TIDMHSBA

RNS Number : 0806S

HSBC Holdings PLC

06 March 2019

 
 Capital 
                        Page 
 Capital overview        148 
 Capital management      148 
 Capital                 149 
---------------------- 
 Risk-weighted assets    150 
 Leverage ratio          151 
----------------------  ---- 
 
 
 Capital overview 
 
 
 Capital ratios 
                                   At 
                       31 Dec  1 Jan    31 Dec(1) 
                         2018   2018       2017 
                            %      %            % 
 CRD IV transitional 
 Common equity tier 
  1 ratio                14.0   14.6       14.5 
 Tier 1 ratio            17.0   17.4       17.3 
---------------------  ------  -----  --------- 
 Total capital ratio     20.0   21.0       20.9 
---------------------  ------  -----  --------- 
 CRD IV end point 
 Common equity tier 
  1 ratio                14.0   14.6       14.5 
 Tier 1 ratio            16.6   16.5       16.4 
---------------------  ------  -----  --------- 
 Total capital ratio     19.4   18.3       18.3 
---------------------  ------  -----  --------- 
 
 
 Total regulatory capital and risk-weighted 
  assets 
                                       At 
                          31 Dec    1 Jan    31 Dec(1) 
                            2018     2018       2017 
                              $m       $m           $m 
 CRD IV transitional 
 Common equity tier 
  1 capital              121,022  127,310    126,144 
 Additional tier 1 
  capital                 26,120   24,810     24,810 
 Tier 2 capital           26,096   31,014     31,429 
-----------------------  -------  -------  --------- 
 Total regulatory 
  capital                173,238  183,134    182,383 
-----------------------  -------  -------  --------- 
 Risk-weighted assets    865,318  872,089    871,337 
-----------------------  -------  -------  --------- 
 CRD IV end point 
                         -------  -------  ----------- 
 Common equity tier 
  1 capital              121,022  127,310    126,144 
                         -------  -------  --------- 
 Additional tier 1 
  capital                 22,525   16,531     16,531 
                         -------  -------  --------- 
 Tier 2 capital           24,511   15,997     16,413 
-----------------------  -------  -------  --------- 
 Total regulatory 
  capital                168,058  159,838    159,088 
-----------------------  -------  -------  --------- 
 Risk-weighted assets    865,318  872,089    871,337 
-----------------------  -------  -------  --------- 
 
 
 RWAs by risk types 
                                     Capital 
                        RWAs     required(2) 
                         $bn             $bn 
                       ----- 
 Credit risk           691.1          55.3 
 Counterparty credit 
  risk                  47.3           3.8 
                       ----- 
 Market risk            35.8           2.8 
 Operational risk       91.1           7.3 
---------------------  -----  ------------ 
 At 31 Dec 2018        865.3          69.2 
---------------------  -----  ------------ 
 

For footnotes, see page 151.

 
 Capital management 
 

(Audited)

Our objective in the management of Group capital is to maintain appropriate levels to support our business strategy, and meet our regulatory and stress testing related requirements.

Approach and policy

Our approach to capital management is driven by our strategic and organisational requirements, taking into account the regulatory, economic and commercial environment. We aim to maintain a strong capital base to support the risks inherent in our business and invest in accordance with our strategy, meeting both consolidated and local regulatory capital requirements at all times. Our policy on capital management is underpinned by a capital management framework and our internal capital adequacy assessment process ('ICAAP'), which helps enable us to manage our capital in a consistent manner. The framework incorporates a number of different capital measures calculated on an economic capital and regulatory capital basis. The ICAAP is an assessment of the Group's capital position, outlining both regulatory and internal capital resources and requirements with HSBC's business model, strategy, performance and planning, risks to capital, and the implications of stress testing to capital.

Our assessment of capital adequacy is aligned to our assessment of risks. These risks include credit, market, operational, pensions, insurance, structural foreign exchange, residual risk and interest rate risk in the banking book.

Planning and performance

Capital and risk-weighted asset ('RWA') plans form part of the annual operating plan that is approved by the Board. Revised RWA forecasts are submitted to the GMB on a monthly basis, and reported RWAs are monitored against the plan.

