HSBC's net sags on bad-debt provisions
Article Abstract:
HSBC Holdings PLC's net profit in the first half of 1998, ended Jun. 30, 1998, declined 16% mainly due to $1.15 billion in provisions for bad debt. The London, UK-headquartered bank posted $2.4 billion in net profit for the six-month period ended Jun. 30, 1998, a decrease from the company's net profit of $2.87 billion in the first half of 1997. HSBC's Asian clients presently account for 42% of the bank's total loans. Meanwhile, the company's US and Latin American clients and European clients account for around 20% and 38% of HSBC's total loans, respectively.
Comment:
Its net profit in the 1st half of 1998, ended 6/30/98, drops 16% mainly due to $1.15 bil in provisions for bad debt
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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HSBC confirms U.S. acquisition
Article Abstract:
HSBC Holdings PLC confirmed on May 10, 1999 that it had agreed to buy Republic New York Corp., along with Republic's Luxembourg affiliate Safra Republic Holdings S.A., for US$10.3 billion. The acquisition is HSBC's largest to date, and will help HSBC increase its private-banking business. HSBC plans to use internal resources, a $3 billion share placement, and a future issue of preferred shares and debt to fund the acquisition. Some analysts felt the price being paid by HSBC for Republic was high.
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1999
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Osaka regional banks plan merger
Article Abstract:
Bank of Kinki Ltd. and Bank of Osaka Ltd. are planning a merger that would form the Osaka region's largest bank. The deal would make Daiwa Bank Ltd. a major stockholder in the new bank. The new bank will be named Kinki Osaka Bank Ltd. It will have 3.664 trillion yen (29.82 billion) in deposits. It will also have outstanding loans of 3.17 trillion yen and 183 branches.
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1999
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