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HSBC Holdings P L CHSBCDON'T BUYMay 01, 2017Stock 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 has a great Asian franchise, but if you want to own a global bank, he would prefer J.P. Morgan (JPM-N) or Bank of America (BAC-N), which he feels are much more suited to those areas. If you wanted something more retail oriented, he would own Lloyds (LLOY-LN). They have been restructured as much is they should, and that has really hurt them. (See Top Picks.)