The responsibility for global capital allocation principles rests with the Group Chief Financial Officer. Through our internal governance processes, we seek to maintain discipline over our investment and capital allocation decisions, and seek to ensure that returns on investment meet the Group's management objectives. Our strategy is to allocate capital to businesses and entities to support growth objectives where returns above internal hurdle levels have been identified and in order to meet their regulatory and economic capital needs.

We manage business returns by using a return on tangible equity ('RoTE') measure and a return on average risk-weighted assets ('RoRWA') measure.

Risks to capital

Outside the stress testing framework, other risks may be identified that have the potential to affect our RWAs and/or capital position. The Downside or Upside scenarios are assessed against our capital management objectives and mitigating actions are assigned as necessary.

HSBC closely monitors and considers future regulatory change.

In December 2017, the Basel Committee on Banking Supervision ('Basel') published revisions to the Basel III framework, which introduces considerable change across the regulatory framework. Following a recalibration, Basel also published the final changes to the market risk RWA regime, the Fundamental Review of the Trading Book ('FRTB'), in January 2019.

Basel has announced that the package will be implemented on

1 January 2022, with a five-year transitional provision for the output floor, commencing at a rate of 50%. The final standards will need to be transposed into the relevant local law before coming into effect.

HSBC continues to evaluate the final package. Given that the package contains a significant number of national discretions, the possible impact is uncertain.

Stress testing

In addition to annual internal stress tests, the Group is subject to supervisory stress testing in many jurisdictions. Supervisory stress testing requirements are increasing in frequency and in the granularity with which the results are required. These exercises include the programmes of the Prudential Regulation Authority ('PRA'), the Federal Reserve Board, the European Banking Authority, the European Central Bank and the Hong Kong Monetary Authority, as well as stress tests undertaken in other jurisdictions. We take into account the results of regulatory stress testing and our internal stress tests when assessing our internal capital requirements. The outcome of stress testing exercises carried out by the PRA also feeds into a PRA buffer under Pillar 2 requirements, where required.

Capital generation

HSBC Holdings is the provider of equity capital to its subsidiaries and also provides them with non-equity capital where necessary. These investments are substantially funded by HSBC Holdings' own capital issuance and profit retention. As part of its capital management process, HSBC Holdings seeks to maintain a prudent balance between the composition of its capital and its investment in subsidiaries.

 
 Capital 
 
 
 Own funds disclosure 
 (Audited) 
                                                                         ----------  ----------- 
                                                                                    At 
                                                                             31 Dec    31 Dec(1) 
                                                                               2018         2017 
 Ref(*)                                                                          $m           $m 
          Common equity tier 1 ('CET1') capital: instruments 
           and reserves 
-------  --------------------------------------------------------------  ----------  ----------- 
 1        Capital instruments and the related share premium accounts      22,384       18,932 
          - ordinary shares                                               22,384       18,932 
 2        Retained earnings                                              121,180      124,679 
 3        Accumulated other comprehensive income (and other reserves)      3,368        9,433 
 5        Minority interests (amount allowed in consolidated 
           CET1)                                                           4,854        4,905 
 5a       Independently reviewed interim net profits net of any 
           foreseeable charge or dividend                                  3,697          608 
------- 
 6        Common equity tier 1 capital before regulatory adjustments     155,483      158,557 
-------  --------------------------------------------------------------  -------     -------- 
          Common equity tier 1 capital: regulatory adjustments 
-------  --------------------------------------------------------------  ----------  ----------- 
 7        Additional value adjustments                                    (1,180)      (1,146) 
 8        Intangible assets (net of related deferred tax liability)      (17,323)     (16,872) 
 10       Deferred tax assets that rely on future profitability 
           excluding those arising from temporary differences 
           (net of related tax liability)                                 (1,042)      (1,181) 
 11       Fair value reserves related to gains or losses on cash 
           flow hedges                                                       135          208 
 12       Negative amounts resulting from the calculation of 
           expected loss amounts                                          (1,750)      (2,820) 
 14       Gains or losses on liabilities at fair value resulting 
           from changes in own credit standing                               298        3,731 
 15       Defined-benefit pension fund assets                             (6,070)      (6,740) 
 16       Direct and indirect holdings of own CET1 instruments               (40)         (40) 
 19       Direct, indirect and synthetic holdings by the institution 
           of the CET1 instruments of financial sector entities 
           where the institution has a significant investment 
           in those entities (amount above 10% threshold and net 
           of eligible short positions)                                   (7,489)      (7,553) 
 28       Total regulatory adjustments to common equity tier 
           1                                                             (34,461)     (32,413) 
-------  --------------------------------------------------------------  -------     -------- 
 29       Common equity tier 1 capital                                   121,022      126,144 
-------  --------------------------------------------------------------  -------     -------- 
          Additional tier 1 ('AT1') capital: instruments 
-------  --------------------------------------------------------------  ----------  ----------- 
 30       Capital instruments and the related share premium accounts      22,367       16,399 
------- 
 31       - classified as equity under IFRSs                              22,367       16,399 
-------                                                                              -------- 
 33       Amount of qualifying items and the related share premium 
           accounts subject to phase out from AT1                          2,297        6,622 
------- 
 34       Qualifying tier 1 capital included in consolidated 
           AT1 capital (including minority interests not included 
           in CET1) issued by subsidiaries and held by third parties       1,516        1,901 
------- 
 35       - of which: instruments issued by subsidiaries subject 
           to phase out                                                    1,298        1,374 
------- 
 36       Additional tier 1 capital before regulatory adjustments         26,180       24,922 
-------  --------------------------------------------------------------  -------     -------- 
          Additional tier 1 capital: regulatory adjustments 
-------  --------------------------------------------------------------  ----------  ----------- 
 37       Direct and indirect holdings of own AT1 instruments                (60)         (60) 
------- 
 41b      Residual amounts deducted from AT1 capital with regard 
           to deduction from tier 2 ('T2') capital during the 
           transitional period                                                  N/A       (52) 
------- 
 
