Company: HBCYF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0001654954-25-004763
Chunk: 7

Company: HSBC HOLDINGS PLC
Filing Date: 2025-04-29
Form: 6-K
Chunk 7
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. At closing, cumulative foreign currency translation reserves and other reserves will recycle to the income statement. At 31 March 2025, foreign currency translation reserve and other reserve losses stood at $0.2bn.

On 20 December 2024, HSBC Continental Europe signed a Memorandum of Understanding for the planned sale of its French life insurance business, HSBC Assurances Vie (France), to Matmut Société d'Assurance Mutuelle. The Share Sale Agreement for the transaction was signed on 21 March 2025 following completion of all relevant employee information and consultation processes. The transaction, which is subject to regulatory approvals, is expected to complete in the second half of 2025. The disposal group met the held for sale criteria, with balances classified as held for sale at 31 March 2025 of $24.9bn in assets and $24.0bn in liabilities, and the recognition of an immaterial loss on disposal that will be recognised largely on completion. The transaction is estimated to generate a pre-tax loss of $0.2bn inclusive of migration costs and the recycling of related reserves, largely on completion. The transaction is structured on the basis of a price fixed on the reference date of 30 June 2024. Between this date and completion the loss on disposal will be adjusted for changes in the net asset value, including the entity's earnings, which will continue to be consolidated into the Group's results until disposal.

On 18 February 2025, HSBC Bank Middle East, Bahrain branch, entered into a binding agreement to transfer its retail banking business in Bahrain to Bank of Bahrain and Kuwait B.S.C. The transaction, which is subject to regulatory approval, is expected to complete in the second half of 2025. The sale is expected to generate an estimated pre-tax gain on disposal of $0.1bn, which will be recognised on completion.

Bank of Communications, Co., Limited

On 30 March 2025, Bank of Communications Co., Limited ('BoCom'), announced its intention to consider a share issuance plan of up to RMB120bn to the Ministry of Finance of the People's Republic of China and related entities (the 'Issuance'). The Issuance was approved at an Extraordinary General Meeting on 16 April 2025 and is subject to final approval by relevant government and regulatory authorities. The Issuance is part of a series of policy actions announced by the People's Bank of China, Ministry of Finance, National Financial Regulatory Administration and China