HSBC Bank Canada First Quarter 2014 Results

 VANCOUVER, May 7, 2014 /CNW/ -            --  Profit before income tax expense for the quarter ended 31 March             2014 was C$233m, a decrease of 13.4% compared with the same             period in 2013 and broadly unchanged compared with the fourth             quarter of 2013.         --  Profit attributable to common shareholders was C$160m for the             quarter ended 31 March 2014, a decrease of 6.4% compared with             the same period in 2013.         --  Return on average common equity was 15.0% for the quarter ended             31 March 2014 compared with 16.3% for the same period in 2013.         --  The cost efficiency ratio was 51.9% for the quarter ended 31             March 2014 compared with 45.0% for the same period in 2013.         --  Total assets were C$84.3bn at 31 March 2014 compared with             C$84.4bn at 31 March 2013.         --  Common equity tier 1 capital ratio was 10.8%, tier 1 ratio             12.9% and total capital ratio 14.5% at 31 March 2014 compared             with 11.1%, 13.9% and 15.9% respectively at 31 March 2013.  The abbreviations "C$m" and "C$bn" represent millions and billions of Canadian  dollars, respectively.   HSBC Bank Canada   Financial Commentary  ------------------------------  Overview  HSBC Bank Canada reported a profit before income tax expense of C$233m for the  first quarter of 2014, a decrease of C$36m, or 13%, compared with the first  quarter of 2013 and broadly unchanged compared with the fourth quarter of 2013.  The decrease in profit before income tax expense compared with the same  quarter last year was primarily due to lower net interest income from  declining loan balances of the run-off consumer finance portfolio, lower net  trading income from foreign exchange and rates products, and lower gains less  losses from financial investments from balance sheet management activities.  This was partially offset by lower loan impairment charges as a result of  lower specific allowances for commercial customers.  Commenting on the results, Paulo Maia, President and Chief Executive Officer  of HSBC Bank Canada, said:  "While broadly unchanged from the fourth quarter of 2013, our profit before  tax in the first quarter of 2014 is solid at C$233m. I am encouraged to see  more customers and prospects taking fuller advantage of the unparalleled  global network HSBC offers. Other positive signs of momentum include increased  commercial financing activity and strong growth in wealth management. As a  priority growth market for HSBC, we will continue to invest and grow the  business to help our customers fulfil their dreams and ambitions through our  connections to international markets and businesses."  Analysis of Consolidated Financial Results for the First Quarter of 2014  Net interest income for the first quarter of 2014 was C$307m, a decrease of  C$29m, or 9%, compared with the first quarter of 2013 and a decrease of C$9m,  or 3%, compared with the fourth quarter of 2013. Net interest income decreased  compared with the same quarter last year primarily due to declining loan  balances of the run-off consumer finance portfolio as well as a decline in  personal lending balances. Net interest income in the prior quarter benefitted  from the recovery of interest income on impaired loans that was not repeated  in the first quarter of 2014. Further contributing to the decrease of net  interest income compared with the prior quarter was declining loan balances of  the run-off consumer finance portfolio.  Net fee income for the first quarter of 2014 was C$155m, an increase of C$9m,  or 6%, compared with the first quarter of 2013 and an increase of C$4m, or 3%,  compared with the fourth quarter of 2013. The increase in net fee income  compared with both the same quarter last year and the prior quarter was  primarily due to higher standby fees as well as higher fees from growth in  funds under management.  Net trading income for the first quarter of 2014 was C$39m, a decrease of  C$18m, or 32% compared with the first quarter of 2013, and an increase of  C$5m, or 15%, compared with the fourth quarter of 2013. The decrease in net  trading income compared with the same quarter last year was mainly due to  lower customer spreads related to foreign exchange products and lower trading  income generated by rates products. The increase in net trading income  compared with the prior quarter was primarily due to trading gains in the  hedging portfolios.  Net expense from financial instruments designated at fair value for the first  quarter of 2014 was C$2m, marginally lower compared with the first quarter of  2013 and unchanged compared with the fourth quarter of 2013.  Gains less losses from financial investments for the first quarter of 2014  were C$19m, a decrease of C$16m, or 46%, compared with the first quarter of  2013 and an increase of C$13m compared with the fourth quarter of 2013. The  bank realizes gains and losses from financial investments from disposals of  available-for-sale financial investments driven by balance sheet management  activities. The variances from comparative periods are primarily as a result  of the bank's continuing balance sheet management activities.  Other operating income for the first quarter of 2014 was C$14m, marginally  higher compared with the first quarter of 2013, and a decrease of C$5m, or  26%, compared with the fourth quarter of 2013. The decrease in other operating  income compared with the prior quarter was primarily due to a reduction in  global support activity resulting in lower income from other entities within  the HSBC Group.  Loan impairment charges and other credit risk provisions for the first quarter  of 2014 were C$26m, a decrease of C$30m and C$13m respectively compared with  the first quarter and the fourth quarter of 2013. The decreases in loan  impairment charges and other credit risk provisions compared with the first  and fourth quarters last year are primarily as a result of lower specific  allowances for commercial customers.  