HSBC quits Pakistan.

[Anish1]

Pakistan business latest in HSBC firing line



CATEGORY: NEWS AND ANNOUNCEMENTS*****SECTOR: BANKS
Pakistan business latest in HSBC firing line
By Michael Millar

Tue 10 Apr 2012

HSBA - HSBC Holdings

Latest Prices
Name Price %
HSBC Holdings 547.20p -1.32%
*
FTSE 100 5,675 -0.86%
FTSE 350 3,015 -0.89%
FTSE All-Share 2,951 -0.88%
Banks 3,755 -1.57%
LONDON (SHARECAST) - HSBC's Pakistan operations are the latest to go on the block as the bank continues to sell off non-core assets.

HSBC Bank Middle East, a subsidiary of HSBC Holdings, confirmed on Tuesday that it is in discussions with a number of interested parties regarding the possible sale of its operations in Pakistan.

"These discussions are at a preliminary stage - further announcements will be made if or when necessary," the bank said.

This was HSBC's second sale announcement of the day; earlier it confirmed it is in talks over a possible sale of its retail banking and wealth management business in Korea.

The bank said the discussions with The Korea Development Bank were ongoing and may or may not lead to a deal.

"HSBC remains committed to the Korean market and continues to invest in developing its Korean Global Banking and Markets and Corporate Banking businesses," it said in a statement.

Last year the bank announced a programme of non-core asset sales as it seeks to boost investor returns.

It has recently announced plans to sell businesses in Mauritius, Slovakia and the Middle East.

However, it is a different story in its key markets, with the bank having to splash out over £1bn recently to ensure it remains a key player in mainland China.

In March HSBC announced it is spending HK$13,264m on a share placing by the Chinese lender, Bank of Communications, or BoCom for short.


*

Visit Digital Look for more financial data and tools

Pakistan business latest in HSBC firing line | ShareCast - News you can use

HSBC is also saying pakistan se zinda bhaago.

 

[Jade]

Very bad for Pakistan's economy. Shows there is a lot to improve in Pakistan.

 

[Last Hope]

Currently, Pakistan has a large network of banks, and the competition is really tough.
They are/were really keen to invest in Pakistan as they saw huge hopes in it.

 

[aks18]

Pakistan business latest in HSBC firing line



CATEGORY: NEWS AND ANNOUNCEMENTS*****SECTOR: BANKS
Pakistan business latest in HSBC firing line
By Michael Millar

Tue 10 Apr 2012

HSBA - HSBC Holdings

Latest Prices
Name Price %
HSBC Holdings 547.20p -1.32%
*
FTSE 100 5,675 -0.86%
FTSE 350 3,015 -0.89%
FTSE All-Share 2,951 -0.88%
Banks 3,755 -1.57%
LONDON (SHARECAST) - HSBC's Pakistan operations are the latest to go on the block as the bank continues to sell off non-core assets.

HSBC Bank Middle East, a subsidiary of HSBC Holdings, confirmed on Tuesday that it is in discussions with a number of interested parties regarding the possible sale of its operations in Pakistan.

"These discussions are at a preliminary stage - further announcements will be made if or when necessary," the bank said.

This was HSBC's second sale announcement of the day; earlier it confirmed it is in talks over a possible sale of its retail banking and wealth management business in Korea.

The bank said the discussions with The Korea Development Bank were ongoing and may or may not lead to a deal.

"HSBC remains committed to the Korean market and continues to invest in developing its Korean Global Banking and Markets and Corporate Banking businesses," it said in a statement.

Last year the bank announced a programme of non-core asset sales as it seeks to boost investor returns.

It has recently announced plans to sell businesses in Mauritius, Slovakia and the Middle East.

However, it is a different story in its key markets, with the bank having to splash out over £1bn recently to ensure it remains a key player in mainland China.

In March HSBC announced it is spending HK$13,264m on a share placing by the Chinese lender, Bank of Communications, or BoCom for short.


*

Visit Digital Look for more financial data and tools

Pakistan business latest in HSBC firing line | ShareCast - News you can use

HSBC is also saying pakistan se zinda bhaago.

korea sy b zinda bhago Mauritius, Slovakia and the Middle East.????????.

