HSBC

HSBC Fine for Money Laundering is Largest Bank Penalty in U.S. History

The HSBC fine for money laundering charges reached a record $1.92 billion as Europe's biggest bank settled charges in an agreement with the U.S. Justice Department.

The fine is the largest penalty ever imposed on a bank from the Justice Department.

The Justice Department had accused HSBC Holdings PLC of illegally laundering money for Mexican drug cartels and with violating sanctions by doing business with countries including Iran, Cuba, Libya, Sudan and Myanmar, according to Reuters.

In a statement, HSBC Chief Executive Stuart Gulliver said: "We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again. The HSBC of today is a fundamentally different organization from the one that made those mistakes."

Under new senior leadership over the past two years, Gulliver said, "we have been taking concrete steps to put right what went wrong and to participate actively with government authorities in bringing to light and addressing these matters."



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HSBC Pursues South African Bank to Claim Key Spot in African Trade Financing

European banking leader HSBC Holdings PLC (NYSE ADR: HBC) yesterday (Monday) announced it's in talks to gain a controlling stake of South Africa's Nedbank Group Ltd. (PINK ADR: NDBKY). The acquisition would expand HSBC's presence in Africa's trade growing financing market.

Europe's largest bank aims to gain 70% of Nedbank's shares and plans to bid on insurer Old Mutual PLC's (PINK ADR: ODMTY) 52% stake, worth $7 billion. Nedbank is South Africa's fourth largest bank and focuses on commercial banking services, operating in 33 African countries.

The hot pursuit of South Africa's banking industry is fueled by the rapid trade growth the country is experiencing with Asia - especially China.

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Investment News Briefs

With our investment news briefs, Money Morning provides investors with a quick overview of the most important investing news stories from all around the world.

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Buy, Sell or Hold: HSBC Holdings PLC (NYSE: HBC) Has Absorbed the Financial Crisis' Impact and Is Now Exploiting It

In tough times, the strong get stronger, and HSBC Holdings PLC is (NYSE ADR: HBC) is cherry-picking the world. HSBC is one of my favorite banks in the world. And that feeling is shared. In fact, "the world's local bank," as they like to call themselves, is the largest recipient of deposits in the world. […]

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With our investment news briefs, Money Morning provides investors with a quick overview of the most important investing news stories from all around the world. Santander IPO Aiming for $7.3 Billion; Deloitte: Flat Holiday Sales; RBS Gauging $8 Billion Share Sell Interest; HBSC Downgrades Lukoil; Citi: BHP May Consider Share Buyback; Lennar Posts Another Loss; […]

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Banking Bellwether HSBC Forecasts a “Tough” Year

By Don MillerAssociate EditorMoney Morning Europe's biggest bank, HSBC Holdings PLC (NYSE ADR: HBC), said first quarter profits increased substantially over last year, but 2009 will be a "tough" year as bad loans increase and the economy slowly pulls out of the recession. The bank's profits benefited from record results in its investment bank and […]

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