London to pick over.” activity, it ranks behind more than 20 domestic likely to get even tougher. For one thing, Beijing Chinese firms, UBS, Goldman Sachs and will ensure its own banks take a lead role on IN CHINA, SMALL CAN BE BIG in mainland Chinese issuance most local deals. Foreign banks are expected HSBC LIKES TO PORTRAY itself as different this year. It has also missed out in China’s red- to grow their share of China’s bank market from other foreign banks. When rivals like hot IPO market, where local banks like CICC over the next 40 years to 10 percent from 2 and and international rivals like Goldman, Morgan percent now, bankers in the region say. That’s pulled back from China during the latest Stanley and UBS have been grabbing most of a relatively modest proportion but should still financial crisis to fight fires at home, it stayed the lucrative deals. represent almost $80 billion a year by 2050, put -- a decision it hopes China’s leaders, As China gets more ambitious, competition is according to analysts at Goldman Sachs. regulators and businesses will remember. 3 HSBC IN CHINA DECEMBER 2010

“There’s a chance for HSBC to slip in early and become almost a semi-domestic bank in China. It’s a foreign bank, make no mistake about that, but they are a long standing friend of China,” said a banker with long experience in the region. And while HSBC may have so far missed out on the big name bond deals, bankers point to trade financing and a more modest recent transaction -- financing for auto maker SAIC’s $500 million investment in Detroit’s General Motors -- as examples of where the bank is strong. HSBC stepped in quickly with the credit facility after Chinese authorities wavered on allowing state-backed SAIC to invest in GM’s IPO, people familiar with the deal said. It was a deal laced with symbolism: a Chinese firm becoming a cornerstone investor in America’s flagship auto-maker GM in the world’s biggest IPO, with the world’s two most powerful governments involved in the talks. “That was a big deal….there’s greater (Chinese) To achieve that, HSBC is going deeper into Many industry insiders say HSBC would love confidence building to go overseas, and that the mainland. The bank used to be largely to own more of BoCom, but Beijing has capped will continue,” one person familiar with the located in first-tier cities such as Beijing and its holding in the bank. That means HSBC deal said. Shanghai, but has recently moved to second- must make its existing deals and joint ventures Executives interviewed for this article know and third-tier cities such as Taiyuan, Shenyang -- schemes such as a credit card venture with the bank will never compete in mainstream and Dalian. Its name has helped. “You can BoCom that has 15 million cards in issue -- retail banking in China. For a start, Chinese see for yourself how crowded it is,” says Hu, work harder. It is also trying to get a securities regulators restrict the number of branches a bank teller at an HSBC branch in Shenzhen licence, which has given UBS, Goldman Sachs foreign banks can open -- HSBC outlets are on a weekday afternoon. “We are a good and a select few an edge, and is expected to expected to be capped at 300 to 400 -- as brand name and we have people walking in soon strike a deal with a local securities firm well as how much they can loan and even here from other banks with bags of cash to or brokerage. profitability. Given such strictures there’s deposit.” ‘Second-tier’ in China can mean a Peter Wong, chief executive of HSBC’s China no way HSBC or any other foreign bank can city of 10 million; even HSBC’s rural branches business, told Reuters that by 2020 “we should compete with Chinese giants such as ICBC, -- it now has a dozen -- aim to sell a range of have close to 300 branches enabling us to which has 18,000 branches and is now the products to local farmers with turnovers that reach target customers in the vast majority biggest bank in the world by market value. mid-sized western firm would be proud of. of key centres. We should have the insurance One of the tactics in this gradual approach joint venture working well, we should have a has been to buy direct and indirect stakes in securities business, and we should have a pretty “THERE’S A CHANCE myriad local financial firms. HSBC’s stakes good share of the DCM (debt capital markets) FOR HSBC TO SLIP IN include 19 percent of and ECM (equity capital markets) markets. (BoCom), China’s