Total operating expenses for the first quarter of 2014 were C$276m, an  increase of C$13m and C$6m respectively compared with the first quarter and  the fourth quarter of 2013. The increase in total operating expenses compared  with both the first and fourth quarters last year is primarily due to our  continued investment in our Regulatory and Financial Crime Compliance  function. The first and fourth quarters last year included a reduction of  incentive compensation accruals of C$7m and C$4m respectively.  Share of profit in associates for the first quarter of 2014 was C$3m,  marginally lower compared with the first quarter of 2013, and a decrease of  C$14m compared with the fourth quarter of 2013. Share of profit in associates  was higher in the fourth quarter due to an increase in value of the bank's  investment in private equity funds.  Income tax expense. The effective tax rate in the first quarter of 2014 was  26.5%, compared with 30.0% in the first quarter of 2013 and 21.8% in the  fourth quarter of 2013. Income tax expense in the first quarter 2013 was  higher due to an increase in the bank's tax provision relating to certain  defined benefit pension assets resulting in a higher effective tax rate for  the period. Income tax expense in the fourth quarter of 2013 included various  decreases in estimates resulting in a lower effective tax rate for the period.  Movement in Financial Position  Total assets at 31 March 2014 were C$84.3bn, broadly unchanged from 31  December 2013. Assets increased due to higher commercial customer lending  which resulted in a C$1.5bn growth in loans and advances to customers as well  as customers' liability under acceptances. Further contributing to the  increase in assets was growth of C$1.6bn in reverse repurchase agreements. The  increase in assets was broadly offset by a decline of C$2.2bn in financial  investments driven by balance sheet management activities and C$0.8bn in  trading positions of government and agency bonds.  Total liabilities at 31 March 2014 were C$79.2bn, broadly unchanged from 31  December 2013. The increases of C$1.1bn in trading liabilities, C$0.8bn in  acceptances as well as C$0.6bn in repurchase agreements were broadly offset by  decreases of C$1.5bn in customer accounts and C$1.0bn in debt securities in  issue. The growth in trading liabilities was primarily due to higher balances  from pending trade settlements and higher holdings of short position  securities. The growth in acceptances was primarily due to increased  commercial customer lending activity using banker's acceptances. The decrease  in customer accounts was primarily as a result of lower commercial account  balances. The decrease in debt securities in issue was primarily due to the  maturity of wholesale funding during the first quarter of 2014.  Business Performance in the First Quarter of 2014  Commercial Banking  Profit before income tax expense was C$149m for the first quarter of 2014, an  increase of C$25m, or 20%, compared with the first quarter of 2013 and a  decrease of C$11m, or 7%, compared with the fourth quarter of 2013. The  increase in profit before income tax compared with the same quarter last year  was primarily due to lower specific loan impairment charges and higher net  interest income from growth in loan balances. In 2014 the HSBC Group adopted a  revised methodology in allocating indirect expenses of support functions to  the global lines of business which more accurately reflects the utilization of  product support services. The increase in profit before income tax for the  first quarter of 2014 compared with the same quarter last year was partially  offset by higher total operating expenses primarily as a result of the  adoption of the revised methodology. Profit before income tax expense in the  fourth quarter of 2013 benefitted from an increase in value of the bank's  investment in private equity funds and higher net interest income from the  recovery of interest income on impaired loans that was not repeated in the  first quarter of 2014. Further contributing to the decrease in profit before  income tax expense compared with the fourth quarter of 2013 were higher  allocated product support costs as a result of the adoption of the revised  methodology, partially offset by lower specific loan impairment charges.  Global Banking and Markets  Profit before income tax expense was C$77m for the first quarter of 2014, a  decrease of C$26m, or 25%, compared with the first quarter of 2013 and an  increase of C$15m, or 24%, compared with the fourth quarter of 2013. Gains  less losses from financial investments are realized as Balance Sheet  Management continues to re-balance the portfolio for risk management purposes  based on the low interest rate environment. The variances in profit before  income tax compared with both the first and fourth quarters last year were  primarily driven by the re-balancing of the financial investments portfolio.  Also contributing to the decrease in profit before income tax expense compared  with the same quarter last year were lower customer spreads related to foreign  exchange products and lower trading income generated by rates products,  notably in government instruments.  Retail Banking and Wealth Management  Profit before income tax expense for the first quarter of 2014 was C$15m, a  decrease of C$33m, or 69%, compared with first quarter of 2013 and an increase  of C$6m, or 67%, compared with the fourth quarter of 2013. Profit before  income tax expense relating to ongoing business (excluding the run-off  consumer finance portfolio) was C$9m, a decrease of C$9m, or 50%, compared  with the first quarter of 2013 and an increase of C$10m compared with the  fourth quarter of 2014. Profit before income taxes decreased compared with the  same quarter last year primarily due to lower net interest income driven by a  decline in personal lending balances and a decline in net interest spread in a  competitive low interest rate environment. In 2014, the HSBC Group adopted a  revised methodology in allocating indirect expenses of support functions to  the global lines of business which more accurately reflects the utilization of  product support services. The increase in profit before income tax expense  compared with the fourth quarter of 2013 was primarily as a result of lower  operating expenses following the adoption of the revised methodology.  