a8211i
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the
month of April
HSBC Holdings plc
42nd
Floor, 8 Canada Square, London E14 5HQ, England
(Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F).
Form
20-F X Form 40-F
NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY
OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO
WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF
SUCH JURISDICTION
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of
Hong Kong Limited take no responsibility for the contents of this
document, make no representation as to its accuracy or completeness
and expressly disclaim any liability whatsoever for any loss
howsoever arising from or in reliance upon the whole or any part of
the contents of this document.
29
March 2024
(Hong
Kong Stock Code: 5)
HSBC HOLDINGS PLC
Completion
of the sale of HSBC Bank Canada to RBC
HSBC
Holdings plc ('HSBC') completed the sale of HSBC Bank Canada ('HSBC
Canada') and its subsidiaries to Royal Bank of Canada ('RBC') on 28
March 2024.
The
sale followed a strategic review of
HSBC Canada which concluded the best course of action strategically
for the HSBC Group and HSBC Canada was to sell the business. The
transaction unlocks significant value for the HSBC
Group.
Commenting
on the transaction, Noel Quinn, Group CEO said, "I am grateful to the team in Canada for their hard
work over the last 18 months delivering this
transaction. This is a great business with exceptional
people and clients, and I have no doubt it will thrive as part of
RBC. Completing this deal is another important milestone in HSBC's
transformation, and it will provide capital that will enable us to
grow our core businesses and reward our shareholders for their
loyalty, including through an intended special dividend of US$0.21
per share."
Completion of the transaction will result in the recognition of an
estimated gain on sale of US$4.9bn in the first quarter of 2024, inclusive of the
recycling of an estimated US$0.6bn in foreign currency translation reserve
losses1. There is no tax on the estimated gain
recognised at completion. As a consequence of the gain on sale, the
disposal of HSBC Canada RWAs and the recognition of the special
dividend, the HSBC Group's CET1 ratio will be enhanced by an
estimated 0.7 percentage
points2.
Subject
to finalisation of its results for the first quarter of 2024
('1Q24') and consideration and approval by the Board, HSBC intends
to announce a special dividend of US$0.21 per share together with
its 1Q24 earnings release expected to be published on 30 April
2024. This would be in addition to any proposed interim dividend to
be considered by the Board and would be expected to be paid at the
same time in June 2024 if approved.
For and
on behalf of
HSBC Holdings plc
Aileen Taylor
Group
Company Secretary and Chief Governance Officer
1 Estimates are as
at 22 March 2024, and exclude fair value gains or
losses on related foreign exchange hedges to be recognised in the
quarter.
2 Based on HSBC Group
RWAs of US$854bn and HSBC Canada RWAs on a PRA basis (excluding
operational risk RWAs) of US$28bn as at 31 December 2023. The estimated CET1 ratio
impact includes the impact of a US$0.21 per share special dividend,
and excludes impacts on foreign currency-related RWAs at the HSBC
Group level. The favourable CET1 impact arising from the disposal
of HSBC Canada RWAs, reduced by the impact of a foreseeable US$0.21
per share special dividend will be recognised in the first quarter
of 2024. The favourable impact arising from the recognition of the
gain on sale will be recognised upon the verification of interim
profits during the second quarter of 2024.
Miscellaneous
The
Board of Directors of HSBC Holdings plc as at the date of this
announcement comprises:
Mark
Edward Tucker*, Noel Paul Quinn, Geraldine Joyce
Buckingham†, Rachel
Duan†, Georges
Bahjat Elhedery, Dame Carolyn Julie Fairbairn†, James Anthony
Forese†, Ann Frances
Godbehere†, Steven Craig
Guggenheimer†, Dr José
Antonio Meade Kuribreña†, Kalpana
Jaisingh Morparia†, Eileen K
Murray†, Brendan
Robert Nelson†, David Thomas
Nish† and Swee
Lian Teo†.
* Non-executive
Group Chairman
† Independent
non-executive Director
This announcement contains both historical and forward-looking
statements. All statements other than statements of historical fact
are, or may be deemed to be, forward-looking statements.
Forward-looking statements may be identified by the use of terms
such as 'expects,' 'targets,' 'believes,' 'seeks,' 'estimates,'
'may,' 'intends,' 'plan,' 'will,' 'should,' 'potential,'
'reasonably possible', 'anticipates,' 'project', or 'continue',
variation of these words, the negative thereof or similar
expressions or comparable terminology. HSBC has based the
forward-looking statements on current plans, information, data,
estimates, expectations and projections about, among other things,
results of operations, financial condition, prospects, strategies
and future events, and therefore undue reliance should not be
placed on them. These forward-looking statements are subject to
risks, uncertainties and assumptions about us, as described under
'Cautionary statement regarding forward-looking statements'
contained in the HSBC Holdings plc Annual Report on Form 20-F for
the year ended 31 December 2023, filed with the SEC on 22 February
2024 (the '2023 Form 20-F'). HSBC undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. In
light of these risks, uncertainties and assumptions, the
forward-looking events discussed herein might not occur. Investors
are cautioned not to place undue reliance on any forward-looking
statements, which speak only as of their dates. No representation
or warranty is made as to the achievement or reasonableness of and
no reliance should be placed on such forward-looking statements.
Additional information, including information on factors which may
affect the HSBC Group's business, is contained in the 2023 Form
20-F.
ends/more
Investor enquiries to:
Neil Sankoff
+44 (0) 20 7991 5072
investorrelations@hsbc.com
Yafei Tian
+852 2899 8909
yafei.tian@hsbc.com.hk
Media enquiries to:
HSBC press office
+44 (0) 20 79918096
pressoffice@hsbc.com
Note to editors:
HSBC
Holdings plc, the parent company of the HSBC, is headquartered in
London. HSBC serves customers worldwide from offices in 62
countries and territories. With assets of US$3,039bn at 31 December
2023, HSBC is one of the world's largest banking and financial
services organisations.
HSBC Holdings plc
Registered Office and Group Head Office:
8
Canada Square, London E14 5HQ, United Kingdom
Web: www.hsbc.com
Incorporated in England with limited liability. Registered in
England: number 617987
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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HSBC
Holdings plc
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By:
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Name:
Aileen Taylor
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Title:
Group Company Secretary and Chief Governance Officer
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Date: 2
April 2024
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