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May 04, 2015 6:19 AM ET

Banks

Company Overview of HSBC Bank Canada

Company Overview

HSBC Bank Canada provides various financial products and services to individuals, small and medium-sized companies, and multi-national companies in Canada. The company’s Commercial Banking segment offers various financing products, 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 ser...

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, President and Director
Chief Financial Officer
Chief Operating Officer and Director
Senior Vice President, Head of Wealth Management, Chief Executive Officer of HSBC Trust Company and President of HSBC Securities Canada Inc
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 Appoints Robert McFarlane as Director and Member of the Board's Audit and Risk Committee

HSBC Bank Canada announced the appointment of Mr. Robert McFarlane to its Board of Directors. Mr. McFarlane will serve as a member of the Board's Audit and Risk Committee. Mr. McFarlane's other current board affiliations include RSA Canada, InnVest Real Estate Investment Trust, Queen's University, The Salvation Army (Canada) and Vancouver College.

HSBC Bank Canada Announces Management Changes

Effective June 1, 2015, Sandra Stuart is appointed President and Chief Executive Officer, HSBC Bank Canada. Stuart is a 33-year veteran of HSBC and has risen through roles across North and South America. She has been Chief Operating Officer, HSBC Bank Canada, since 2010 and is also an Executive Director for HSBC Bank Canada. Stuart succeeds Paulo Maia who has been appointed CEO, HSBC Latin America effective July 1, 2015. Stuart joined HSBC in 1982 and was Senior Vice President and Head of Operations, HSBC Bank Canada. Effective April 30, 2015, and subject to required approvals, Jason Henderson, Executive Vice President, Managing Director and Head of Global Banking and Markets for the Canadian bank has been appointed to the HSBC Bank Canada Board of Directors. He is a member of the Board of Directors of HSBC Securities Canada Inc. and is a member of the Executive and Asset and Liability Committees in Canada.

HSBC Bank Canada Declares Quarterly Dividend on Preferred Shares, Payable on March 31, 2015; Announces Board Changes; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

HSBC Bank Canada announced that regular quarterly dividends of 31.875 cents per share have been declared on HSBC Bank Canada Class 1 Preferred Shares' Series C and 31.25 cents per share on Class 1 Preferred Shares' Series D. Dividends will be paid on 31 March 2015, for shareholders of record on 13 March 2015. Effective 20 February 2015, Robert Gordon McFarlane has been appointed to the HSBC Bank Canada Board of Directors succeeding retiring director Timothy R. Price. McFarlane is a seasoned executive from the telecommunications and financial industries and is former Executive Vice President and Chief Financial Officer of Telus Corporation. The company reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net interest income of CAD 295 million against CAD 316 million for the same period in the last year. Total operating income was CAD 519 million against CAD 524 million for the same period in the last year. Net operating income was CAD 482 million against CAD 485 million for the same period in the last year. Operating profit was CAD 204 million against CAD 215 million for the same period in the last year. Profit before income tax expense was CAD 206 million against CAD 232 million for the same period in the last year. Profit attributable to common shareholders was CAD 118 million or CAD 0.24 per basic common share against CAD 164 million or CAD 0.33 per basic common share for the same period in the last year. Cash flows generated from operating activities was CAD 1,319 million against cash flows used in operating activities CAD 508 million for the same period in the last year. Return on average common equity was 10.5% compared with 15.2% for the same periods in 2013. The decrease in profit before income tax expense compared with fourth quarter 2013 was primarily due to lower net interest income from the planned run-off of the consumer finance portfolio, a lower share of profit from associates and increased operating costs. This was partially offset by increased fee income from credit and wealth management. The decrease in net interest income compared to previous periods was primarily due to declining loan balances from the continued run-off of the consumer finance portfolio, lower higher-yielding personal loan volumes and the competitive pressures in a low interest rate environment. For the year, the company reported net interest income of CAD 1,212 million against CAD 1,311 million for the same period in the last year. Total operating income was CAD 2,110 million against CAD 2,161 million for the same period in the last year. Net operating income was CAD 2,003 million against CAD 1,973 million for the same period in the last year. Operating profit was CAD 901 million against CAD 903 million for the same period in the last year. Profit before income tax expense was CAD 912 million against CAD 934 million for the same period in the last year. Profit attributable to common shareholders was CAD 613 million or CAD 1.23 per basic common share against CAD 616 million or CAD 1.24 per basic common share for the same period in the last year. Cash flows used in operating activities was CAD 546 million against cash flows generated from operating activities CAD 2,247 million for the same period in the last year. Return on average common equity was 13.9% compared with 14.5% for the same periods in 2013. The decrease in profit before income tax expense compared with the prior year was primarily due to the impact on interest income of declining loan balances from the run-off of the consumer finance portfolio, lower trading income from foreign exchange products, a lower share of profit in associates and higher operating expenses mainly due to continued investment made in implementing HSBC's global standards program, and other risk and compliance activities. This was partially offset by increased fee income from credit and wealth management products, lower loan impairment charges primarily from lower specific commercial loan provisions and the collective provisions as a result of the run-off consumer finance portfolio. In addition, an increase in other operating income reflected the non-recurrence of a reduction in the fair value of an investment property recorded in 2013.

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