hsba201207276k1.htm
FORM 6-K
 
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
 
 
Report of Foreign Private Issuer
 
Pursuant to Rule 13a - 16 or 15d - 16 of
 
the Securities Exchange Act of 1934
 
 
 
For the month of July
HSBC Holdings plc
 
42nd Floor, 8 Canada Square, London E14 5HQ, England
 
 
 
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F).
 
Form 20-F   X              Form 40-F ......
 
(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934).
 
Yes.......          No    X
 
(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ..............).
 
 
 


 
 
The following is the text of an announcement made today by HSBC Bank Malta plc, a 70.03 per cent indirectly held subsidiary of HSBC Holdings plc.
 
 
HSBC BANK MALTA P.L.C.
HALF-YEARLY RESULTS FOR 2012
 
 
· Profit before tax of €53m for the six months ended 30 June 2012 - an increase of €3m, or 6%, compared with €50m for the same period in 2011.
 
· Profit attributable to shareholders of €35m for the six months ended 30 June 2012 - up €2m, or 6%, compared with €33m for the same period in 2011.
 
· Total assets of €5,972m at 30 June 2012, up €147m, or 3%, compared with 31 December 2011.
 
· Loans and advances to customers of €3,364m at 30 June 2012, an increase of €20m, or 1%, compared with 31 December 2011.
 
· Customer accounts of €4,660m at 30 June 2012, an increase of €257m, or 6%, compared with 31 December 2011.
 
· Return on equity for the six months ended 30 June 2012 of 17.8%, compared with 18.5% for the first half of 2011.
 
· Cost efficiency ratio for the period ended 30 June 2012 of 45.4%, compared with 43.8% for the same period in 2011.
 
· Capital adequacy ratio of 11.8% at 30 June 2012, compared with 10.6% at 30 June 2011 and 11.6% at 31 December 2011. Tier 1 ratio of 7.8% at 30 June 2012, compared with 6.7% at 30 June 2011 and 7.4% at 31 December 2011.
 
 
Commentary
 
HSBC Bank Malta p.l.c. delivered a positive performance in the six months ended 30 June 2012. Reported profit before tax of €53m increased by 6%, or €3m over the comparable period in 2011.
 
All the three main business lines, Retail Banking and Wealth Management, Commercial Banking and Global Banking and Markets, contributed positively to the bank's overall performance.
 
Net interest income increased by 5% to €68m compared with €64m in the first half of 2011. The increase reflected growth in mortgage lending and improved positioning of the balance sheet management available-for-sale portfolio.
 
Net fee and commission income of €16m for the six months ended 30 June 2012 compared with €17m in June 2011. Growth in funds under administration and higher levels of custody fees more than off-set lower card fees following the sale of the merchant card acquiring business in December 2011.
 
HSBC Life Assurance (Malta) Ltd reported a profit before tax of €7m compared with €13m in the first half of 2011. The first half of 2011 benefitted from a non-recurring gain of €7m as a result of the refinement in the methodology used to calculate the present value of in-force long-term insurance business. New business particularly with respect to life-insurance protection and higher investment income as a result of improved global market conditions partially offset this non-recurring gain.
 
A net gain of €2m was reported on the disposal of available-for-sale securities compared to a net loss of €4m in the comparable period in 2011.
 
Operating expenses at €45m increased by €3m or 6%, impacted by the non-recurring staff cost recoveries in the first half of 2011 of €2m, mainly relating to the release of an early voluntary retirement provision. On a like-for-like basis, costs were well controlled and broadly in line with the first half of 2011 with the increase in amortisation due to the impact of the implementation of a new banking and accounting system introduced during December 2011. Cost efficiency ratio reported at 45.4% compared with 43.8% in the prior period.
 
At a consolidated level, net impairments reduced from €4m to €0.8m in 2012. This was principally due to a €2m impairment taken on Greek government bonds held by the life insurance subsidiary in its available-for-sale bond portfolio in 2011. Following the Greek bonds restructuring programme, the life insurance subsidiary sold its Greek debt exposure and holds no other Southern European country government debt.
 
Loan impairments declined to €0.8m (five basis points of the overall loans book) compared with €1.8m in 2011 as the profit or loss benefitted from modest recoveries. At a bank level, non-performing loans remained stable at 5% of gross loans and asset quality remains good.
 
