HSBC Said Close to Naming AIA’s Mark Tucker as Chairman

HSBC Holdings Plc has made insurance executive Mark Tucker the preferred candidate to be chairman, replacing Douglas Flint, according to two people familiar with the decision, as Europe’s largest bank takes the first step to overhaul its top management team. Tucker, 59, chief executive officer of AIA Group Ltd. and former head of Prudential Plc, is in discussions with the bank, according to the people who asked not to be identified because the succession process is private.

HSBC’s 2016 Pre-Tax Profit Slumps 62%

HSBC Holdings reported a 62 percent slump in annual pre-tax profit that fell way short of analysts’ estimates due to one-time charges related to some businesses, and announced a new $1 billion share buy-back. Europe’s biggest bank by assets said on Tuesday profit before tax for 2016 fell to $7.1 billion from $18.87 billion in the previous year.

HSBC Said to Seek Wealth Management Asset Acquisitions This Year

HSBC Holdings Plc is planning to pursue deals to expand in asset and wealth management as the lender seeks to capitalize on the growing funds of the middle class in Asia and diversify its business away from traditional lending, according to two people with knowledge of the plans. Europe’s largest bank aims to make three or four acquisitions globally this year, with a particular focus on China, said the people, who asked not to be identified because the strategy isn’t public.

HSBC Said to Seek Wealth Management Asset Acquisitions This Year

HSBC Holdings Plc is planning to pursue deals to expand in asset and wealth management as the lender seeks to capitalize on the growing funds of the middle class in Asia and diversify its business away from traditional lending, according to two people with knowledge of the plans. Europe’s largest bank aims to make three or four acquisitions globally this year, with a particular focus on China, said the people, who asked not to be identified because the strategy isn’t public.

Despite 50% Gain, Banks Yet to Win Over Europe Fund Managers

Banks may have beaten every industry group on the Stoxx Europe 600 Index since a July low in share prices, but European fund managers are still underweight. While money managers have turned less bearish and now own the most bank shares since mid-2015, lenders still make up a smaller proportion of portfolios than they do in equity benchmarks, according to HSBC Holdings Plc.