business
HSBC reviews $400m fraud-related provision
Key takeaways
- Speaking at the lender’s annual general meeting in London, Nelson said the matter was being treated seriously at board level after the bank took the charge.
- The unexpected charge formed part of $1.3bn in expected credit losses for the first quarter.
- The provision was connected to the collapse of specialist UK mortgage lender Market Financial Solutions (MFS), the news publication reported citing sources.
HSBC reviews $400m fraud-related provision Vidhya Edwards Munnangi Mon, May 11, 2026 at 6:39 PM GMT+7 2 min read HSBC HSBC Holdings has completed a “thorough review” of the $400m fraud-related provision reported with its latest results, with chairman Brendan Nelson saying the bank is also changing its risk appetite, reported Bloomberg.
Speaking at the lender’s annual general meeting in London, Nelson said the matter was being treated seriously at board level after the bank took the charge.
“Obviously we cannot comment on names, but clearly fraud of that scale is a serious matter, and we were not very happy in the fact that we had to take the provision against it,” Nelson told shareholders.
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