Net loans and advances to customers increased marginally by €20m to €3,364m. Mortgage market share remained stable. The bank has seen a slight softening in loan demand due to slowing economic conditions. Gross new lending to customers amounted to €274m which reflects the bank's continued support to the local economy.
 
Customer deposits rose by €257m to €4,660m as at 30 June 2012 reflecting an increase in corporate and institutional deposits. The levels of retail deposits were broadly unchanged despite significant competitive pressure for deposits including from local government bond issuance.
 
The bank's available-for-sale investments portfolio remains well diversified and conservative.
 
The bank's liquidity position remains strong with advances to deposits ratio of 72%, compared with 76% at 31 December 2011.
 
The bank continued to strengthen its capital ratio to 11.8%. This exceeds the 8% minimum regulatory capital requirement. The bank intends to maintain a conservative approach to capital and will continue to build capital where appropriate.
 
Mark Watkinson, Director and Chief Executive Officer of HSBC Malta, said: "We have delivered another positive set of results that saw pre-tax profit increase by 6% with a return on equity of 17.8%. The bank's capital and liquidity position remain strong and we have a firm grip on risks and costs at a time when we are seeing continuing pressure on revenue as a result of the challenges in the eurozone.
 
"Despite the difficulties in Europe we have a clear strategy focused around simplifying our business, reducing bureaucracy and improving efficiency. As part of the world's largest international bank we are well placed to service the needs of our customers and to support the local economy.
 
"I would like to take this opportunity to thank our staff, directors and shareholders for their commitment, hard work and support during the first half of 2012."
 
The board is declaring an interim gross dividend of 10.0 cent per share (6.5 cent net of tax). This will be paid on 22 August 2012 to shareholders who are on the bank's register of shareholders at 8 August 2012.
 
 
 
Income Statements for the period 1 January 2012 to 30 June 2012
         
 
Group
Bank
 
6 mths to
30/06/12
6 mths to 30/06/11
6 mths to
30/06/12
6 mths to 30/06/11
 
 
€000
€000
€000
€000
Interest and similar income
 
        
- on loans and advances, balances
     with Central Bank of Malta , Treasury Bills and other instruments
76,742
76,665
76,733
76,657
- on debt and other fixed income instruments
12,137
10,823
11,094
8,955
Interest expense
(21,248)
(23,264)
(21,434)
(23,420)
Net interest income
67,631
64,224
66,393
62,192
         
Fee and commission income
16,821
18,402
14,584
16,428
Fee and commission expense
(1,015)
(1,460)
(821)
(1,328)
Net fee and commission income
15,806
16,942
13,763
15,100
         
Dividend income
-
-
7,680
15,385
Trading profits
4,525
4,105
4,525
4,105
Net income/(expense) from insurance financial instruments designated at fair value
17,385
(1,750)
-
-
Net gains/(losses) on sale of available-for-sale financial investments
2,247
(3,677)
2,175
(3,683)
Net earned insurance premiums
33,446
32,313
-
-
Net other operating income/(expense)
4,510
11,794
431
(51)
Total operating income
145,550
123,951
94,967
93,048
         
Net insurance claims incurred and movement in policyholders' liabilities
(46,435)
(27,117)
-
-
Net operating income
99,115
96,834
94,967
93,048
         
Employee compensation and benefits
(25,007)
(23,168)
(23,378)
(21,838)
General and administrative expenses
(16,613)
(16,206)
(15,480)
(15,062)
Depreciation
(2,144)
(2,647)
(2,140)
(2,644)
Amortisation
(1,196)
(386)
(1,187)
(351)
Net operating income before impairment charges and provisions
 
54,155
54,427
52,782
53,153
Net impairment
(826)
(4,271)
(806)
(1,849)
Net provisions for liabilities and other charges
-
204
-
205
Profit before tax
53,329
50,360
51,976
51,509
Tax expense
(18,819)
(17,715)
(18,337)
(18,121)
Profit for the period
34,510
32,645
33,639
33,388
         
Profit attributable to shareholders
34,510
32,645
33,639
33,388
         
Earnings per share
11.8c
11.2c
11.5c
11.4c
         
         
         
                 
 

 
           