Profit before income tax expense relating to the run-off consumer finance  portfolio for the first quarter of 2014 was C$6m, a decrease of C$24m, or 80%,  compared with the first quarter of 2013 and a decrease of C$4m, or 40%,  compared with the fourth quarter of 2013. The decrease in profit before income  tax expense relating to the run-off consumer finance portfolio was primarily  due to lower interest income from declining loan balances, partially offset by  lower collective provisions and lower operating expenses from right sizing of  operations.  Other  Transactions which do not directly relate to our global lines of business are  reported in 'Other'. The main items reported under 'Other' include income and  expense from the impact of changes in credit spreads on our own subordinated  debentures designated at fair value and income and expense related to  information technology services provided to HSBC Group companies on an arm's  length basis. Profit before income tax expense for the first quarter of 2014  was a loss of C$8m, compared with a loss of C$6m for the first quarter of  2013, and a profit of C$1m compared with the fourth quarter of 2013. The  variances from comparative periods are primarily due to the impact of the  items noted above.  Dividends  During the first quarter of 2014, the bank declared and paid C$80m in  dividends on HSBC Bank Canada common shares, a decrease of C$10m from the same  quarter in 2013.  Regular quarterly dividends of 31.875 cents per share have been declared on  HSBC Bank Canada Class 1 Preferred Shares - Series C, 31.25 cents per share on  Class 1 Preferred Shares - Series D and 41.25 cents per share on Class 1  Preferred Shares - Series E. Dividends will be paid on 30 June 2014, for  shareholders of record on 13 June 2014.  Use of non-IFRS financial measures  In measuring our performance, the financial measures that we use include those  which have been derived from our reported results. However, these are not  presented within the Financial Statements and are not defined under IFRS.  These are considered non-IFRS financial measures and are unlikely to be  comparable to similar measures presented by other companies. The following  non-IFRS financial measures are used throughout this document and their  purposes and definitions are discussed below:  Financial position at period end  These measures are indicators of the stability of the bank's balance sheet and  the degree funds are deployed to fund assets.  Ratio of customer advances to customer accounts is calculated by dividing  loans and advances to customers by customer accounts using period-end balances.  Average total shareholders' equity to average total assets is calculated by  dividing average total shareholders' equity (determined using month-end  balances during the period) with average total assets (determined using  month-end balances during the period).  Credit coverage ratios  Credit coverage ratios are useful to management as a measure of the extent of  incurred loan impairment charges relative to the bank's performance and size  of its customer loan portfolio during the period.  Loan impairment charges to total operating income is calculated as loan  impairment charges and other credit provisions, as a percentage of total  operating income for the period.  Loan impairment charges to average gross customer advances is calculated as  annualized loan impairment charges and other credit provisions for the period,  as a percentage of average gross customer advances (determined using month-end  balances during the period).  Total impairment allowances to impaired loans at period-end are useful to  management to evaluate the coverage of impairment allowances relative to  impaired loans using period-end balances.  Return ratios  Return ratios are useful for management to evaluate profitability on equity,  assets and risk-weighted assets.  Return on average common equity is calculated as annualized profit  attributable to common shareholders for the period, divided by average common  equity (determined using month-end balances during the period).  Post-tax return on average total assets is calculated as annualized profit  attributable to common shareholders for the period, divided by average assets  (determined using average month-end balances during the period).  Pre-tax return on average risk-weighted assets is calculated as annualized  profit attributable to common shareholders for the period, divided by average  risk-weighted assets (determined using quarter-end balances during the period).  Efficiency ratios  Efficiency ratios are measures of the bank's efficiency in managing its  operating expense to generate revenue.  Cost efficiency ratio is calculated as total operating expenses for the period  as a percentage of total operating income for the period.  Adjusted cost efficiency ratio is calculated similar to the cost efficiency  ratio; however, total operating income for the period excludes gains and  losses from financial instruments designated at fair value, as the movement in  value of the bank's own subordinated debt issues are primarily driven by  changes in market rates and are not under the control of management.  Revenue mix ratio  This measure demonstrates the contribution of each of the primary revenue  streams to total operating income.  Net interest income, net fee income and net trading income to total operating  income is calculated as net interest income, net fee income and net trading  income for the period divided by total operating income for the period.  About HSBC Bank Canada  HSBC Bank Canada, a subsidiary of HSBC Holdings plc, is the leading  international bank in Canada. The HSBC Group serves customers worldwide from  over 6,300 offices in over 75 countries and territories in Europe, Asia, North  and Latin America, and the Middle East and North Africa. With assets of  US$2,758bn at 31 March 2014, HSBC is one of the world's largest banking and  financial services organizations.  Copies of HSBC Bank Canada's first quarter 2014 interim report will be sent to  shareholders in May 2014.     