fifth biggest bank, and And we’ll be a big player in terms of taking our EARLY AND BECOME 16.1 percent of Ping An Insurance. It also has customers out on the international markets.” ALMOST A SEMI- small stakes in Bank of Shanghai, Industrial Chinese bankers say government connections Bank and Yantai City Commercial Bank, and family ties remain vital. China’s complex DOMESTIC BANK IN plus fund management and insurance joint network of tycoons, and government and local CHINA.” ventures. The approach seems to be working. officials means managers at HSBC, like all The bank’s Chinese stakes are now worth other banks operating in the country, spend HSBC currently has just 102 outlets in about $22 billion at current valuations, more much of their time building up relationships. China, the most of any foreign bank. Growth, than four times the $5 billion they cost, while Consultancies typically set up by the friends it believes, will come from the expanding profits from the mainland China business are and relatives of top party officials can help number of affluent Chinese who need services on course to top $2 billion in 2010, up from firms build the right “guanxi” or networks of such as wealth management and offshore $1.6 billion last year. Analysts at Goldman influence when they need it. “Honestly, when products -- it hopes to almost treble its Sachs estimate HSBC’s mainland earnings you get to the big state-owned guys, it’s a lot personal customers to 270,000 by 2013 -- and could jump to $7 billion by 2015, and may less about expertise and a lot more about how financing firms like SAIC and thousands of eventually comprise a third of the bank’s total to get into their good books,” said a foreign smaller companies. profits, up from 12 percent in 2009. banker who has been working in China for the 4 HSBC IN CHINA DECEMBER 2010 past 10 years. “All the important decisions are made by the top boys in the headquarters and the Beijing officials, and those are the ones you need to get comfortable with.” HSBC and other large foreign banks operating in China are unlikely to make use of these consultants because of their long histories operating in the country, the bankers said, but others may find it a convenient way of dealing with the bureaucracy.

WASTED BILLIONS, WASTED TIME EVEN IF HSBC WAS able to grow more quickly in China, its disastrous recent experience in the United States seems to have left it wary of hasty expansions. The company now admits its $14.8 billion, 2003 acquisition of Chicago-based consumer finance firm Household Finance was a bad deal. John Bond, HSBC’s powerful chief executive and later chairman (he stood down RED HOPE: Taoists walk past the HSBC Hong Kong headquarters as they take part in a ritual for the city’s economic prosperity and social stability last March. REUTERS/BOBBY YIP in 2006), believed he had snapped up a bargain when Household’s shares fell on the back of rising financing costs and accusations questioned the deal’s logic. ’s bank hounded for years by consumer protection that the firm had duped low income borrowers. analysts said the deal was “the riskiest move advocates who were angry with Household’s HSBC said it could finance Household’s loans in HSBC’s modern history” while Merrill predatory lending to the poor and its failure to far more cheaply due to its massive deposit Lynch said the shift into risky consumer fully disclose the fees it charged. Just before base and stellar credit rating. Bond, who also lending “looks a bit strange”. the deal, Household had agreed to pay back pushed the bank hard in China through his They were right to be sceptical. Buying almost $500 million to customers to settle tenure, said at the time: “We think the U.S. Household Finance, America’s largest charges in 20 states. “Household had a bad consumer is the engine room for growth.” consumer finance lender, gave HSBC access reputation well before HSBC decided to buy Not everyone at HSBC agreed. “Nobody to 50 million new customers in the United them,” says Matthew Lee, the founder of understood the logic, other than it was cheap,” States and to the fast-growing market for New York-based Inner City Press, a leading said one former HSBC employee. “Staff sitting risky loans to low-income borrowers. But the campaigner against predatory lending. in Asia were saying: What! Why? Really?” deal also moved the bank downscale, and Though notoriously frugal, Bond signed off A few