Feb 22, 2024 05:26 AM

FINANCE

HSBC Takes $3 Billion Charge on BoCom Holdings

By Wang Xiaoqing and Han Wei

00:00

00:00/00:00

Listen to this article 1x

HSBC has been expanding its presence in China as part of its pivot-to-Asia strategy

HSBC has been expanding its presence in China as part of its pivot-to-Asia strategy

HSBC Holdings Plc Wednesday reported a $3 billion write-down on its stake in a Chinese bank, underscoring challenges the British lender faces in one of its key growth markets.

Europe’s largest bank by assets took a charge on its 19.03% holding in Bank of Communications Co. Ltd. (601328.SH), one of China’s biggest state-owned banks, after a reassessment of the accounting value-in-use, the bank said in a release of its fourth quarter financial results.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: Innovation Takes Off at Flying Vehicle Expo

NEWSLETTERS

Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription

PODCAST

Caixin Deep Dive: How China’s Crypto Ban Makes Disposing of Seized Assets a Lot Harder

00:00

00:00/00:00

MOST POPULAR

1: Cover Story: China’s Factory Exodus Is Turning Vietnam Into the World’s Assembler

2: Meituan Enters Open-Source AI Race With LongCat Model

3: Ex-UBS Banker in Hong Kong Jailed 10 Years for Laundering $17.2 Million

4: Alipay Fined by Luxembourg Regulator for Anti-Money Laundering Breaches

5: End of U.S. Tax Exemption Hits Chinese Air Cargo Carriers Differently

SPONSORED

OR