HBC has a globally diversified base of business. It's very strong in the Asian markets where growth remains healthy. HBC has been mentioned repeatedly as one of the possible buyers for Lehman Brothers (LEH) although the speculative scope of the impact that might have on HBC shares is beyond the scope of this report, we don't particularly think that buying LEH would be a major positive for HBC in the immediate future. They would have their corporate hands full of a whole new set of credit problems if that acquisition were to come to pass.
Europe’s largest lender, HSBC Holdings plc (ADR: HBC), said it plans to raise 12.5 billion pounds ($17.7 billion) by selling shares. The company also announced 6,100 job cuts and plans to close lending units in the United States. “We are playing the ball from where it lies,” Chief Financial Officer Douglas Flint said on a call with reporters, Bloomberg reported.