 
Statements of Comprehensive Income for the period 1 January 2012 to 30 June 2012
           
   
Group
Bank
   
6 mths to
30/06/12
6 mths to 30/06/11
6 mths to
30/06/12
6 mths to 30/06/11
   
 
€000
€000
€000
€000
           
 
Profit attributable to shareholders
34,510
32,645
33,639
33,388
           
    Other comprehensive income/(expense)
          
 
Available-for-sale investments:
 
        
 
- fair value gains/(losses)
3,700
(6,068)
3,664
(4,133)
 
- fair value (gains)/losses transferred to profit or loss on disposal
(2,247)
6,120
(2,175)
3,683
 
- income taxes
(509)
(18)
(521)
157
 
Other comprehensive income/(expense) for the period, net of tax
944
34
968
(293)
           
 
Total comprehensive income for the period, net of tax
35,454
32,679
34,607
33,095
           
                 
 

 
Statements of Financial Position at 30 June 2012
 
Group
Bank
 
30/06/12
31/12/11
30/06/12
31/12/11
 
 
€000
 
€000
 
€000
 
€000
Assets
        
Balances with Central Bank of Malta, Treasury Bills and cash
140,100
233,388
140,099
233,387
Cheques in course of collection
26,562
22,685
26,562
22,685
Derivatives
17,834
17,136
18,240
17,856
Financial assets designated at fair value
395,767
370,080
-
-
Financial investments
974,093
936,830
926,370
883,747
Loans and advances to banks
778,368
637,956
775,607
637,903
Loans and advances to customers
3,363,946
3,344,224
3,363,946
3,344,224
Shares in subsidiary companies
-
-
35,707
35,707
Intangible assets
93,750
89,011
13,281
12,497
Property, plant and equipment
58,296
60,113
58,381
60,195
Investment property
14,620
14,598
11,660
11,663
Non-current assets held for sale
10,886
12,978
10,886
12,978
Current tax assets
142
-
-
-
Deferred tax assets
11,493
14,005
11,233
13,744
Other assets
44,536
31,209
11,909
8,606
Prepayments and accrued income
41,363
40,629
36,799
35,527
Total assets
5,971,756
5,824,842
5,440,680
5,330,719
         
Liabilities
        
Derivatives
18,421
17,810
18,421
17,810
Deposits by banks
216,017
389,170
216,017
389,170
Customer accounts
4,659,933
4,402,975
4,695,173
4,440,646
Current tax liabilities
12,107
4,134
11,403
3,198
Deferred tax liabilities
20,686
18,113
-
-
Liabilities to customers under investment contracts
16,506
16,920
-
-
Liabilities under insurance contracts issued
467,843
436,672
-
-
Other liabilities
43,909
38,145
39,365
33,925
Accruals and deferred income
35,283
35,979
34,191
35,152
Provisions for liabilities and other charges
5,419
11,251
5,199
11,031
Subordinated liabilities
87,215
87,208
87,960
87,933
Total liabilities
5,583,339
5,458,377
5,107,729
5,018,865
         
Equity
        
Called up share capital
87,552
87,552
87,552
87,552
Revaluation reserve
33,816
32,872
33,067
32,099
Retained earnings
267,049
246,041
212,332
192,203
Total equity
388,417
366,465
332,951
311,854
Total liabilities equity
5,971,756
5,824,842
5,440,680
5,330,719
         
Memorandum items
        
Contingent liabilities
127,369
130,763
127,419
132,466
Commitments
1,016,805
1,084,509
1,016,805
1,084,509
 
The financial statements were approved and authorised for issue by the Board of Directors on 27 July 2012 and signed on its behalf by:
 
 
 
 
Albert Mizzi, Chairman                                                                                                                                                                                                                                                                               Mark Watkinson, Chief Executive Officer
 
Statements of Changes in Equity for the period 1 January 2012 to 30 June 2012
   
 
Share capital
Revaluation
reserve
Retained earnings
Total
equity
Group
€000
 
€000
€000
€000
At 1 January 2012
87,552
32,872
246,041
366,465
         
Profit for the period
-
-
34,510
34,510
         
Other comprehensive income/(expense)
        
Available-for-sale investments:
        
- fair value gains, net of tax
-
2,405
-
2,405
- fair value gains transferred to profit or loss
on disposal, net of tax
  
