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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  HSBC Holdings    HSBA   GB0005405286

HSBC HOLDINGS (HSBA)
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HSBC : sets out new structure for private bank in Europe

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04/16/2018 | 02:23pm CEST
FILE PHOTO: HSBC headquarters is seen at the financial Central district in Hong Kong

LONDON (Reuters) - HSBC said on Monday it would create a single regional structure for its private bank in Europe which includes its businesses in the UK, Channel Islands, France, Germany, Switzerland and Luxembourg.

LONDON (Reuters) - HSBC said on Monday it would create a single regional structure for its private bank in Europe which includes its businesses in the UK, Channel Islands, France, Germany, Switzerland and Luxembourg.

The new structure, which will be called HSBC Global Private Banking, EMEA, will be led by Chris Allen, who has been appointed regional head of global private banking.

"This will create a regional private banking business that is more integrated, strategically aligned and well positioned to deliver continued growth for HSBC Private Banking," the bank said in a statement.

The move comes ahead of HSBC's annual shareholder meeting on Friday - the first under new Chairman Mark Tucker, who joined last October, and Chief Executive John Flint, who joined in February.

Tucker, who has already spearheaded an initiative to streamline the bank's board, and Flint gave their first hints of what strategy they would pursue at an analyst presentation earlier this month, outlining a plan to cut internal bureaucracy and expand investment in China.

Allen's current role as CEO of HSBC's private bank in the UK will be taken by Charles Boulton, who has held a number of senior roles in the bank, HSBC said.

Meanwhile, Franco Morra, CEO of HSBC's private bank in Switzerland, will leave the bank with a permanent replacement to be decided in the coming months. Christophe Guillemot, CFO of global private banking, will take up the position on an interim basis.

HSBC's global private banking business accounted for just over 3 percent of the bank's adjusted global revenues in 2017, according to HSBC's annual report for that year.

(Reporting by Emma Rumney. Editing by Jane Merriman)

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Financials ($)
Sales 2018 54 923 M
EBIT 2018 20 449 M
Net income 2018 13 939 M
Debt 2018 -
Yield 2018 5,28%
P/E ratio 2018 14,27
P/E ratio 2019 12,99
Capi. / Sales 2018 3,61x
Capi. / Sales 2019 3,44x
Capitalization 199 B
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Technical analysis trends HSBC HOLDINGS
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 22
Average target price 10,6 $
Spread / Average Target 7,8%
EPS Revisions
Managers
NameTitle
John M. Flint Group Chief Executive Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
Andrew Maguire Group Chief Operating Officer
Iain James Mackay Group Finance Director & Executive Director
Darryl West Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
HSBC HOLDINGS-8.57%198 513
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INDUSTRIAL AND COMMERCIAL BANK OF CHINA-4.52%328 236
BANK OF AMERICA2.24%309 974
CHINA CONSTRUCTION BANK CORPORATION-4.04%272 699
WELLS FARGO-13.37%256 287