            *    Direct and indirect holdings by the institution of 
                 the T2 instruments and subordinated loans of 
                 financial sector entities where the institution has a 
                 significant investment in those entities                       N/A       (52) 
------- 
 43       Total regulatory adjustments to additional tier 1 capital          (60)        (112) 
-------  --------------------------------------------------------------  -------     -------- 
 44       Additional tier 1 capital                                       26,120       24,810 
 45       Tier 1 capital                                                 147,142      150,954 
-------  --------------------------------------------------------------  -------     -------- 
          Tier 2 capital: instruments and provisions 
-------  --------------------------------------------------------------  ----------  ----------- 
 46       Capital instruments and the related share premium accounts      25,056       16,880 
 47       Amount of qualifying items and the related share premium 
           accounts subject to phase out from T2                                N/A     4,746 
 48       Qualifying own funds instruments included in consolidated 
           T2 capital (including minority interests and AT1 instruments 
           not included in CET1 or AT1) issued by subsidiaries 
           and held by third parties                                       1,673       10,306 
 49       - of which: instruments issued by subsidiaries subject 
           to phase out                                                    1,585       10,236 
-------  -------------------------------------------------------------- 
 51       Tier 2 capital before regulatory adjustments                    26,729       31,932 
-------  --------------------------------------------------------------  -------     -------- 
          Tier 2 capital: regulatory adjustments 
-------  --------------------------------------------------------------  ----------  ----------- 
 52       Direct and indirect holdings of own T2 instruments                 (40)         (40) 
 55       Direct and indirect holdings by the institution of 
           the T2 instruments and subordinated loans of financial 
           sector entities where the institution has a significant 
           investment in those entities (net of eligible short 
           positions)                                                       (593)        (463) 
         --------------------------------------------------------------  -------     -------- 
 57       Total regulatory adjustments to tier 2 capital                    (633)        (503) 
 58       Tier 2 capital                                                  26,096       31,429 
-------  --------------------------------------------------------------  -------     -------- 
 59       Total capital                                                  173,238      182,383 
-------  --------------------------------------------------------------  -------     -------- 
 

* The references identify the lines prescribed in the European Banking Authority ('EBA') template, which are applicable and where there is a value.

For footnotes, see page 151.

Throughout 2018, we complied with the PRA's regulatory capital adequacy requirements, including those relating to stress testing.

At 31 December 2018, our Common equity tier 1 ('CET1') ratio decreased to 14.0% from 14.5% at 31 December 2017.

CET1 capital decreased during the year by $5.1bn, mainly as a result of:

   --    unfavourable foreign currency translation differences of $5.5bn; 
   --    the $2.0bn share buy-back; 

-- a $1.2bn increase in threshold deductions as a result of an increase in the value of our material holdings; and

   --    an increase in the deduction for intangible assets of $1.1bn. 