(1,461)
-
(1,461)
Total other comprehensive income
-
944
-
944
Total comprehensive income for the period
-
944
34,510
35,454
         
Transactions with owners, recorded
directly in equity
        
Contributions by and distributions to owners:
        
-share-based payments
-
-
156
156
-dividends
-
-
(13,658)
(13,658)
Total contributions by and distributions to owners
-
-
 
(13,502)
(13,502)
At 30 June 2012
87,552
33,816
267,049
388,417
         
At 1 January 2011
87,552
28,674
217,604
333,830
         
Profit for the period
-
-
32,645
32,645
         
Other comprehensive income/(expense)
        
Available-for-sale investments:
        
- fair value losses, net of tax
-
(3,944)
-
(3,944)
- fair value losses transferred to profit or loss
on disposal, net of tax
-
3,978
-
3,978
Total other comprehensive income
-
34
-
34
Total comprehensive income for the period
-
34
32,645
32,679
         
Transactions with owners, recorded
directly in equity
        
Contributions by and distributions to owners:
        
-share-based payments
-
-
224
224
-dividends
 
-
-
(14,606)
(14,606)
Total contributions by and distributions to owners
-
-
(14,382)
(14,382)
At 30 June 2011
87,552
28,708
235,867
352,127
         
 
 
 
Statements of Changes in Equity for the period 1 January 2012 to 30 June 2012
   
 
Share capital
Revaluation
reserve
Retained earnings
Total
equity
 
€000
€000
€000
€000
 Bank        
At 1 January 2012
87,552
32,099
192,203
311,854
         
Profit for the period
-
-
33,639
33,639
         
Other comprehensive income/(expense)
        
Available-for-sale investments:
        
- fair value gains, net of tax
-
2,382
-
2,382
- fair value gains transferred to profit or loss
on disposal, net of tax
  
(1,414)
-
(1,414)
Total other comprehensive income
-
968
-
968
Total comprehensive income for the period
-
968
33,639
34,607
         
Transactions with owners, recorded
directly in equity
        
Contributions by and distributions to owners:
        
-share-based payments
-
-
148
148
-dividends
-
-
(13,658)
(13,658)
Total contributions by and distributions to owners
-
-
(13,510)
(13,510)
At 30 June 2012
87,552
33,067
212,332
332,951
         
At 1 January 2011
87,552
28,283
154,722
270,557
         
Profit for the period
-
-
33,388
33,388
         
Other comprehensive income/(expense)
        
Available-for-sale investments:
        
- fair value losses, net of tax
-
(2,686)
-
(2,686)
- fair value losses transferred to profit or loss
on disposal, net of tax
-
2,393
-
2,393
Total other comprehensive expense
-
(293)
-
(293)
Total comprehensive income/(expense) for the period
-
(293)
33,388
33,095
         
Transactions with owners, recorded
directly in equity
        
Contributions by and distributions to owners:
        
-share-based payments
-
-
216
216
-dividends
-
-
(14,606)
(14,606)
Total contributions by and distributions to owners
-
-
(14,390)
(14,390)
At 30 June 2011
87,552
27,990
173,720
289,262
         
 





 
Statements of Cash Flows for the period 1 January 2012 to 30 June 2012
  
               
 
Group
  
Bank
  
 
6 mths to
30/06/12
  
6 mths to
30/06/11
  
6 mths to
30/06/12
  
6 mths to
30/06/11
  
 
€000
  
€000
  
€000
  
€000
  
                 
Cash flows from/(used in) operating activities
                
Interest, commission and premium receipts
132,959
  
135,398
  
94,950
  
99,411
  
Interest, commission and claims payments
(45,329)
  
(39,705)
  
(20,801)
  
(21,736)
  
Payments to employees and suppliers
(45,106)
  
(35,745)
  
(41,819)
  
(35,726)
  
Operating profit before changes in operating assets/liabilities
42,524
  
59,948
  
32,330
  
41,949
  
(Increase)/decrease in operating assets:
                
Trading instruments
(13,536)
  
(36,253)
  
-
  
-
  
Reserve deposit with Central Bank of Malta
44,668
  
(3,155)
  
44,668
  
(3,155)
  
Loans and advances to customers and banks
(45,435)
  