investors and analysts also saddled HSBC with a business that had been on a pay package worth well over $30 million for Household boss William Aldinger and promised access to a private jet and dental care for life for Aldinger and his wife. The package was ridiculed by the British press, but Bond at first appeared vindicated -- the sub-prime market grew and Household made $9 billion in profits in the first three years under HSBC. That encouraged the British parent to become even more aggressive in the United States. Renamed HSBC Finance, the U.S. division boasted that it had a team of experts with PhDs who could predict consumer behaviour. It ramped up lending in 2005 and early 2006, buying portfolios of loans from other banks -- a stark and risky contrast to HSBC’s traditional method of originating loans through its branch network where it could screen borrowers. By the time the housing market and U.S. economy soured in 2007, HSBC Finance’s 5 HSBC IN CHINA DECEMBER 2010

ASIAN ROOTS: (Clockwise from top) HSBC staff on the steps of the Kobe, Japan, branch, 1902; A postcard view of the Queen’s Road entrance to HSBC’s head office in Hong Kong in 1915; A $5 banknote issued at HSBC’s branch in Tientsin (now Tianjin), China, 1907. REUTERS/HSBC/ Handout

loan book had swelled to about $170 billion, public: it had bought 21.9 million shares and The full scale of the losses will not be known up from $101 billion when HSBC had bought wanted a “constructive dialogue” to address for years, but Knight Vinke estimates them at Household. “They wanted to be in sub-prime concerns. Knight Vinke said it wanted HSBC about $50 billion. and they wanted to diversify into the U.S. and to quit the United States and France, and Knight Vinke no longer owns shares in HSBC the two things came together with Household reinvest proceeds in Hong Kong and Asia. It and says it has done what investors asked it to and it was a disaster,” says Glen Suarez, also wanted a review of strategy and corporate achieve. Some of its investors still hold shares head of investments at Knight Vinke Asset governance shortcomings. in the bank, including CalPERS, whose stake is Management, an activist hedge fund based in “Our view was the strategy, particularly in worth almost $500 million. “The three critical Monaco that started a campaign to force the Household, was essentially driven by the desire changes that we wanted have taken place -- bank to fix its U.S. problems and focus on Asia. for diversification,” Suarez told Reuters. “But the CEO moving to Hong Kong, the decision to diversification was spreading them too thin effectively shut down Household and changing across the globe. They were trying to be all things the structure of the board,” Suarez said. “With “THEY WERE TRYING TO to all men and the capital was being spread in these changes, I expect HSBC’s performance BE ALL THINGS TO ALL such a way that they didn’t get any comparative to improve, but it will take time.” advantage or scale, and they were making up for MEN.” that by leveraging the business up.” CHINESE ROOTS The self-dubbed “World’s local bank” had FOUNDED 145 YEARS AGO on “sound Suarez says Knight Vinke first contacted no desire to engage in a public row with a Scottish banking principles” by a colonial HSBC in April 2007 but was given short shrift powerful shareholder, and then-Chairman shipping official, the Hong Kong and Shanghai by management. In September of that year, Stephen Green said he would not leave Banking Corporation has long been held in the fund, which was backed by the giant Household bondholders “high and dry” by lofty esteem in its city of birth. Even with its California Public Employees Retirement walking away. In early 2007 it began limiting head office in far away London for the past 17 System (CalPERS) and other huge pension the damage by turning away new business years, Hong Kong parents and grandparents funds looking to protect their members, went and the operation is being slowly run down. are fond of giving the bank’s shares as gifts 6 HSBC IN CHINA DECEMBER 2010 during Chinese New Year and at weddings and A 2009 paper on the loan by two college graduations. HSBC accounts for two- Australian-based academics argued thirds of the banknotes in issue in Hong Kong that HSBC quickly learned to adjust and provides a bank account, life insurance its operating practices to the Chinese product or pension to half of the city’s 7 million