HSBC Bank Canada                                                Summary                                                          Quarter ended                                           31 March   31 March   31 December                                               2014       2013          2013     Financial performance for the period                                        (C$m)       Total operating income                   532        584           524       Profit before income tax expense         233        269           232       Profit attributable to common            160        171           164       shareholders       Basic earnings per common share         0.32       0.34          0.33       (C$)                                                                                 Financial position at period-end                                            (C$m)       Loan and advances to customers1       41,208     42,012        40,524       Customer accounts1                    49,456     47,068        50,926       Ratio of customer advances to           83.3       89.3          79.6       customer accounts2       Shareholders' equity                   4,969      5,218         4,885       Average total shareholders' equity       5.8        6.2           6.0       to average total assets2                                                                                 Capital measures                                                              Common equity tier 1 capital ratio      10.8       11.1          11.0       (%)       Tier 1 ratio (%)                        12.9       13.9          13.2       Total capital ratio (%)                 14.5       15.9          15.0       Assets-to-capital multiple              15.3       14.1          15.1       Risk-weighted assets (C$m)            38,466     36,171        36,862                                                                                 Performance ratios (%)2                                                       Credit coverage ratios (%)                                                    Loan impairment charges to total       4.9        9.6           7.4         operating income         Loan impairment charges to             0.3        0.5           0.4         average gross customer advances3         Total impairment allowances to        62.0       50.4          66.4         impaired loans at period-end3                                                                                   Return ratios (%)                                                             Return on average common              15.0       16.3          15.2         shareholders' equity         Post-tax return on average total      0.76       0.83          0.76         assets         Pre-tax return on average              2.5        3.0           2.5         risk-weighted assets3                                                                                   Efficiency and revenue mix ratios                                           (%)         Cost efficiency ratio                 51.9       45.0          51.5         Adjusted cost efficiency ratio        51.7       44.8          51.3         Net interest income to total          57.7       57.5          60.3         operating income         Net fee income to total operating     29.1       25.0          28.8         income         Net trading income to total            7.3        9.8           6.5         operating income     1  From 1 January 2014, non-trading reverse repurchase and repurchase        agreements are presented as separate lines in the balance sheet.        Previously, non-trading reverse repurchase agreements were included        within 'Loans and advances to banks' and 'Loans and advances to        customers' and non-trading repurchase agreements were included        within 'Deposits by banks' and 'Customer accounts'.  Comparative        data have been restated accordingly. More information relating to        the change in presentation will be made available in our first        quarter 2014 interim report.              2  Refer to the 'Use of non-IFRS financial measures' section of this        document for a discussion of non-IFRS financial measures.              3  The measure has been aligned with that in use by the HSBC Group and        comparative information has been restated. Refer to the 'Use of        non-IFRS financial measures' section of this document for a        description of the method in use to calculate the measure.     HSBC Bank Canada              Consolidated Income Statement (Unaudited)     Figures in C$m                                     Quarter ended     (except per share amounts)    31 March   31 March           31 December                                       2014       2013                  2013                                                                                 Interest income                    483        517                   503     Interest expense                 (176)      (181)                 (187)     Net interest income                307        336                   316                                                                                 Fee income                         172        166                   173     Fee expense                       (17)       (20)                  (22)     Net fee income                     155        146                   151                                                                                 Trading income excluding net        36         47                    24     interest income     Net interest income on               3         10                    10     trading activities     Net trading income                  39         57                    34     Net expense from financial         (2)        (3)                   (2)     instruments designated at     fair value     Gains less losses from              19         35                     6     financial investments     Other operating income              14         13                    19     Total operating income             532        584                   524     Loan impairment charges and       (26)       (56)                  (39)     other credit risk provisions     Net operating income               506        528                   485     Employee compensation and        (159)      (156)                 (146)     benefits     General and administrative       (104)       (95)                 (112)     expenses     Depreciation of property,          (8)        (9)                   (9)     plant and equipment     Amortization and impairment        (5)        (3)                   (3)     of intangible