These decreases were partly offset by:

   --    capital generation through profits, net of dividends and scrip of $3.1bn; and 

-- a $1.2bn day one impact from transition to IFRS 9, mainly due to classification and measurement changes.

Our Pillar 2A requirement at 31 December 2018, as per the PRA's Individual Capital Guidance based on a point-in-time assessment, was 2.9% of RWAs, of which 1.6% was met by CET1. On 1 January 2019, our Pillar 2A requirement increased to 3.0% of RWAs, of which 1.7% must be met by CET1.

On 4 May 2018, HSBC changed the way in which some of its capital securities are recognised in regulatory capital. The securities were previously recognised as grandfathered tier 2 capital and are now treated as fully eligible tier 2 instruments.

 
 Risk-weighted assets 
 

RWAs

RWAs fell by $6.0bn in the year, which included a drop of $23.4bn due to foreign currency translation differences. Excluding foreign currency translation differences, the $17.4bn increase comprised growth of $27.6bn from asset size and of $2.9bn from changes in asset quality, less a $9.2bn fall due to changes in methodology and policy and a $3.9bn decrease due to model updates.

The following comments describe RWA movements in 2018, excluding foreign currency translation differences.

Asset size

Asset size movements of $41.5bn were principally driven by lending growth in CMB, RBWM and GB&M. In CMB and GB&M, corporate lending made the largest contribution, primarily in Hong Kong, reflecting our strategic focus on loan business in the region and customer demand. RBWM's $6.5bn increase in book size mainly stemmed from mortgage business in Asia and Europe, which was boosted by expanding broker relationships in the UK.

In Corporate Centre, there was a fall of $11.3bn. This included reductions in legacy portfolios of $9.1bn and a decline in money market placements and balances with correspondent banks, which was primarily in Hong Kong. Market risk exposures reduced by $2.8bn, mostly due to lower exposures and rate volatility in France.

Asset quality

Mainly as a result of changes in portfolio mix, RWAs increased by $4.0bn across CMB, GB&M, GPB and RBWM, significantly in Europe and North America. These rises were mitigated by the impact of improved risk parameters in Corporate Centre, predominantly in Asia.

Model updates

Extending our counterparty credit risk exposure models to exposures in Asia and North America reduced RWAs by $4.3bn and $2.4bn respectively.

This was partly offset by increases of $1.6bn, due to updates to UK retail and corporate models, $1.1bn due to a new receivables finance model in Germany, and $0.4bn due to a redeveloped residential mortgage model in Hong Kong.

Methodology and policy

The $10.0bn decrease reported in internal updates derived from management initiatives, including refinements to risk parameters and improved collateral recognition. This was partly offset by a $0.8bn increase in external updates from IFRS 9 implementation effects on credit risk and deferred tax in Corporate Centre.

 
 RWAs by global business 
                                                       Corporate 
                             RBWM    CMB   GB&M   GPB     Centre    Total 
                              $bn    $bn    $bn   $bn        $bn      $bn 
 Credit risk                 99.6  296.9  172.0  13.8      108.8  691.1 
                            -----  -----  -----  ----  ---------  ----- 
 Counterparty credit risk       -      -   45.1   0.2        2.0   47.3 
                            -----  -----  -----  ----  ---------  ----- 
 Market risk                    -      -   32.4     -        3.4   35.8 
--------------------------  -----  -----  -----  ----  ---------  ----- 
 Operational risk            27.3   24.3   31.5   2.8        5.2   91.1 
--------------------------  -----  -----  -----  ----  ---------  ----- 
 At 31 Dec 2018             126.9  321.2  281.0  16.8      119.4  865.3 
--------------------------  -----  -----  -----  ----  ---------  ----- 
 Credit risk                 94.2  277.3  180.2  13.0      120.5  685.2 
                            -----  -----  -----  ----  ---------  ----- 
 Counterparty credit risk       -      -   52.4   0.2        1.9   54.5 
                            -----  -----  -----  ----  ---------  ----- 
 Market risk                    -      -   35.9     -        3.0   38.9 
                            -----  -----  -----  ----  ---------  ----- 
 Operational risk            27.3   23.7   30.8   2.8        8.1   92.7 
--------------------------  -----  -----  -----  ----  ---------  ----- 
 At 31 Dec 2017             121.5  301.0  299.3  16.0      133.5  871.3 
--------------------------  -----  -----  -----  ----  ---------  ----- 
 
