HSBC has its fine over Lehman products reduced in Hong Kong

Hong Kong

HSBC Holdings Plc's private banking unit was fined HK$400 million (S$69.4 million) over sales of structured products linked to Lehman Brothers Holdings Inc in Hong Kong, a smaller penalty than the city's securities regulator initially imposed.

HSBC Private Bank (Suisse) SA will have its licence to advise on securities suspended for a year, while its dealing licence will be partially suspended, the Securities and Futures Appeals Tribunal said in a ruling on Tuesday, as it upheld previous findings by the Securities and Futures Commission (SFC). HSBC said the suspensions will not affect private banking operations in Hong Kong.