5,200
  
(45,435)
  
5,170
  
Treasury Bills
74,079
  
98,043
  
74,079
  
109,607
  
Other receivables
(17,288)
  
5,224
  
(7,244)
  
(4,066)
  
Increase/(decrease) in operating liabilities:
                
Customer accounts and deposits by banks
250,688
  
(180,922)
  
248,591
  
(213,572)
  
Other payables
7,567
  
(7,154)
  
(280)
  
2,840
  
Net cash from/(used in) operating activities before tax
343,267
  
(59,069)
  
346,709
  
(61,227)
  
Tax paid
(6,509)
  
(3,134)
  
(5,601)
  
(2,180)
  
Net cash from/(used in) operating activities
336,758
  
(62,203)
  
341,108
  
(63,407)
  
Cash flows from/(used in) investing activities
                
                 
Dividends received
327
  
352
  
5,000
  
10,000
  
Interest received from financial investments
21,754
  
15,629
  
15,376
  
9,998
  
Purchase of financial investments
(259,937)
  
(321,820)
  
(259,937)
  
(320,776)
  
Proceeds from sale and maturity of financial investments
228,649
  
106,538
  
223,263
  
97,909
  
Purchase of property, plant and equipment and intangible assets
(2,431)
  
(6,392)
  
(2,399)
  
(6,382)
  
Proceeds on sale of property, plant and equipment and intangible assets
21
  
49
  
21
  
48
  
Net cash used in investing activities
(11,617)
  
(205,644)
  
(18,676)
  
(209,203)
  
Cash flows used in financing activities
                
Dividends paid
(13,658)
  
(14,606)
  
(13,658)
  
(14,606)
  
Cash used in financing activities
(13,658)
  
(14,606)
  
(13,658)
  
(14,606)
  
Increase/(decrease) in cash and
cash equivalents
311,483
  
(282,453)
  
308,774
  
(287,216)
  
Effect of exchange rate changes
on cash and cash equivalents
21,704
  
(33,097)
  
22,029
  
(33,097)
  
Net increase/(decrease) in cash and
cash equivalents
289,779
  
(249,356)
  
286,745
  
(254,119)
  
 
311,483
  
(282,453)
  
308,774
  
(287,216)
  
Cash and cash equivalents at beginning of
period
207,764
  
423,606
  
207,709
  
423,554
  
Cash and cash equivalents at end of
period
519,247
  
141,153
  
516,483
  
136,338
  
                         
 

 
Segmental Information
      
                       
The group's segments are organised into three business lines: Retail Banking and Wealth Management, Commercial Banking and Global Banking and Markets. The business lines reflect the way the CEO, as chief operating decision-maker, reviews financial information in order to make decisions about allocating resources and assessing performance.
  
             
 
Retail Banking and Wealth Management
Commercial
Banking
Global Banking and Markets
Inter-segment
Group Total
  
 
6 mths to
30/06/12
6 mths to
30/06/11
6 mths to
30/06/12
6 mths to
30/06/11
6 mths to
30/06/12
6 mths to
30/06/11
6 mths to
30/06/12
6 mths to
30/06/11
6 mths to
30/06/12
6 mths to
30/06/11
  
 
 
 
 
 
 
 
 
 
 
 
  
 
€000
€000
€000
€000
€000
€000
€000
€000
€000
€000
  
Group
                      
Net interest income
                      
- external
22,357
22,354
34,875
33,520
10,399
8,350
-
-
67,631
64,224
  
- inter-segment
8,335
7,360
(6,326)
(6,308)
(2,009)
(1,052)
-
-
-
-
  
 
30,692
29,714
28,549
27,212
8,390
7,298
-
-
67,631
64,224
  
Net non-interest income
                      
- external
18,113
25,216
6,664
8,033
6,707
(639)
-
-
31,484
32,610
  
- inter-segment
(565)
(387)
484
36
465
520
(384)
(169)
-
-
  
 
17,548
24,829
7,148
8,069
7,172
(119)
(384)
(169)
31,484
32,610
  
                       
External employee compensation and benefits
(16,735)
(15,564)
(6,377)
(6,047)
(1,895)
(1,557)
-
-
(25,007)
(23,168)
  
