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HSBC Holdings P L CHSBCDON'T BUYMar 13, 2015Stock price when the opinion was issued
As of Jun 18, 2026. Market Open.
HSBC vs. ING. HSBC is a global bank, strong in Asia and the UK. ING is already restructured, more of a retail bank. Neither is expensive. But you can buy US banks at cheap multiples today. US banks are in better shape, more capital, fewer issues to worry about like negative interest rates. (Analysts’ price target is $45.90)
ING vs. HSBC Neither. He won't touch any European bank given negative interest rates. Period. HSBC does a lot of international lending and international flows aren't well-received by regulators; and they lend to the Far East. HSBC isn't a leader in many categories. ING, at least, leads in online banking in Europe, but they have loaned heavily to energy.
This is the one successful European bank that did not get bailed out by the government. Was very profitable because it had exposure in China and the rest of Asia. Have had a problem with not reporting on tax with their Swiss private bank. Banking is a really tough business, especially European banking. Tough regulations. He is going to continue holding his. Decent dividend.