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HSBC shifts South Africa customers to FirstRand and Absa
HSBC winds down in SA, transfers ops to FirstRand, Absa
HSBC is winding down its operations in South Africa, with FirstRand Bank set to take over its branch businesses, while its securities and equities operations will be transferred to Absa. The British finance institution has serviced South Africa for nearly 30 years.
HSBC shifts South Africa customers to FirstRand and Absa, as it exits the country
HSBC has reached an agreement to transfer its business in South Africa to local lender FirstRand Bank Ltd, the British bank said on Thursday, as it exits from the country entirely amid a wider pivot towards Asia.
Banking shake-up: HSBC exits South Africa amid arrival of new players
On Thursday, FirstRand Limited confirmed that HSBC Bank plc (HSBC) will transfer its clients, its banking assets, liabilities and employees of its South African branch to FirstRand’s wholly owned subsidiary FirstRand Bank Limited (FRB).
FirstRand Acquires HSBC’s South African Operations In Strategic Deal
FirstRand, Africa’s largest financial institution by market capitalisation, has announced that it will acquire the clients, banking assets, liabilities, and employees of HSBC Bank plc’s (HSBC) South African branch.
HSBC HOLDINGS Exits South Africa, Transfers Local Biz, Clients to FirstRand Bank: Report
HSBC HOLDINGS (00005.HK) reached an agreement with FirstRand Bank to transfer the branch's clients, banking assets and liabilities there, with the deal expected to be completed in 4Q25 at the earliest,
HSBC Said in Talks to Sell South African Unit to FirstRand
HSBC Holdings Plc is in talks to sell its South African corporate banking unit to FirstRand Ltd.’s Rand Merchant Bank, people with knowledge of the matter said, as the the UK lender sells non-core assets.
After 29 years, HSBC to exit SA following deals with FirstRand, Absa
After almost three decades in the country, HSBC will be closing its South African businesses, following deals with both FirstRand and Absa.
ECB, HSBC
HSBC now expects ECB to cut rates by 25 bps at every meeting from Oct
HSBC said on Wednesday it now expects the European Central Bank to cut interest rates by 25 basis points at every meeting from October through to April next year given weakening economic data.
Trader Eyes €14 Million Payout on Outsized ECB Rate Cuts
A trader is eyeing a huge payday by betting the European Central Bank will deliver outsized interest-rate cuts this year as the economic outlook darkens.
ECB will cut rates more quickly than previously expected, HSBC says
The European Central Bank will likely make a series of consecutive 25 basis point cuts at each of its upcoming meetings between now and April 2025, HSBC’s analysts said
businesstech.co.za
12m
Over 1,000 businesses shut their doors in South Africa in 2024
South Africa has seen over 1,000 businesses liquidate in the first eight months of 2024. According to Stats SA, the total ...
Moneyweb
17h
HSBC to exit SA market with sale of unit to FirstRand
HSBC
has been operating in
South
Africa
since 1995. The company recently sold its retail and business banking units in ...
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