HSBC to Work With Hang Seng Unit on Risk Management, Reuters Reports

--HSBC is planning to work more closely with its Hong Kong unit Hang Seng Bank on risk management given a potential increase in bad loans due to the turmoil in China's economy and its property sector, Reuters reports, citing unnamed sources.

--The lender's initiative, which is still in talks but will likely be implemented this year, consists of HSBC Asia Pacific's risk-management operations sharing their expertise and best practices with Hang Seng, according to Reuters.

--A spokesperson for HSBC said: "HSBC recognizes the importance of a strong risk culture. Active risk management helps us to achieve our strategy, serve our customers and communities and grow our business safely. HSBC Group entities stand to benefit from the strengths of the group."

Full story: http://tinyurl.com/5n7ydmss

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

February 16, 2024 06:41 ET (11:41 GMT)

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