 
 RWAs by geographical region 
                                                                North     Latin 
                                        Europe   Asia  MENA   America   America    Total 
                             Footnotes     $bn    $bn   $bn       $bn       $bn      $bn 
 Credit risk                             219.5  291.9  47.0     103.1      29.6  691.1 
 Counterparty credit risk                 27.3    9.2   1.0       8.3       1.5   47.3 
 Market risk                     3        24.0   23.3   1.9       8.5       1.4   35.8 
--------------------------  ---------- 
 Operational risk                         27.3   39.5   6.8      11.7       5.8   91.1 
--------------------------  ---------- 
 At 31 Dec 2018                          298.1  363.9  56.7     131.6      38.3  865.3 
--------------------------  ----------  ------  -----  ----  --------  --------  ----- 
 Credit risk                             225.9  284.2  47.7     101.2      26.2  685.2 
 Counterparty credit risk                 27.8   13.0   1.1      10.9       1.7   54.5 
 Market risk                     3        29.0   23.5   3.3       7.1       1.0   38.9 
--------------------------  ---------- 
 Operational risk                         28.9   37.1   7.1      12.1       7.5   92.7 
--------------------------  ---------- 
 At 31 Dec 2017                          311.6  357.8  59.2     131.3      36.4  871.3 
--------------------------  ----------  ------  -----  ----  --------  --------  ----- 
 

For footnotes, see page 151.

 
 RWA movement by global business by key driver 
                                                                       Credit risk, counterparty credit 
                                                                           risk and operational risk 
                                                                                                      Corporate  Market     Total 
                                                                    RBWM        CMB    GB&M    GPB       Centre    risk      RWAs 
                                                                     $bn        $bn     $bn    $bn          $bn     $bn       $bn 
 RWAs at 31 Dec 2017                                           121.5      301.0      263.4   16.0    130.5        38.9   871.3 
                                                               -----      -----      -----   ----   ------  ---  -----   ----- 
 Asset size                                                      6.5       30.8        4.2    0.2    (11.3)       (2.8)   27.6 
 Asset quality                                                   0.4        2.0        0.9    0.7     (1.1)          -     2.9 
 Model updates                                                   1.3        1.7       (6.9)     -        -           -    (3.9) 
 
   *    portfolios moving onto internal ratings based ('IRB') 
        approach                                                 0.6        0.8       (0.3)     -        -           -     1.1 
 - new/updated models                                            0.7        0.9       (6.6)     -        -           -    (5.0) 
                                                               -----      -----      -----   ----   ------  ---  -----   ----- 
 Methodology and policy                                          0.7       (2.4)      (7.3)   0.1        -        (0.3)   (9.2) 
 - internal updates                                              0.9       (2.6)      (7.3)   0.1     (0.8)       (0.3)  (10.0) 
 - external updates - regulatory                                (0.2)       0.2          -      -      0.8           -     0.8 
                                                               -----      -----      -----   ----   ------  ---  -----   ----- 
 Foreign exchange movements                                     (3.5)     (11.9)      (5.7)  (0.2)    (2.1)          -   (23.4) 
 Total RWA movement                                              5.4       20.2      (14.8)   0.8    (14.5)       (3.1)   (6.0) 
-------------------------------------------------------------  -----      -----      -----   ----   ------       -----   ----- 
 RWAs at 31 Dec 2018                                           126.9      321.2      248.6   16.8    116.0        35.8   865.3 
-------------------------------------------------------------  -----      -----      -----   ----   ------  ---  -----   ----- 
 
