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’HSBC needs to raise more than $15bn
Morgan Stanley’s UK banks analyst Michael Helsby has an ally.
Daniel Tabbush of Hong Kong-based CLSA also reckons HSBC will ask its shareholders for cash. However, if the bank follows the lead of rival Asian banks Standard Chartered and DBS and raises a sum equivalent to 13 per cent of shareholders’ funds – some $15bn – Tabbush fears it won’t be enough.
Global slump takes toll in Asia
Hopes that Asia’s key financial centres would escape the worst of the global economic downturn have been dashed in recent days as local and overseas financial institutions step up redundancy programmes across the region.
DBS Bank chief to quit, but not for China buy-out fund
The head of DBS Bank, Southeast Asia’s largest financial group, on Monday became the third senior financial executive to depart in the past week from posts linked with Temasek, the Singapore state investment company,