LONDON (ShareCast) - The UK's biggest bank, HSBC (LSE: HSBA.L - news) , has confirmed it is in talks over a possible sale of its retail banking and wealth management business in Korea. The bank said the discussions with The Korea Development Bank were ongoing and may or may not lead to a deal. "HSBC remains committed to the Korean market and continues to invest in developing its Korean Global Banking and Markets and Corporate Banking businesses," it said in a statement. Last year the bank announced a programme of non-core asset sales as it seeks to boost investor returns. It has recently announced plans to sell businesses in Mauritius, Slovakia and the Middle East. However, it is a different story in its key markets, with the bank having to splash out over £1bn recently to ensure it remains a key player in mainland China. In March HSBC announced it is spending HK$13,264m on a

 

[Anish1]

korea sy b zinda bhago Mauritius, Slovakia and the Middle East.????????.

LONDON (ShareCast) - The UK's biggest bank, HSBC (LSE: HSBA.L - news) , has confirmed it is in talks over a possible sale of its retail banking and wealth management business in Korea. The bank said the discussions with The Korea Development Bank were ongoing and may or may not lead to a deal. "HSBC remains committed to the Korean market and continues to invest in developing its Korean Global Banking and Markets and Corporate Banking businesses," it said in a statement. Last year the bank announced a programme of non-core asset sales as it seeks to boost investor returns. It has recently announced plans to sell businesses in Mauritius, Slovakia and the Middle East. However, it is a different story in its key markets, with the bank having to splash out over £1bn recently to ensure it remains a key player in mainland China. In March HSBC announced it is spending HK$13,264m on a

Your post is an epic fail as HSBC says it is committed to Korean market.

 

[SBD-3]

Pakistan business latest in HSBC firing line



CATEGORY: NEWS AND ANNOUNCEMENTS*****SECTOR: BANKS
Pakistan business latest in HSBC firing line
By Michael Millar

Tue 10 Apr 2012

HSBA - HSBC Holdings

Latest Prices
Name Price %
HSBC Holdings 547.20p -1.32%
*
FTSE 100 5,675 -0.86%
FTSE 350 3,015 -0.89%
FTSE All-Share 2,951 -0.88%
Banks 3,755 -1.57%
LONDON (SHARECAST) - HSBC's Pakistan operations are the latest to go on the block as the bank continues to sell off non-core assets.

HSBC Bank Middle East, a subsidiary of HSBC Holdings, confirmed on Tuesday that it is in discussions with a number of interested parties regarding the possible sale of its operations in Pakistan.

"These discussions are at a preliminary stage - further announcements will be made if or when necessary," the bank said.

This was HSBC's second sale announcement of the day; earlier it confirmed it is in talks over a possible sale of its retail banking and wealth management business in Korea.

The bank said the discussions with The Korea Development Bank were ongoing and may or may not lead to a deal.

"HSBC remains committed to the Korean market and continues to invest in developing its Korean Global Banking and Markets and Corporate Banking businesses," it said in a statement.

Last year the bank announced a programme of non-core asset sales as it seeks to boost investor returns.

It has recently announced plans to sell businesses in Mauritius, Slovakia and the Middle East.

However, it is a different story in its key markets, with the bank having to splash out over £1bn recently to ensure it remains a key player in mainland China.

In March HSBC announced it is spending HK$13,264m on a share placing by the Chinese lender, Bank of Communications, or BoCom for short.


*

Visit Digital Look for more financial data and tools

Pakistan business latest in HSBC firing line | ShareCast - News you can use

HSBC is also saying pakistan se zinda bhaago.

Thats one of the most twisted and idiotic posts i have come accross. The problem with foriegn banks are of multiple nature 1)Pressures from their parent companies in the aftermath of financial hurt caused by crisis in Europe and US (earlier RBS and ABN Amro had to get out because their parents were consolidating their business) 2) Business concentation in high risk sectors (most of these banks were more into Consumer financing than pro-growth SME and Business financing- Citi had to sell its Consumer Portfolio in Pakistan a while ago just to get the trash off which was generated by itself) 3) SBP's push for greater capital adequacy (State Bank of Pakistan is pushing banks for consolidation by imposing greater capital adequacy requirements. Unofficially when i spoke to the director of Banking policy and Regulation department, he said that SBP was aiming for around 15 strong banks in the country rather than around 60 banks operating at the moment)
Furthermore, the same news also mentions that they are planning to do the same in Mauritius, Slovakia and the Middle East. So its more driven by consolidation than anything idiotic produced by your mind....

