September 21, 2014 3:33 AM ET

Banks

Company Overview of HSBC Bank Canada

Company Overview

HSBC Bank Canada provides various financial products and services to small and medium-sized companies, and individuals in Canada. The company’s Commercial Banking segment offers various financing, including overdrafts, term loans, and leasing, as well as syndicated, leveraged, acquisition, and project finance; letters of credit, collections, and guarantees; receivables finance; supply chain solutions; risk distribution products; domestic and cross-border payments, collections, liquidity management, and account services; and capital raising, foreign exchange, and interest rate products. Its Global Banking and Markets segment provides various products and services, which include currency, inte...

885 West Georgia Street

Vancouver, BC V6C 3E9

Canada

Founded in 1981

Phone:

604-685-1000

Fax:

604-641-3098

Key Executives for HSBC Bank Canada

Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Senior Vice President
Age: 49
Chief Executive Officer of HSBC Canadian Direct Insurance Incorporated and President of HSBC Canadian Direct Insurance Incorporated
Compensation as of Fiscal Year 2014.

HSBC Bank Canada Key Developments

HSBC Bank Canada Announces Executive Appointments

HSBC Bank Canada announced the appointment of Mr. Frank Venturo as Senior Vice President and Country Head of Business Banking. Mr. Venturo is responsible for helping Canadian companies become larger, more global players through the banks international and domestic banking services. Mr. Venturo joined the bank in 2011 after 20 years with a major Canadian bank. He has over 25 years of experience in Commercial Banking and has held a variety of positions in Corporate, Commercial, Credit and Risk and other senior roles. The bank is also announced the appointment of Ms. Raman Rai as Senior Vice President, Head of Global Payments and Cash Management. Ms. Rai is responsible for enabling Canadian companies to realize their potential for international and domestic success by supporting their global banking and sophisticated cash management needs through the banks Group's international network. Ms. Rai started her career in corporate banking in Canada; she then moved to the bank Group to undertake various international business and strategy roles and in 2011, became the Global Head of the bank’s Business Banking segment operating in over twenty five countries.

HSBC Bank Canada Declares Regular Quarterly Dividend on Preferred Share, Payable on September 30, 2014

HSBC Bank Canada declares Regular quarterly dividends of 31.875 cents per share on Class 1 Preferred Shares - Series C and 31.25 cents per share on Class 1 Preferred Shares - Series D. Dividends will be paid on 30 September 2014, for shareholders of record on 15 September 2014.

HSBC Bank Canada Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

HSBC Bank Canada reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, interest income was CAD 484 million, compared to CAD 534 million for the last year. Net interest income was CAD 307 million, compared to CAD 340 million for the last year. Total operating income was CAD 539 million, compared to CAD 531 million for the last year. Operating profit was CAD 236 million, compared to CAD 181 million for the last year. Profit before income tax expense was CAD 242 million, compared to CAD 182 million for the last year. Profit attributable to the common shareholders was CAD 172 million or CAD 0.35 per basic share, compared to CAD 113 million or CAD 0.23 per basic share for the last year. Cash flow used in operating activities was CAD 15 million, compared to cash from operating activities of CAD 1,786 million for the last year. The increase in profit before income tax expense compared with the same periods last year was primarily due to increased fees from credit and wealth products, lower loan impairment charges as a result of lower specific allowances for commercial customers and an increase in other income arising from a reduction in the fair value of investment property held for sale recorded in the second quarter of 2013. This was partially offset by lower net interest income from the continued planned run-off of the consumer finance portfolio, lower net trading income from foreign exchange and increased operating expenses as invested in HSBC's global standards, risk and compliance activities. Net interest income decreased from the comparative periods in 2013, primarily due to declining loan balances from the continued planned run-off of the consumer finance portfolio. For the half-year, interest income was CAD 967 million, compared to CAD 1,051 million for the last year. Net interest income was CAD 614 million, compared to CAD 676 million for the last year. Total operating income was CAD 1,071 million, compared to CAD 1,115 million for the last year. Operating profit was CAD 466 million, compared to CAD 446 million for the last year. Profit before income tax expense was CAD 475 million, compared to CAD 451 million for the last year. Profit attributable to the common shareholders was CAD 332 million or CAD 0.67 per basic share, compared to CAD 284 million or CAD 0.57 per basic share for the last year. Cash flow used in operating activities was CAD 1,856 million, compared to cash from operating activities of CAD 2,673 million for the last year.

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