HSBC

US probe into HSBC puts banks on edge

US probe into HSBC puts banks on edge

Accounts of Indian-residents of America are being probed by the U. S tax authorities on account of tax evasions. U. S. government authorities believed that HSBC bank has helped many Indian Americans to use their bank accounts in Asia to evade taxes.

It has been announced by the U. S. Department of Justice that HSBC India may have helped many Americans to hide their income to avoid tax payments, as India itself is a hub of tax evasions.

US taxman gets after Indian-Americans

The U. S. federal tax authority will scan Indian-Americans for tax evasions. Indian residents in the Unites States have to face questioning from U. S. tax authorities for holing offshore bank accounts in India and elsewhere via the Hong Kong and Shanghai Banking Corporation (HSBC).

The U. S. Department of Justice (DoJ) was looking forward to receive an order from a federal court in San Francisco which will allow IRS to ask for the information from HSBC Bank USA, about the accounts of such Indian-Americans.

HSBC to buy RBS India operations

HSBC to buy RBS India operations

It is perhaps the phase where most of the sectors are up for consolidation in the Indian market with Banking being at the top list of India Inc.

After a host of announcement already made in the sector in 2010, the latest comes as the UK-headquartered Hongkong and Shanghai Banking Corporation (HSBC) has agreed to acquire The Royal Bank of Scotland (RBS) Group Plc’s retail and commercial banking businesses in India.

Notably, the banking giant has agreed to pay a premium of up to $95 million for RBS’ retail, commercial businesses in the country.

HSBC to buy RBS' India banking unit

HSBC to buy RBS' India banking unit

Today, it has been announced by the UK-headquartered Hongkong and Shanghai Banking Corporation (HSBC) that it had agreed to acquire The Royal Bank of Scotland (RBS) Group Plc’s retail and commercial banking businesses in India for a premium of up to $95 million (Rs 446.50 crore, at today’s rates) over the net asset value. According to the bank’s statement the acquisition, if approved by the regulatory board, is expected to be completed in the first half of 2011,

HSBC agrees to buy India operations of RBS

HSBC agrees to buy India operations of RBS

HSBC Holdings on Friday confirmed that it would acquire retail and commercial banking operations of Royal Bank of Scotland (RBS) in India at a premium of up to $95 million over the net asset value of all tangible assets of RBS India.

The deal, which is expected to be accomplished by mid-2011, may see further reduction in deal value if bad debts of the business increase over the next two years.

HSBC, a small leap in profits by 2%

HSBC, a small leap in profits by 2%On Monday HSBC sported a 2% gain in its annual profits after the reduced tax bill. The bank expects that the loan impairment charges shall decline this year as the employment figure has to budge more.

After the massive earthquake in Chile the Asian shares soared with the stock resources, moving ahead with the healing copper prices.

With the high hopes of the analysts, HSBC is expected to report a net profit of $6.4 billion for 2009.

IL&FS Investsmart rebranded to HSBC InvestDirect

IL&FS Investsmart rebranded to  HSBC InvestDirectOn Thursday, it was forwarded by HSBC India Head Naina Lal Kidwai that interest rates in the later part of the current fiscal might be pushed up by an expected recovery in bank credit in the next few months.

Ms. Kidwai expressed that revival might be displayed by sectors that were primarily not dependent on exports and driven by domestic demand in the months ahead and might attract more investments.

HSBC Holdings reveals its plan to eliminate 193 jobs in India

HSBC Holdings, which has the biggest bank network in the Hong Kong, plans to eliminate 193 jobs in India to reduce costs at its consumer division as bad loans rise in a slowing economy.

The bank intends to move about 620 people among its various departments as part of its plan to cut costs.

According to an estimate, the job losses amount to about 0.5 per cent of its 36,650 employees in India.