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In HSBC events around the world, HSBC Amanah opened three new Shariah branches in the cities of Bandung, Surabaya and Medan to coincide with its 10th year of operation in Indonesia HSBC Malta has created a 100 million Euro fund to support Maltese businesses. It forms part of HSBC Group’s new US$5 billion global working capital fund aimed to ensure that business customers continue to have access to appropriate credit through the current financial and economic crisis.
HSBC said it would cut about 10% of its Taiwan staff by the end of this year to cope with the economic slowdown. In Dubai, HSBC Bank Middle East Limited said it would not be laying off any of its staff in the region but was looking at relocating some.
In the United Arab Emirates the news from Abu Dhabi is that the Gulf Cooperation Council countries, which also include Saudi Arabia, Kuwait, Qatar, Bahrain and Oman, are spending surplus oil revenue to diversify their economies, boosting demand for infrastructure. More than $300 billion will be spent on public infrastructure projects in the Middle East and North Africa by 2016, HSBC Holding Plc estimates. That news was dated 16 December 2008. Oil prices continue to drop and oil is now $100 per barrel lower than it was this past summer. There will be less money to invest.
Looking at worldwide banking in general HSBC’s position relative to the need to raise capital gave the FTSE a roller coaster ride this week. By 10:35 a.m. HSBC shares were down 5.7 percent at 633.5 pence. HSBC’s tier 1 capital was 8.9 percent at the end of September — which puts it above most European peers but below the Hong Kong bank average. One option available to HSBC is to cut its dividend, but nagging pressure from HSBC Finance attracted nervous attention from shareholders and investors who find the suggestion unacceptable.
This article, HSBC News From Around the World, is just one of our articles from The HSBC Monitor, Part 2 – News and Complaints Behind the Scenes
The HSBC Monitor monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
We use Thomson Reuters News Service Calais in all production material but are not associated with Thomson Reuters, banks, or financial institutions in any way.
