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HSBC Holdings

HSBC Holdings is one of the world's largest and most diversified financial services groups. It operates through four global businesses: Retail Banking and Wealth Management (RBWM), Commercial Banking (CMB), Global Banking and Markets (GB&M), and Global Private Banking (GPB). Its operating network spans five geographical regions: Europe, Asia, Middle East and North Africa (MENA), North America & Latin America. HSBC significantly increased its presence in the US through the acquisition of Household International (now HSBC Finance) in 2003. However, following heavy losses, the portfolio has been sold or wound down, with its US presence now concentrated in HSBC Bank (USA). HSBC's renewed concentration on business growth in Asia - its "pivot to Asia" - focuses on Hong Kong and the Pearl River Delta region of China. In line with UK ring-fencing legislation effective as of 1 January 2019, HSBC has created a new ring-fenced bank, HSBC UK Bank, with total assets of £234 bn, 27% of the former HSBC Bank. (06 Nov 2018)

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European Bank AT1: To Call Or Not To Call

Sector Analysis: 09 Dec 2018, 10:05 PM ET - Recent market turbulence has seen AT1 curves resemble ski-jumps, but is it really a case of jumping into the unknown with 13 AT1s coming up for first calls in 2019?

Australian Banks 2019 Outlook: Tier 2 Subs Senior

Sector Outlook: 06 Dec 2018, 3:27 AM ET - As we head into 2019 the major Australian banks are sound but facing some downside risks. Their senior debt should become safer thanks to the greatly enlarged subordinated debt the banks will have to issue to meet their TLAC requirement. 

Euro Banks: Credit Metrics Update 3Q18

Worth Watching: 05 Dec 2018, 10:49 AM ET - Euro Banks: We have updated the Credit Metrics page on our website with summary balance sheet and income statement data for major European banks at 30 September 2018. Credit Metrics includes data on thirty banks that form our core coverage univer ..

Singapore Banks: Stable 3Q18, Moody's T2 Upgrade

Sector Analysis: 04 Dec 2018, 3:58 AM ET - Post 3Q18, we think the Singapore banks still pervades stability & steadiness.  Somewhat related to our view, Moody's affirmed the ratings & assessment of the banks, & upgraded its sub Tier-2 PONV securities to A2(hyb) from A3(hyb).

CIMB: 3Q18 - Better Balance Sheet Metrics

Earnings Note: 03 Dec 2018, 2:48 AM ET - CIMB posted a 3Q18 NP of MYR1.18 bn, down 40.4% QoQ due to the previous quarter that had a sizeable disposal gain. Excluding the gains, we think the group would have had a flat QoQ performance with profit driven by non interest incom

Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.

HSH Nordbank: Legacy Tier 1s Terminated

Worth Watching: 30 Nov 2018, 10:47 AM ET - HSH Nordbank (Baa3/NR/BBB-) has announced its decision to terminate its silent participations (funded by its legacy Tier 1 securities, the SPARC, RESPARC I, RESPARC II and SPHERE bonds). The bank's sale to a consortium led by J.C. Flowers and Ce ..

UK Banks: AT1 Conversion in Stress Test

Worth Watching: 30 Nov 2018, 6:51 AM ET - UK Banks: We have had a few questions around the conversion of Barclays' and Lloyds' AT1s into CET1 capital in the recent UK bank stress test (see UK Banks Clear Brexit Stress Test Hurdles). This is our understanding of why both banks were pres ..

Maybank: 3Q18 Affected By Insurance Loss

Earnings Note: 30 Nov 2018, 4:09 AM ET - Maybank posted a 3Q18 net profit of MYR 1.957 mn, flat QoQ and down 3.5% YoY.  Insurance posted a loss, while bank operations fared better behind non interest income & controlled expenses.  Lower provisions offset the insurance loss.  

Hong Leong Bank: 1Q19 - In Sound Standing

Earnings Note: 28 Nov 2018, 10:31 PM ET - Hong Leong Bank's 1Q19 net profit was driven by non interest income.  Net interest income was subdued, opex was higher, & provisions rose (though low). The bank remains sound with adequate capital, superior asset quality, & best liquidity.

UK Banks Clear Brexit Stress Test Hurdles

Sector Analysis: 28 Nov 2018, 4:06 PM ET - The market should welcome the Bank of England stress test results that show the major UK banks weathering the Brexit storm, with no need for any of them to strengthen capital.

RHB Bank: 3Q18 - Trading & Investment Income Led

Earnings Note: 28 Nov 2018, 2:42 AM ET - RHB Bank posted a 3Q18 net profit of MYR579 mn, up 1.5% QoQ and 18.7% YoY, on the back of stronger non interest income driven by trading & investment income.  Capital adequacy ratios remains solid, NPLs ticked up, and liquidity improved. 

Chinese Banks: Better 3Q18, Building Reserves

Earnings Note: 27 Nov 2018, 11:58 PM ET - We provide a round-up of the 3Q 2018 results of China's Big Six and the Joint Stock Commercial Banks. 

Australian Banks: APRA Sets Leverage Ratio at 3.5%

Worth Watching: 27 Nov 2018, 12:01 AM ET - Australian Banks are currently in the final phases of implementing changes to the capital adequacy regime that were deemed necessary by global regulators and by APRA in the wake of the Global Financial Crisis. The latest development (see here) ..

Euro Financial Movers: Gourd Times And Bad

Euro Financial Movers: 25 Nov 2018, 9:41 PM ET - It was a quiet week, with Thanksgiving in the US. Deutsche Bank got caught up in the Danske money-laundering scandal, and the BoE brought forward the UK stress test results. Capital optimisation remains at the top of Generali's agenda.

AMMB: A Flat Quarter Means Little Change

Earnings Note: 23 Nov 2018, 2:22 AM ET - AMMB Holdings reported a 2Q19 net profit of MYR348 mn – flat QoQ & 5.0% YoY higher.  The flat quarterly performance reflects its operating income and expenses, with provisions remaining very low.  Yet returns remain subdued.

Indian Banks: A Focus on Public Sector Banks

Sector Analysis: 22 Nov 2018, 9:20 AM ET - We summarize the recently concluded 2Q19 reporting season of the Indian Public Sector Banks (PSB) under our coverage & highlight the their latest operating performance and trends. The sector posted another net loss in the quarter.  

Australian Banks: Thoughts of the RBA Governor

Worth Watching: 21 Nov 2018, 5:57 AM ET - Australian Banks are operating in what is, according to the latest RBA data, a mostly very benign economic environment. In its latest Monetary Policy Minutes (see here) the Reserve Bank notes that Australia's growth has been running ahead of ex ..

US Banks 3Q18 Capital Figures: Do a Downward Dog

Sector Analysis: 19 Nov 2018, 10:36 PM ET - Capital levels were mostly lower in 3Q18 reflecting increases in dividends and buybacks, but remain well above requirements. Only the banks that failed the stress test saw an increase. Several proposed changes to capital remain outstanding.

Euro Financial Movers: Brexit – Kind Of A Big Deal

Euro Financial Movers: 18 Nov 2018, 10:00 PM ET - The UK’s draft EU withdrawal agreement led to uncertainty and spread volatility, while the SRB’s position paper provided some post-Brexit MREL clarity. As IASB looks to defer IFRS 17 to 2022, Munich Re issued its first EUR Tier 2 since 2012

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