                       
General and administrative expenses
                      
- external
(11,808)
(11,472)
(3,944)
(3,788)
(861)
(946)
-
-
(16,613)
(16,206)
  
- inter-segment
(384)
(169)
-
-
-
-
384
169
-
-
  
 
(12,192)
(11,641)
(3,944)
(3,788)
(861)
(946)
384
169
(16,613)
(16,206)
  
                       
External depreciation
(1,705)
(1,900)
(358)
(746)
(81)
(1)
-
-
(2,144)
(2,647)
  
                       
External amortisation
(802)
(244)
(355)
(113)
(39)
(29)
-
-
(1,196)
(386)
  
                       
External net impairment
(699)
(3,290)
(107)
(1,004)
(20)
23
-
-
(826)
(4,271)
  
External net provisions for liabilities and other charges
-
-
-
205
-
(1)
-
-
-
204
  
Profit before tax
16,107
21,904
24,556
23,788
12,666
4,668
-
-
53,329
50,360
  
             
 
Retail Banking and Wealth Management
Commercial
Banking
Global Banking and Markets
Inter-segment
Group Total
  
 
30/06/12
30/06/11
30/06/12
30/06/11
30/06/12
30/06/11
30/06/12
30/06/11
30/06/12
30/06/11
  
 
€000
€000
€000
€000
€000
€000
€000
€000
€000
€000
  
Assets
                      
Segment total assets
2,611,649
2,376,360
1,686,872   
1,655,502
1,673,235
1,660,077
-
-
5,971,756
5,691,939
  
Average total assets
2,583,749
2,335,052
1,615,254
1,679,952
1,707,433
1,663,246
-
-
5,906,436 
5,678,250
  
Total equity
194,429
175,210
167,510
155,621
26,478
21,296
-
-
388,417
352,127
  
                       
                                               
 
Basis of preparation
 
 
The condensed interim financial statements have been extracted from HSBC Bank Malta p.l.c.'s (the 'bank') and its subsidiary undertakings (collectively referred to as the 'group') unaudited management accounts for the six month period ended 30 June 2012. These condensed interim financial statements are being published in terms of Chapter 5 of the Listing Rules issued by the Listing Authority and in terms of the Prevention of Financial Markets Abuse Act, 2005.
 
The condensed interim financial statements have been prepared in accordance with accounting standards adopted for use in the EU for interim financial statements (EU adopted IAS 34, Interim Financial Reporting). They do not include all of the information required for full annual financial statements, and should be read in conjunction with the financial statements for the year ended 31 December 2011.
 
The accounting policies applied in these condensed interim financial statements are the same as those applied by the group in its financial statements as at and for the year ended 31 December 2011.
 
As required by the EU adopted IAS 34, Interim Financial Reporting, these interim financial statements include comparative statements of financial position information at the previous financial year end and comparative income statements and statements of comprehensive income information for the comparable interim periods of the immediately preceding financial year.
 
Related party transactions with other members of the HSBC Group covering the period 1 January to 30 June 2012 have not materially affected the performance for the period under review.
 
Certain comparative amounts have been reclassified to comply with the current period's presentation.
 
HSBC Bank Malta p.l.c. is a member of the HSBC Group, whose ultimate parent company is HSBC Holdings plc. Headquartered in London, HSBC Holdings plc is one of the largest banking and financial services organisations in the world. The HSBC Group's international network comprises around 7,200 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa.
 
Statement pursuant to Listing Rule 5.75.3 issued by the Listing Authority
 
I confirm that to the best of my knowledge:
 
· the condensed interim financial statements give a true and fair view of the financial position as at 30 June 2012, financial performance and cash flows for the period then ended, in accordance with accounting standards adopted for use in the EU for interim financial statements (EU adopted IAS 34 'Interim Financial Reporting'); and
 
· the commentary includes a fair review of the information required in terms of Listing Rule 5.81 to 5.84.
 
 
                                                           
                                                                    
                                                                                                                                                                                                                                                                                                                                             Mark Watkinson, Chief Executive Officer
 
 
                                                                                                                                                                                                      ends/all
 


 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
HSBC Holdings plc
 
 
 
                                                       By:
 
                                                                                Name:   P A Stafford
 
                                                                                                Title: Assistant Group Secretary
                    
                                                                             Date: 27 July 2012