HSBC’s Asia Chief Executive Officer has revealed that the bank is ‘highly unlikely’ to buy an investment bank . Sandy Flockhart declared that ‘it’s highly unlikely that we will take a major interest in an investment bank’ during an interview with Bloomberg Television. Whilst Mr Flockhart neglected to comment on specific companies, his comments have dampened speculation that HSBC were set to launch a bid for Lehman Brothers .
Lehman Brothers are set to post their third quarter results today, with many analysts expecting a loss of more than $2 billion to be announced. Meanwhile, despite writedowns of almost £14 billion, HSBC remains relatively well positioned in the financial markets, maintaining its position as Europe’s largest bank. Furthermore, HSBC has performed the best of all eight members in the FTSE All Share Banks index, with a 7.4 per cent increase in stock.
Whilst HSBC was able to report a first half profit of $7.7 billion this year, Lehman Brothers have been decimated by the credit crunch, posting a loss in the most recent quarter whilst their share price has fallen by 88 per cent this year.
HSBC Highly Unlikely to Buy Investment Bank
Financial Services > e-banking > Banking news
HSBC Highly Unlikely to Buy Investment Bank
Wed, 10 Sep 2008
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