environment. The bank allowed people. the emperor to make payments In its early days, the bank made its name according to the lunar calendar in government financing, acting as banker rather than the western calendar, to the Hong Kong government and issuing for instance. “This arrangement, banknotes. It handled China’s first public while fulfilling the local cultural ASIAN REACH: HSBC issued Thailand’s first loan -- the 8 percent Foochau loan of 1874 banknotes. REUTERS/HSBC/Handout norm, was highly irregular in terms (see box) -- and later issued loans for railway of Scottish banking,” the academics, construction, shipping, coal mines and other AN EARLY from the University of Wollongong, infrastructure projects in China and across wrote. The arrangement was never Asia. Financing of trade grew, and by the end reported to shareholders in London. of the 19th century the bank was the biggest CHINA PUSH­ As HSBC pushes into China again 136 regional player, raising capital in Europe and years on, it hopes its image as a local lending it more freely in Asia than other banks n October 1874, HSBC agreed to bank will still give it an edge. were willing to do. loan 627,615 pounds to the Chinese By 1911 it had become the headquarters of EmperorI Mu-tsung. The deal, which Sources: Reuters/HSBC/Hongkong and the “China Consortium”, a group of banks that came with an eight percent interest rate, Shanghai Bank Financial Reporting financed economic development. Yet it was was the first public loan in China and Practices 1865-1876 by Freda Hui and clearly part of the old world establishment. “For helped HSBC become the foreign lender Kathy Rudkin a Chinese businessman to get to see decision- of choice in China for everything from (David Cutler, London Editorial makers in the British colonial banks was like new railways to military spending. Reference Unit) seeking an audience with God,” an octogenarian businessman said of the pre-revolution era in Studwell’s “Asian Godfathers”. Two world wars put the brakes on trade and the victory of the Chinese Communist party Hong Kong’s emerging tycoons, including in 1949 forced the bank to close almost all entrepreneurs like Y.K.Pao, who would become NEW HOME? its offices in China and retreat to Hong Kong. the world’s leading private ship owner, Li Ka HSBC FORMALLY RECONSIDERS ITS A boost there came from its relationships Shing, to whom HSBC controversially sold a headquarters every three years by studying with Shanghai manufacturers who also fled controlling stake in telecoms firm Hutchison issues such as tax and regulation, time zone the mainland for the British colony. Later, Whampoa, and Cheng Yu-Tung, a property and talent pool. The next review is in 2011. the bank would benefit from ties to some of billionaire. Since 1993, London has come out on top. Could that change? Maybe not at the next review, say investors and analysts, but certainly this decade. HSBC says it remains committed to London. But it is one of a trio of banks -- Standard Chartered and Barclays are the other two -- that have suggested it might leave if the environment for banks becomes too hostile because of tax rises or if the government forces banks to separate their retail arms from investment banking -- dubbed “casino banking” by some politicians. Asked recently how logistically difficult it would be to move HQ over 6,000 miles, outgoing CEO Geoghegan said it was a hypothetical question, but then quipped: “We’ve done it once from Hong Kong to London so we know how to do it.” London is home to talented and experienced bankers, its time zone is convenient for a global business, and its legal and regulatory structures remain highly respected around 7 HSBC IN CHINA DECEMBER 2010 the world. But the gap over other cities is The cash call was needed to fix a balance they hadn’t signed up, some of Asia’s wealthy narrowing. Britain slapped a 2.5 billion pound sheet damaged by the U.S. losses, which had tycoons were ready to step in with the cash, annual levy on banks in October, which could sparked HSBC’s first ever profit-warning. More including long-time customers like Li Ka- cost HSBC about 500 million pounds a year. recently, the power struggle in the boardroom shing and Cheng Yu-tung. “There is no doubt the arguments for London showed all was not well at a firm that prided Incoming CEO Gulliver says he wants the have weakened relative to other centres,” itself on smooth successions. And just this