HSBC intends to merge the Hang Seng Bank's asset management unit into its investment fund management business, two sources with direct knowledge of the matter said on Monday, after the British bank, headquartered in London, acquired all of the lender's shares in Hong Kong in a deal worth $13.6 billion.
The two sources explained that the proposed deal would lead to the inclusion of HSBC Asset Management, which manages investments worth about $876 billion, to its business, the Hang Seng Investment Management unit, whose assets it manages amount to $50 billion, according to Reuters.
The proposed merger would represent the first step towards business integration between the two banks, despite HSBC's previous pledge to keep the two brands independent.
In October 2025, HSBC launched an offer to fully acquire Hang Seng, which faced an increase in non-performing loans as a result of its large exposure to the real estate sectors in Hong Kong and mainland China. HSBC previously owned a 63 percent stake in Hang Seng.
The deal was completed last January.
HSBC, where the bulk of its profits come from Asia, is taking steps to enhance coordination between the two banks, as it has appointed joint officials to supervise a number of overlapping institutional functions between them.
Hang Seng manages the Tracker Fund. Hong Kong's largest exchange-traded fund, which tracks the performance of the main Hang Seng Index, is a prominent product of the city's mandatory retirement program, the Mandatory Provident Fund.
Saudi Azm Communications and Information Technology Company achieved an increase in its net profits by 23.04 percent during the third quarter of 2026, reaching 17.3 million riyals ($4.6 million), compared to 14.06 million riyals ($3.75 million) in the same period of the previous year.
In a statement published on the Saudi Stock Exchange (Tadawul), the company attributed the growth in profits to an increase in total profit by 9.01 million riyals as a result of increased revenues, and a decrease in zakat and income tax expenses by 440 thousand riyals, despite the increase in operating expenses and financing costs, and a decline in the share of investment results in associate companies and other revenues.
The company's revenues increased by 49.26 percent during the third quarter, to reach 104.42 million riyals, compared to 69.95 million riyals in the same quarter of the previous year, and attributed this mainly to obtaining new projects and generating more revenues from existing projects.
On a quarterly basis, net profit increased by 6.47 percent compared to the second quarter of the current year, when it reached 16.25 million riyals, while revenues increased by 20.08 percent, from 86.96 million riyals.
Earnings per share amounted to 0.30 riyals, compared to 0.24 riyals in the similar period of the previous year, while total ownership rights, after excluding non-controlling interests, increased to 211.16 million riyals, compared to 156.1 million riyals in the similar period last year.
Thailand's exports recorded an increase of 24 percent last September, compared to the same month last year, exceeding analysts' expectations, according to data announced by the Thai Ministry of Commerce on Monday.
This increase marks the twenty-seventh consecutive month of export growth, driven mainly by electronic products that benefited from global demand for artificial intelligence products, in addition to increased shipments of agricultural goods and foodstuffs.
Export growth was higher than the expectations of a Reuters poll, with an increase of 17.85 percent, after recording an increase of 24.3 percent during August. Thus, exports increased by 19.6 percent year-on-year during the first nine months of the year.
The Ministry of Commerce raised its export growth expectations during the current year to 19 percent, compared to a previous estimate of 15 percent last month. Next year, the pace of growth is expected to slow to between 2 and 4 percent, according to Nantapong Cherialerspong, head of the ministry's Trade Policy and Strategies Office.
In major markets, Thai exports to the United States increased; The country's largest market, by 50.1 percent during September, compared to the same period last year, while shipments to China increased by 18.4 percent.
In contrast, imports jumped by a record 50.4 percent year-on-year, exceeding analysts' expectations of a rise of 31.25 percent. As a result, Thailand recorded a trade deficit of $5.86 billion in September, compared to an expected deficit of $1.83 billion.
