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UBS is contemplating relocating its headquarters due to costly capital regulations, which could require raising $20 to $25 billion in equity, impacting profits significantly. A move could lead to a loss of client assets in Switzerland, weakening its most profitable market, while also facing operational and regulatory challenges in potential new locations like the USA, London, or Singapore. Despite the allure of relocation, UBS risks losing market share and would need years to establish a stronger presence in the U.S. wealth market.
HSBC Holdings plc, a leading global banking group, is set to issue SG$800 million in convertible securities. The bank's revenue is primarily derived from retail banking and wealth management (42.3%), commercial banking (31.8%), and investment banking (25.9%). As of the end of 2024, HSBC reported USD 1,654.9 billion in current deposits and USD 930.6 billion in current credits.
HSBC Holdings plans to issue SGD800 million in 5% Resettable Perpetual Subordinated Contingent Convertible Securities on March 24. The initial conversion price is set at SGD4.6675 per share, allowing conversion into approximately 171 million ordinary shares, which will represent about 0.96% of the enlarged issued share capital. The net proceeds from this issuance are expected to be SGD792 million.
BNP Paribas has appointed Eric Tran as chief sustainability officer for global banking in Asia-Pacific, effective immediately, with plans to relocate from Hong Kong to Singapore later this year. He will lead the ESG strategy across all business lines.Sun Life Financial has named Bennet Li as senior vice president and chief financial officer for Asia, also effective immediately. Li, who has been interim CFO since September 2024, will be based in Hong Kong and report to the executive vice president and the president of Sun Life Asia.
Eric Tran has been appointed as the APAC Global Banking Chief Sustainability Officer at BNP Paribas, where he will oversee ESG issues for both corporate and investment banking. He is set to relocate from Hong Kong to Singapore in the second half of the year.
In a recent webinar, Bin Shi discussed the optimistic turnaround in China's equity market, driven by advancements in technology and a more competitive landscape for Chinese companies. Despite ongoing uncertainties from US trade policies, the sentiment shift suggests a sustainable rally, with emerging opportunities in sectors like autonomous driving. The government's positive signals towards the private sector and consistent policy direction further bolster confidence in China's economic recovery.
Wells Fargo has adjusted its price target on Exxon Mobil to $130 from $135 while maintaining an overweight rating. Exxon Mobil operates primarily in refining and distribution, petrochemicals, and exploration and production, with significant global sales distribution, particularly in the U.S. (40.1%).
BNP Paribas’ Securities Services has been selected by ProCapital, a subsidiary of Crédit Mutuel Arkéa, to provide a comprehensive suite of services across European markets, including custody, clearing, and securities lending. This partnership enhances ProCapital's operational efficiency through BNP Paribas’ integrated Execution-to-Custody solution, building on their existing collaboration in North America since 2021. Both companies emphasize their shared commitment to delivering high-quality service and client satisfaction.
Amid strong market demand, a company has raised its annual delivery target for 2025 to 350,000 units. The Indonesia Stock Exchange temporarily halted trading on March 18 due to a 5.02% decline in the Composite Stock Price Index, aimed at protecting investors from volatility. In the US, the Department of Commerce has banned employees from using DeepSeek on government devices due to data security concerns. Meanwhile, edtech firm Physics Wallah has filed for a US$531.4 million IPO, with significant portions expected to be an offer for sale. Shein faces challenges in the US as a tax exemption allowing duty-free imports is likely to be eliminated, potentially impacting its logistics strategy. In contrast, Temu's semi-consignment model may shield it from these changes. Additionally, Bengaluru-based Slikk Club has raised US$3.2 million to enhance its rapid fashion delivery service.
Singapore-based sustainable period care brand Enya has secured investment from 500 Global and venture debt financing from Crusade Partners. This funding will facilitate the company's expansion across Asia and the Middle East, enhancing the availability of its organic cotton menstrual products in Singapore, Hong Kong, and Dubai. Enya focuses on providing organic, chemical-free, and biodegradable period care solutions to promote sustainability and accessibility.
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UBS weighs costly headquarters move amid regulatory pressures and market risks
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