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HSBC announced a share buyback of up to $2bn, as Europe’s largest lender reported a 74 per cent increase in profits as the global economic outlook improved nearly two years after the start of the pandemic.
As with its US rivals, the UK-headquartered bank benefited from a strong capital position and said it would release cash that had been set aside for bad loans that had not materialised.
“While we retain a cautious outlook on the external risk environment, we believe that the lows of recent quarters are behind us,” said Noel Quinn, chief executive.
The 156-year-old lender is in the process of shifting key senior staff to Asia, its historic base and main profits centre. The bank said its “pivot to Asia” was boosted in the third…