Company: HBCYF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0001089113-25-000046
Chunk: 10

Company: HSBC HOLDINGS PLC
Filing Date: 2025-04-29
Form: 6-K
Chunk 10
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 the income statement. In December 2024, we entered into non-qualifying economic hedges, hedging interest rate risk on the portfolio and recognised a $0.1bn mark-to-market gain in 1Q25 in ‘net income from financial instruments held for trading or managed on a fair value basis‘. Other disposals On 23 September 2024, HSBC Continental Europe, a wholly-owned subsidiary of HSBC Bank plc, reached an agreement to sell its private banking business in Germany to BNP Paribas. The disposal group met the held for sale criteria, with balances classified as held for sale at 31 March 2025 of $2.0bn in assets and $2.0bn in liabilities. This sale is expected to complete in the second half of 2025 and generate an estimated pre-tax gain on disposal of $0.2bn, which will be recognised on completion. On 25 September 2024, HSBC reached an agreement to transfer its business in South Africa to local lender FirstRand Bank Ltd. The disposal group met the held for sale criteria, with balances classified as held for sale at 31 March 2025 of $0.8bn in assets and $3.1bn in liabilities. The transaction, which is subject to regulatory and governmental approvals, is expected to complete in the second half of 2025. 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.