assets     Total operating expenses         (276)      (263)                 (270)     Operating profit                   230        265                   215     Share of profit in associates        3          4                    17     Profit before income tax           233        269                   232     expense     Income tax expense                (61)       (80)                  (50)     Profit for the period              172        189                   182                                                                                 Profit attributable to common      160        171                   164     shareholders     Profit attributable to               9         15                    16     preferred shareholders     Profit attributable to             169        186                   180     shareholders     Profit attributable to               3          3                     2     non-controlling interests     Average number of common       498,668    498,668               498,668     shares outstanding (000's)     Basic earnings per common         0.32       0.34                  0.33     share     HSBC Bank Canada                 Consolidated Balance Sheet (Unaudited)     Figures in C$m               At 31 March   At 31 March   At 31 December                                         2014          2013             2013                                                                                 ASSETS                                                                                                                                                  Cash and balances at central          71            62              165     bank     Items in the course of               104           135              107     collection from other banks     Trading assets                     5,962         6,975            6,728     Derivatives                        2,121         1,918            2,112     Loans and advances to banks1       1,188           837            1,149     Loans and advances to             41,208        42,012           40,524     customers1     Reverse repurchase                 7,748         5,896            6,161     agreements - non-trading1     Financial investments             19,570        19,972           21,814     Other assets                         368         1,049              332     Prepayments and accrued              213           227              206     income     Customers' liability under         5,578         5,092            4,757     acceptances     Property, plant and                  134           138              137     equipment     Goodwill and intangibles              66            71               68     assets     Total assets                      84,331        84,384           84,260                                                                                 LIABILITIES AND EQUITY                                                                                                                                  Liabilities                                                                 Deposits by banks1                   645         1,228              635     Customer accounts1                49,456        47,068           50,926     Repurchase agreements -            2,037         2,119            1,487     non-trading1     Items in the course of               124            69               53     transmission to other banks     Trading liabilities                5,471         4,027            4,396     Financial liabilities                430           438              428     designated at fair value     Derivatives                        1,859         1,438            1,746     Debt securities in issue          10,320        13,720           11,348     Other liabilities                  2,203         2,587            2,338     Acceptances                        5,578         5,092            4,757     Accruals and deferred income         516           516              551     Retirement benefit                   284           308              271     liabilities     Subordinated liabilities             239           326              239     Total liabilities                 79,162        78,936           79,175                                                                                 Equity                                                                      Common shares                      1,225         1,225            1,225     Preferred shares                     600           946              600     Other reserves                       149           276              134     Retained earnings                  2,995         2,771            2,926     Total shareholders' equity         4,969         5,218            4,885     Non-controlling interests            200           230              200     Total equity                       5,169         5,448            5,085     Total equity and liabilities      84,331        84,384           84,260     1   From 1 January 2014, non-trading reverse repurchase and repurchase         agreements are presented as separate lines in the balance sheet.         Previously, non-trading reverse repurchase agreements were included         within 'Loans and advances to banks' and 'Loans and advances to         customers' and non-trading repurchase agreements were included         within 'Deposits by banks' and 'Customer accounts'.  Comparative         data have been restated accordingly. More information relating to         the change in presentation will be made available in our first         quarter 2014 interim report.     