HSBC quits Pakistan.

[SamranAli]

thats not too bad. It doesnt affect our economy plus our own banks are performing well so i am happy they will grow more.

 

[Anish1]

So i guess HSBC going away from pakistan wont make much of a difference if they were only 10 branches.

 

[shuttler]

"A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain.”
don't be discouraged. I am sure many other banks will fill the void.

 

[Edevelop]

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.

I agree. There are way to many local banks in Pakistan now... Its pretty straight forward. If HSBC leaves, then somebody else will come. Their leaving or staying doesn't mean anything.

 

[Icewolf]

HSBC cannot survive in Pakistan where there lot of major competition for banks...

 

[DRaisinHerald]

Good riddance Hopefully this will pave way for better Pakistani banks

 

[Cheetah786]

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 Holdings PLC said Tuesday that it wasn’t exiting any markets in Asia but would continue to review operations in several Asian countries as part of a wider drive to slim its global operations and maximise profitability.

A spokesman for HSBC said the review in Asia was ongoing and wouldn’t comment on a Financial Times article that stated the bank was weighing the sale or closure of retail operations in seven countries including New Zealand and Pakistan.

“Our strategy in the region is to have strong, balanced and diversified geographies and businesses,” HSBC said in a statement.

HSBC has previously said it will focus on six core Asian markets outside of Hong Kong where profit is growing fastest, and two strategic markets with strong future earnings potential. The key Asian markets are Australia, China, India, Indonesia, Malaysia and Singapore, while the strategic markets are Taiwan and Vietnam.

HSBC is nine months into a major revamp of its global operations under Chief Executive Stuart Gulliver that includes around 30,000 job cuts, a retreat in some countries from retail banking and an effort to attract more wealthy customers. So far, it has disposed of its U.S. credit-card business and a 195-branch network in upstate New York, agreed to sell its Canadian retail brokerage, and exited retail banking in Russia, Chile and Poland.

Gulliver initiated a major revamp of HSBC’s global operations in May. Currently the bank is targeting around 12% return on equity by 2013, and to cut its cost-to-income ratio to 52%.

On Tuesday analysts welcomed the move. “The likelihood is that HSBC will follow the exit from markets such as Japan, Georgia and Thailand, with an exit from the Philippines, Pakistan, Sri Lanka, New Zealand and others,” said Mediobanca Securities in a note. “While the market will applaud this latest development, there is a growing sense of impatience about converting these initiatives into stronger returns.”

On Tuesday morning in London HSBC’s share price was up 1.65% to 5.65 pounds.


HSBC Won’t Quit Any Asian Markets - Deal Journal - WSJ

HSBC is also saying Pakistan se zinda bhaago.

Indian obsession with Pakistan

 

[aakash_2410]

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.

No offence but it sounds like total Bullcr*p to me!

HSBC is the world's LARGEST Banking corporation in terms of market value and is fourth largest company ever to be registered on London Stock Exchange!

Since the end of 2005, HSBC has been rated the largest banking group in the world by Tier 1 capital. In February 2008, HSBC was named the world's most valuable banking brand by The Banker magazine.

And when economical conditions are not so good for world economy, HSBC made PROFIT of 18 billion dollars.



And yeah as a student I opened bank accounts in almost every single bank, and I only use HSBC, best service and best perks for a student accounts. So don't make it sound like HSBC is not a good bank.

 

[Icewolf]

No offence but it sounds like total Bullcr*p to me!

HSBC is the world's LARGEST Banking corporation in terms of market value and is fourth largest company ever to be registered on London Stock Exchange!

Since the end of 2005, HSBC has been rated the largest banking group in the world by Tier 1 capital. In February 2008, HSBC was named the world's most valuable banking brand by The Banker magazine.

And when economical conditions are not so good for world economy, HSBC made PROFIT of 18 billion dollars.



And yeah as a student I opened bank accounts in almost every single bank, and I only use HSBC, best service and best perks for a student accounts. So don't make it sound like HSBC is not a good bank.

Dear we are not saying that, we are saying there's lot of competition between banks right now in Pakistan maybe HBSC didn't succeed

 

[Dance]

"The likelihood is that HSBC will follow the exit from markets such as Japan, Georgia and Thailand, with an exit from the Philippines, Pakistan, Sri Lanka, New Zealand"


This thread is a fail

 

[Cheetah786]

So i guess HSBC going away from Pakistan wont make much of a difference if they were only 10 branches.

At the end of the day no it will not make any difference this bank failed in lot more countries then just Pakistan it says more about the management then Pakistan.

So far, it has disposed of its U.S. credit-card business and a 195-branch network in upstate New York, agreed to sell its Canadian retail brokerage, and exited retail banking in Russia, Chile and Poland
On Tuesday analysts welcomed the move. “The likelihood is that HSBC will follow the exit from markets such as Japan, Georgia and Thailand, with an exit from the Philippines, Pakistan, Sri Lanka, New Zealand and others,”


there is a growing sense of impatience about converting these initiatives into stronger returns.

lol no bank is going to make money by failing in 3 quarters of the world this means HSBC sooner then u think is BY BY.

 

[Cheetah786]

No offence but it sounds like total Bullcr*p to me!

HSBC is the world's LARGEST Banking corporation in terms of market value and is fourth largest company ever to be registered on London Stock Exchange!

Since the end of 2005, HSBC has been rated the largest banking group in the world by Tier 1 capital. In February 2008, HSBC was named the world's most valuable banking brand by The Banker magazine.

And when economical conditions are not so good for world economy, HSBC made PROFIT of 18 billion dollars.



And yeah as a student I opened bank accounts in almost every single bank, and I only use HSBC, best service and best perks for a student accounts. So don't make it sound like HSBC is not a good bank.

5.65 pounds

dude look at the share price before making these claims.

 

[chitti]

i think a chinese bank will buy the Pak operations soon. or maybe an indian bank will buy it now that we are mfn

 

[Nishan_101]

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 a good news!!! HSBC is known for its heavy investment in military industries and provides loans for wars too.

 

[Amolthebest]

I heard in Zia regime Pakistani banks didn't give interest on investment coz it's against Islam. Is it true? And if yes it's still running?