HSBC to delist from Euronext Paris
HSBC Holdings plc today announces that it intends to submit an application for the delisting of its ordinary shares (ISIN: GB0005405286) from Euronext Paris. The decision was made following a review of the trading volumes, costs and administrative requirements related to HSBC’s Euronext Paris listing.
Any delisting of HSBC’s ordinary shares from Euronext Paris is subject to the approval of Euronext Paris and would have no impact on HSBC’s day-to-day operations in France or in Continental Europe, where HSBC remains committed to its plans to be a leading international bank in Europe.
HSBC’s listings on the London Stock Exchange, The Stock Exchange of Hong Kong Limited, the New York Stock Exchange and the Bermuda Stock Exchange would not be impacted by any delisting from Euronext Paris.
Let’s recall that, HSBC reported profit after tax for the third quarter of 2020 of $2.0 billion, down 46% from a year earlier. Reported profit before tax of $3.1 billion was 36% lower, primarily reflecting a reduction in reported revenue.
Reported revenue fell mainly from the impact of lower interest rates on HSBC’s deposit franchises, and lower share of profit from its associate SABB, reflecting the share of an impairment of the goodwill it recognised on the completion of the merger with Alawwal bank in 2019. These factors were in part offset by lower reported operating expenses and a reduction in reported ECL.
Reported revenue for the third quarter of 2020 was $11.9 billion, down 11% from the third quarter of 2019. The reduction primarily reflected lower net interest income as a result of the progressive impact of lower interest rates across HSBC’s major markets, notably affecting its deposit franchises in WPB and in Global Liquidity and Cash Management in Commercial Banking and GBM.
In addition, 3Q20 included restructuring and other related costs of $0.1bn associated with disposal losses related to the RWA reduction commitments HSBC made at its business update in February 2020.