HSBC's HK shares fall most in 9 months on loss in French retail sale deal

Reuters2021-06-21

** Hong Kong shares of HSBC Holdings PLC fall 4.4% to HK$45.10, the biggest intraday percentage decline since Sept. 21, 2020; shares are on course for a second session of fall

** Stock sinks to the lowest since April 27; the biggest percentage decliner in Hang Seng Finance Index and the second biggest decliner in the benchmark Hang Seng Index

** HSBC has agreed to sell its French retail bank to Cerberus-backed My Money Group in a deal which will mean a loss of around $2.3 bln for the British bank but end its long struggle to dispose of the business as it focuses on Asia

** The deal announced on Friday sees HSBC take another significant step in a wider retreat from slow-growing European and North American markets where it has struggled against larger domestic players

** The Hang Seng Finance Index drops 2.2% to the lowest since Feb. 1, and the benchmark index falls 1.1%

** As of last close, the Hong Kong-listed stock had surged 15.8% this year

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Comments

  • justplainame
    2021-06-21
    justplainame
    Hmmm
  • maiku
    2021-06-21
    maiku
    Nice
  • Nn9876543
    2021-06-21
    Nn9876543
    Pls like n comment 
  • Cwoclinton
    2021-06-21
    Cwoclinton
    Cool
  • Fredteh
    2021-06-21
    Fredteh
    HSBC is concentrating business in Asia.
  • SvdB
    2021-06-21
    SvdB
    Good read
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