HSBC Bank Canada          Condensed Consolidated Statement of Cash                               Flows (Unaudited)     Figures in C$m                                Quarter ended                               31 March   31 March          31 December                                   2014       2013                 2013                                                                            Net cash from/(used in):                                                 - Operating activities   (1,841)        887                (508)       - Investing activities     2,245        426                (652)       - Financing activities      (92)      (108)                (612)     Net increase/(decrease)        312      1,205              (1,772)     in cash and cash     equivalents     Cash and cash equivalents    1,896      1,753                3,668     at the beginning of the     period     Cash and cash equivalents    2,208      2,958                1,896     at the end of the period                                                                            Represented by:                                                          - Cash and balances at        71         62                  165       central bank       - Items in the course       (20)         66                   54       of transmission from/       (to) other banks, net       - Loans and advances to    1,188        837                1,149       banks of one month or       less       - Reverse repurchase         810      1,905                  333       agreements with banks       of one month or less       - Treasury bills and         159         88                  195       certificates of       deposits of three       months or less     Cash and cash equivalents    2,208      2,958                1,896     at the end of the period     HSBC Bank Canada               Global Business Segmentation (Unaudited)     Figures in C$m                                     Quarter ended                                    31 March   31 March          31 December                                        2014       2013                 2013     Commercial Banking                                                          Net interest income                 168        161                  173     Net fee income                       79         77                   82     Net trading income                    6          8                    6     Other operating income                6          3                    6                                                                Total operating income              259        249                  267     Loan impairment charges and        (12)       (39)                 (29)     other credit risk provisions     Net operating income                247        210                  238     Total operating expenses          (101)       (90)                 (95)                                                                Operating profit                    146        120                  143     Share of profit in associates         3          4                   17                                                                Profit before income tax            149        124                  160     expense                                                                                 Global Banking and Markets                                                  Net interest income                  44         42                   40     Net fee income                       24         18                   23     Net trading income                   21         37                   17     Gains less losses from               19         33                    6     financial investments     Other operating income                -          -                    1                                                                Total operating income              108        130                   87     Loan impairment                     (1)          2                    1     (charges)/reversals and other     credit risk provisions                                                                Net operating income                107        132                   88     Total operating expenses           (30)       (29)                 (26)                                                                Profit before income tax             77        103                   62     expense                                                                                 Retail Banking and Wealth                                                   Management     Net interest income                 102        141                  110     Net fee income                       52         51                   46     Net trading income                    5          4                    4     Gains less losses from                -          2                    -     financial investments     Other operating income                2          3                    2                                                                Total operating income              161        201                  162     Loan impairment charges and        (13)       (19)                 (11)     other credit risk provisions                                                                Net operating income                148        182                  151     Total operating expenses          (133)      (134)                (142)                                                                Profit before income tax             15         48                    9     expense                                                                                 Ongoing Retail Banking and            9         18                  (1)     Wealth Management business     Run-off consumer finance              6         30                   10     portfolio                                                                                 Other                                                                       Net interest expense                (7)        (8)                  (7)     Net trading income                    7          8                    7     Net expense from financial          (2)        (3)                  (2)     instruments designated at fair     value     Other operating income                6          7                   10                                                                Total operating income                4          4                    8     Total operating expenses           (12)       (10)                  (7)                                                                Profit/(loss) before income         (8)        (6)                    1     tax expense    SOURCE  HSBC Bank Canada  Media enquiries to: Sharon Wilks 416-868-3878  Fabrice de Dongo 416-868-8282  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/May2014/07/c7043.html  CO: HSBC Bank Canada ST: British Columbia NI: FIN ERN DIV  
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