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Opinions Charles Lannon
HSBC Holdings P L CHSBCCOMMENTJun 24, 2015
Charles LannonStock price when the opinion was issued
As of Jun 18, 2026. Market Open.
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Darren SissonsDarren Sissons
Darren SissonsHSBC 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.
In the last 6 weeks or so, this bank has announced pretty significant restructuring, significant cost cuttings and are going to cut their way in order to get some kind of earnings growth. Have had many operational and regulatory challenges. Prefers Toronto Dominion (TD-T) which still has the opportunity to grow. This one is growth constrained, and potentially has some regulatory issues if they try to relocate their headquarters from London back to Hong Kong.