Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 20

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 20
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 reclassified this portfolio as hold-to-collect-and- sell and expect to recognise an estimated $1bn fair value pre-tax loss in ‘other comprehensive income’ in equity on the remeasurement of the financial instruments in 1Q25. – In March 2024, we completed the sale of HSBC Bank Canada. The completion of the transaction resulted in a $4.8bn gain on sale, inclusive of the recycling of foreign currency translation and other reserves losses. Following completion of the sale, the Board approved a special dividend of $0.21 per share, which was paid on 21 June 2024. – In December 2024, we completed the sale of our business in Argentina. The completion of the transaction resulted in a pre- tax loss on sale of $1.0bn during 2024 and a $5.2bn recycling of foreign currency translation reserve losses and other reserves to the income statement in 4Q24. – During 2024, we completed the sale of our business in Russia and recognised foreign currency translation reserve losses of approximately $0.1bn. We also completed the sale of our operations in Armenia and exited our retail banking operations in Mauritius . – We also announced divestments in our private banking business in Germany and our business in South Africa, and we signed a memorandum of understanding in relation to the planned sale of our France life insurance business. In addition, we have launched a strategic review of our business in Malta. The review is at an early stage and no decisions have been made. – In January 2025, as part of our efforts to simplify HSBC and increase leadership in our areas of strength, we announced that we will begin to wind down our mergers and acquisitions (‘M&A’) and equity capital markets activities in the UK, Europe, and the US, subject to local legal requirements. We will retain more focused M&A and equity capital markets capabilities in Asia and the Middle East. – In June 2024, we completed the acquisition of Citi’s retail wealth management portfolio in mainland China. This portfolio complements our growing set of wealth businesses and our ambition to be the leading international wealth manager for mass affluent and high net worth individuals in mainland China. – In January 2024, we acquired SilkRoad Property Partners Group – expanding our real estate investment capabilities in Asia- Pacific, aligning with our ambition of becoming a top direct real estate investment manager in the region. Acquisitions and disposals that are classified as material notable items form part