company to be in the top three in China’s debt Standard Chartered CEO Peter Sands said week, HSBC faced fresh problems when it markets and in the top five in equity capital in August, adding that shareholders had and other banks were sued for $9 billion markets. Much will fall on the shoulders of the raised the issue. “We don’t want to be in and accused of ignoring warnings that could 30-year HSBC veteran, who held senior roles a position where being headquartered in have helped prevent convicted U.S. swindler in Hong Kong before running the investment the UK represents a significant competitive Bernard Madoff’s $65 billion Ponzi scheme. bank from London. In Hong Kong he dealt disadvantage in our markets, and there is a (HSBC has consistently denied any knowledge regularly with China’s state institutions in danger of that happening.” of Madoff’s scheme.) the 1980s and 1990s. “He was on a plane Any move may hinge on the success of the But HSBC has come through the financial to Beijing on a regular basis, they were his Shanghai listing for HSBC. The bank says it’s customers,” a former HSBC colleague said. ready to list as soon as it is allowed. But as with “HE HAS “He has relationships there that date back 20 much in China’s financial markets, the process years and you can’t buy that and can’t fake it.” is proving a slog. Hopes were high the listing RELATIONSHIPS THERE But that doesn’t mean progress will be easy. would happen this year; now a listing between THAT DATE BACK 20 The expansion of overseas banks in China will March and July is seen a strong likelihood. improve the domestic lenders’ know-how and HSBC has said Chinese investors are ready to YEARS AND YOU CAN’T fuel the overseas ambitions of banks like ICBC invest in it, and the listing is expected to raise BUY THAT. ” and China Construction Bank, which dwarf between $3 billion and $8 billion. It is not clear western banks in terms of size but have barely if Beijing would require all proceeds to stay in crisis relatively unscathed. It has not needed a ventured abroad. the country, although HSBC may opt to use taxpayer bailout and its investors are upbeat As Gulliver and Douglas Flint, who took over the capital to grow the mainland business on its prospects. “The bad debt issues are as chairman this month, push into China, they anyway. fading, there’s a dividend growth policy in might keep in mind a popular phrase used by place, and there’s the growth in emerging former Chairman Bond, who was applauded “HEART-WRECKING FALL” markets. For the next five years you can expect by shareholders when he left the stage in AGNES WU, A VETERAN Hong Kong stock top-line growth that’s not obvious for financial May 2006 but whose legacy has now been market commentator, broke down in tears institutions in the mature world,” says Guy de tarnished by the problems at Household. live on air on March 9, 2009, after HSBC’s Blonay, who co-runs Jupiter’s 1.4 billion pound “There is a Chinese saying: Today you are a shares crashed over 20 percent in a hectic few Financial Opportunities Fund in London and cockerel, tomorrow you are a feather duster.” minutes of trading. All banks were suffering has HSBC as one of his top 10 holdings. (Additional reporting by Michael Flaherty and HSBC shares were even more volatile in Retail investors in Hong Kong also remain in Hong Kong, Clare Baldwin and Soyoung the run-up to a record $18 billion rights issue. loyal -- hundreds snaked around a temporary Kim in New York, and Kevin Krolicki in Detroit; Wu wiped away tears as she watched the office 20 months ago when the rights issue editing by Simon Robinson and Sara Ledwith) slump. “It’s a heart-wrecking fall,” she said. opened, and ended up buying almost 99 It was a low point for the bank in Hong Kong. percent of the shares they were allowed. And if

FOR MORE INFORMATION CONTACT:

SIMON ROBINSON, SARA LEDWITH, COVER PHOTO: HSBC’s new ENTERPRISE EDITOR, EUROPE, TOP NEWS building in the Pudong financial MIDDLE EAST, AFRICA [email protected] district, Shanghai. The bank simon.robinson@thomsonreuters. hopes to list on the Shanghai com stock exchange in the next year. REUTERS/CARLOS BARRIA STEVE SLATER, KELVIN SOH, BANKING CORRESPONDENT, EMEA COMPANY NEWS REPORTER [email protected] [email protected]

© Thomson Reuters 2009. All rights reserved. 47001073 0310 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 and trademarks of Thomson Reuters and its affiliated companies.

8