 

[aks18]

Your post is an epic fail as HSBC says it is committed to Korean market.

if its epic fail read the report i provided the link and what u say about the Mauritius and solavkia ?


HSBC Mulls Sale Of Certain Assets In Mauritius

 

[SBD-3]

Your post is an epic fail as HSBC says it is committed to Korean market.

Mr Wise guy what is the life generation segment of Banking Business model? The bank runns on deposits and loans and that what is the function of retail banking. What is the worth of bank to an economy who has keeps its underwriting business in the country (which is more aimed at short term gains and no significant contribution to real economy) than the retail business (which is not only the lifeblood of the bank and a direct contribution to real economy)....seriously

 

[acetophenol]

Bad time for HSBC?

 

[z9-ec]

Pakistan business latest in HSBC firing line

HSBC is also saying pakistan se zinda bhaago.

Hold your horses. HSBC has a tiny presence in Pakistan with a branch network of only 10!! other banks such as Standard Chartered have over 250.

Further more, it's not only Pakistan HSBC is also quiting Korea.

HSBC eyes Korea, Pakistan sales in global retreat


Reuters - Europe's biggest bank, HSBC (HSBA.L) (0005.HK), is in talks to sell up in Pakistan and offload retail banking in Korea, part of its withdrawal from countries where it lacks scale or struggles to make a profit.

HSBC said it was discussing the sale of its Korean retail and wealth management business to Korea Development Bank (KDB), but would keep its investment banking and corporate banking businesses in the country.

It is also in talks with several unnamed companies to sell its Pakistan business, it said in a separate statement.

HSBC did not give a price for either deal, but both are modest in size. It has 11 branches in Korea and assets of about 30,000 billion Korean won, and 10 branches in Pakistan.

If completed, the deals would take the number carried out by HSBC Chief Executive Stuart Gulliver since taking over early last year to 25, as he tries to revive his bank by cutting costs and boosting profitability. Deals already struck will cut $50 billion (31 billion pounds) in risk-weighted assets from its balance sheet since early 2011.

The London-based bank operates in 85 countries and Gulliver is trying to sharpen its focus on fast-growing Asian markets, while businesses that lack scale in Asia could also be on the block.

It made a $22 billion (13 billion pounds) profit last year, the largest by a western bank, but costs continue to rise and its return on equity was 10.9 percent, short of its 12-15 percent target.

HSBC has this year sold its general insurance businesses for $914 million (577 million pounds), sold operations in Costa Rica, El Salvador and Honduras for around $800 million (505 million pounds), and said it would quit Slovakia. It is also considering selling some Mauritius units.

HSBC shares dipped 1.2 percent to 548 pence by 0920 GMT, holding firmer than a 2 percent fall by Europe's bank sector .SX7P.

(Reporting by Sudip Kar-Gupta and Steve Slater in London and Kelvin Soh in Hong Kong; Editing by David Holmes and Helen Massy-Beresford)

 

[Harry Potter]

Looks like soon Pakistan's credit rating will be downgraded to Junk category.

 

[Safriz]

i am happy..
these banks made minced meat of the economy of their home country UK...They had done same abroad...
good riddance for Pakistan

 

[protest]

i am happy..
these banks made minced meat of the economy of their home country UK...They had done same abroad...
good riddance for Pakistan

You are confused. HSBC is Hong Kong based. UK's Standard Chartered which has large presence in Pakistan is still mincing meat of your economy as you put it. Hehe. I wish India open its banking sector more, have foreign banks lend us at a lower interest rates. Banking reforms needed in India.

 

[XYON]

HSBC has a very tiny footstep in Pakistan mostly based on a few branches in main cities only! There departure is no big deal as Pakistan already has many other strong local and international banks operating successfully within including Standard Chartered, Barclays etc. This is the second time HSBC has closed shop in Pakistan without having any effect whatsoever on the national economy!

 

[somebozo]

HSBC is in knee deep sh_t and pulling off from many markets including several rich ones. So Indians need not to chest thumb. Most of the staff in HSBC branches in any country in the world happens to be outright crooks wanting to strangle you in a web of complicated regulations. And is very expensive for an average Joe to afford.