HSBC share price: Bank Names Eddie Norton head of Latin American commercial banking
iNVEZZ.com, Thursday, January 16: (LON:HSBA)has named Eddie Norton, the former deputy head of banking Americas, to head commercial banking for Latin America, Bloomberg reported on Tuesday, citing an emailed statement from the London-based bank. Norton’s main focus will be on the markets in Brazil, Argentina and Mexico, the newswire said.
In today’s trading, HSBC shares were little changed at 680p as of 14:28 UTC. The stock has gained some 2.6 percent so far this year.
The Latin America region accounted for 15 percent of the revenue generated by HSBC in 2012, according to data compiled by Bloomberg. The company was the biggest underwriter of international bonds sold in Latin America and in Brazil last year.
HSBC has total assets of 163.1 billion reais ($69 billion), making it the seventh-biggest lender in the country, and total equity of 9.97 billion reais. The bank has 29,830 employees in the country.
**Turkey faces stagnation, HSBC says**
Meanwhile, HSBC Bank AS, the Turkish subsidiary of HSBC, said today that Turkey risks stagflation, with consumer sentiment suffering from the fierce political crisis in the country.
“It is obvious that the Turkish economy is heading for stagflation fast,” said Fatih Keresteci, a strategist at HSBC in Istanbul, as quoted by Bloomberg. “The lira’s depreciation may gain pace if the central bank does not change interest rates at the MPC meeting next month.”
The Turkish lira depreciated as much as one percent against the dollar, following HSBC’s comments. This has extended the currency’s run of declines to four days.
HSBC’s view appears to be shared by analysts at Barclays, who wrote in a note yesterday: “The lira, despite the sharp fall, is not clearly undervalued, and we expect depreciation pressure to persist. Crucially, the continued political uncertainty seems to have made households turn cautious on Turkish lira.”
**As of 14:50 UTC buy HSBC shares at 677.80 pence**
**As of 14:50 UTC sell HSBC shares at 677.70 pence**
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