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MarketScreener 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 54 851 M
EBIT 2018 20 876 M
Net income 2018 13 981 M
Debt 2018 -
Yield 2018 5,86%
P/E ratio 2018 12,69
P/E ratio 2019 11,76
Capi. / Sales 2018 3,18x
Capi. / Sales 2019 3,00x
Capitalization 174 B
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Mean consensus HOLD
Number of Analysts 21
Average target price 10,2 $
Spread / Average Target 15%
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Managers
NameTitle
John M. Flint Group Chief Executive Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
Andrew Mitchell Maguire Group Chief Operating Officer
Iain James Mackay Executive Director & Group Finance Director
Darryl West Chief Information Officer
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1st jan.Capitalization (M$)
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