fintech / news / / The Telegraph
HSBC said it had taken the charge as a result of a “fraud-related’ exposure to an unnamed company.
HSBC took a $400m loss due to fraud-related exposure to Market Financial Solutions' collapse.
KEY POINTS
- HSBC's exposure to MFS was indirect, through a financial sponsor, not direct lending.
- Barclays also disclosed a £228m impairment linked to MFS's alleged double-pledging fraud.
- HSBC is reviewing its risk appetite and tightening due diligence in response to the incident.
- HSBC set aside $1.3bn this quarter for credit losses, including $300m for Iran war impacts.
COMPANIES
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