 
 RWA movement by geographical region by key driver 
                                            Credit risk, counterparty credit 
                                                risk and operational risk 
                                                                      North     Latin  Market     Total 
                                       Europe        Asia    MENA   America   America    risk      RWAs 
                                          $bn         $bn     $bn       $bn       $bn     $bn       $bn 
 RWAs at 31 Dec 2017                282.6       334.3       55.9     124.2      35.4    38.9   871.3 
 Asset size                          (0.4)       23.2        0.4       2.6       4.6    (2.8)   27.6 
 Asset quality                        2.3        (0.9)       0.1       1.3       0.1       -     2.9 
 Model updates                        2.9        (4.5)         -      (2.3)        -       -    (3.9) 
 - portfolios moving onto IRB 
  approach                            1.4        (0.2)         -      (0.1)        -       -     1.1 
 - new/updated models                 1.5        (4.3)         -      (2.2)        -       -    (5.0) 
                                   ------      ------      -----   -------   -------   -----   ----- 
 Methodology and policy              (2.4)       (5.4)      (0.2)     (0.7)     (0.2)   (0.3)   (9.2) 
 - internal updates                  (2.4)       (5.8)      (0.6)     (0.9)        -    (0.3)  (10.0) 
 - external updates - regulatory        -         0.4        0.4       0.2      (0.2)      -     0.8 
                                   ------      ------      -----   -------   -------   -----   ----- 
 Foreign exchange movements         (10.9)       (6.1)      (1.4)     (2.0)     (3.0)      -   (23.4) 
 Total RWA movement                  (8.5)        6.3       (1.1)     (1.1)      1.5    (3.1)   (6.0) 
---------------------------------  ------      ------      -----   -------   -------   -----   ----- 
 RWAs at 31 Dec 2018                274.1       340.6       54.8     123.1      36.9    35.8   865.3 
---------------------------------  ------      ------      -----   -------   -------   -----   ----- 
 
 
 Leverage ratio 
 
 
                                                                                     At 
                                                                     31 Dec              1 Jan          31 Dec(1) 
                                                                       2018               2018               2017 
 Ref(*)                                                                 $bn                $bn                $bn 
         ----------------------------------------------- 
 20       Tier 1 capital                                            143.5              143.8              142.7 
-------  -----------------------------------------------  ---------------    ---------------    --------------- 
 21       Total leverage ratio exposure                           2,614.9            2,556.4            2,557.1 
-------  -----------------------------------------------  ---------------    ---------------    --------------- 
                                                                          %                  %                  % 
-------  -----------------------------------------------  -----------------  -----------------  ----------------- 
 22       Leverage ratio                                              5.5                5.6                5.6 
-------  -----------------------------------------------  ---------------    ---------------    --------------- 
 EU-23    Choice of transitional arrangements for 
           the definition of the capital measure            Fully phased-in    Fully phased-in    Fully phased-in 
                                                          ----------------- 
          UK leverage ratio exposure - quarterly average          2,464.4            2,351.2            2,351.4 
-------  -----------------------------------------------  ---------------    ---------------    --------------- 
                                                                          %                  %                  % 
-------  -----------------------------------------------  -----------------  -----------------  ----------------- 
          UK leverage ratio - quarterly average                       5.8                6.2                6.1 
-------  -----------------------------------------------  ---------------    ---------------    --------------- 
          UK leverage ratio - quarter end                             6.0                6.1                6.1 
-------  -----------------------------------------------  ---------------    ---------------    --------------- 
 
   *     The references identify the lines prescribed in the EBA template. 

Our leverage ratio calculated in accordance with the Capital Requirements Directive IV ('CRD IV') was 5.5% at 31 December 2018, down from 5.6% at 31 December 2017. The increase in exposure was primarily due to growth in customer lending and financial investments.

The Group's UK leverage ratio at 31 December 2018 was 6.0%. This measure excludes qualifying central bank balances from the calculation of exposure.

At 31 December 2018, our UK minimum leverage ratio requirement of 3.25% was supplemented by an additional leverage ratio buffer of 0.5% and a countercyclical leverage ratio buffer of 0.2%. These additional buffers translated into capital values of $12.7bn and $4.7bn respectively. We exceeded these leverage requirements.

Pillar 3 disclosure requirements

Pillar 3 of the Basel regulatory framework is related to market discipline and aims to make financial services firms more transparent by requiring publication, at least annually, of wide-ranging information on their risks, capital and management. Our Pillar 3 Disclosures at 31 December 2018 is published on our website, www.hsbc.com, under 'Investor Relations'.

 
 Footnotes to capital, leverage and 
  risk- 
  weighted assets 
 1   All figures presented as reported 
      under IAS 39 at 31 December 2017. 
 2   'Capital requirement' represents 
      the minimum total capital charge 
      set at 8% of RWAs by article 92 
      of the Capital Requirements Regulation. 
 3   RWAs are non-additive across geographical 
      regions due to market risk diversification 
      effects within the Group. 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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