HSBC HOLDINGS PLC
12 March 2025
Notification of Transactions by Persons Discharging Managerial Responsibilities ("PDMRs")
1. Annual Incentive awards (Performance Year 2017)
Deferred awards (the "Awards") of US$0.50 ordinary shares (the "Shares") in HSBC Holdings plc (the "Company") were granted in 2018 as a part of variable pay for the performance year ended 31 December 2017.
On 10 March 2025, tranches of the Awards granted in 2018 vested and the following transactions took place in London:
Directors
| Name |
Total number of Shares vested |
Number of Shares sold at £8.613754 per Share1 |
| Pam Kaur |
15,633 |
7,348 |
Other PDMRs
| Name |
Total number of Shares vested |
Number of Shares sold at £8.613754 per Share1 |
| Ian Stuart |
13,490 |
6,341 |
1 Represents shares sold to cover withholding tax .
The PDMRs are required to retain a number of Shares equivalent in value to those that vested under the Awards (net of tax liabilities) for twelve months from the original vesting date.
2. Annual Incentive awards (Performance Year 2018)
Awards of Shares in the Company were granted in 2019 as a part of variable pay for the performance year ended 31 December 2018.
On 10 March 2025, tranches of the Awards granted in 2019 vested and the following transactions took place in London:
Directors
| Name |
Total number of Shares vested |
Number of Shares sold at £8.613754 per Share1 |
| Pam Kaur |
18,655 |
8,768 |
Other PDMRs
| Name |
Total number of Shares vested |
Number of Shares sold at £8.613754 per Share1 |
| Ian Stuart |
16,864 |
7,926 |
1 Represents shares sold to cover withholding tax .
The PDMRs are required to retain a number of Shares equivalent in value to those that vested under the Awards (net of tax liabilities) for twelve months from the original vesting date.
3. Annual Incentive awards (Performance Year 2019)
Awards of Shares in the Company were granted in 2020 as a part of variable pay for the performance year ended 31 December 2019.
On 10 March 2025, tranches of the Awards granted in 2020 vested and the following transactions took place in London:
Directors
| Name |
Total number of Shares vested |
Number of Shares sold at £8.613754 per Share1 |
| Georges Elhedery |
29,532 |
13,881 |
| Pam Kaur |
19,635 |
9,228 |
Other PDMRs
| Name |
Total number of Shares vested |
Number of Shares sold at £8.613754 per Share1 |
| Richard Blackburn |
8,928 |
4,197 |
| Barry O'Byrne |
15,152 |
3,680 |
| Michael Roberts |
43,946 |
22,435 |
| Ian Stuart |
17,190 |
8,079 |
| Suzanna White |
4,044 |
1,818 |
1 Represents shares sold to cover withholding tax .
The PDMRs are required to retain a number of Shares equivalent in value to those that vested under the Awards (net of tax liabilities) for twelve months from the original vesting date with the exception of Richard Blackburn and Suzanna White who are subject to a six-month retention period.
4. Annual Incentive awards (Performance Year 2020)
Awards of Shares in the Company were granted in 2021 as a part of variable pay for the performance year ended 31 December 2020.
On 10 March 2025, tranches of the Awards granted in 2021 vested and the following transactions took place in London:
Directors
| Name |
Total number of Shares vested |
Number of Shares sold at £8.613754 per Share1 |
| Georges Elhedery |
61,104 |
28,718 |
| Pam Kaur |
42,388 |
19,923 |
Other PDMRs
| Name |
Total number of Shares vested |
Number of Shares sold at £8.613754 per Share1 |
| Richard Blackburn |
11,796 |
5,544 |
| David Liao |
18,753 |
3,001 |
| Barry O'Byrne |
27,714 |
5,281 |
| Michael Roberts |
46,879 |
23,932 |
| Ian Stuart |
20,447 |
9,610 |
| Suzanna White |
8,789 |
3,894 |
1 Represents shares sold to cover withholding tax .
The PDMRs are required to retain a number of Shares equivalent in value to those that vested under the Awards (net of tax liabilities) for twelve months from the original vesting date, with the exception of Richard Blackburn, David Liao and Suzanna White who are subject to a six-month retention period.
5. Annual Incentive awards (Performance Year 2022)
Awards of Shares in the Company were granted in 2023 as a part of variable pay for the performance year ended 31 December 2022.
On 10 March 2025, tranches of the Awards granted in 2023 vested and the following transactions took place in London:
Other PDMRs
| Name |
Total number of Shares vested |
Number of Shares sold at £8.613754 per Share1 |
| David Liao |
9,763 |
1,562 |
| Michael Roberts |
19,640 |
10,026 |
| Surendra Rosha |
9,763 |
1,563 |
| Suzanna White |
12,743 |
5,645 |
1 Represents shares sold to cover withholding tax .
The PDMRs are required to retain a number of Shares equivalent in value to those that vested under the Awards (net of tax liabilities) for twelve months from the original vesting date with the exception of Suzanna White who is subject to a six-month retention period.
6. Buyout Awards
Buyout awards of Shares that were granted to a PDMR on 8 May 2024 as a result of their HSBC appointment vested on 10 March 2025 and the following transactions took place in London:
Other PDMRs
| Name |
Total number of Shares vested |
Number of Shares sold at £8.613754 per Share1 |
| Stuart Riley2 |
235,069 |
110,483 |
| Stuart Riley3 |
42,272 |
19,868 |
1 Includes shares sold to cover withholding tax.
2 The first tranche of the 8 May 2024 Buyout Award. A twelve-month retention period will apply.
3 The second tranche of the 8 May 2024 Buyout Award. A six-month retention period will apply.
For the purpose of the below disclosures, the value of the awards which vested on 10 March 2025 has been calculated using the closing Share price on the London Stock Exchange on 7 March 2025 of £8.7640.
The following disclosures are made in accordance with the UK version of the EU Market Abuse Regulation 596/2014.
| 1 - Details of the person discharging managerial responsibilities / person closely associated |
||||||||
| Name of natural person |
Georges Elhedery |
|||||||
| 2 - Reason for the notification |
||||||||
| Position/status |
Group Chief Executive |
|||||||
| Initial notification/amendment |
Initial Notification |
|||||||
| 3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
||||||||
| Full name of the entity |
HSBC Holdings plc |
|||||||
| Legal Entity Identifier code |
MLU0ZO3ML4LN2LL2TL39 |
|||||||
| 4 - Details of the transaction(s) |
||||||||
| Transaction(s) summary table |
||||||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Acquisitions under the HSBC Share Plan 2011 |
Price |
Volume |
Total |
|||||
| £8.76 |
90,636 |
£794,333.90 |
||||||
| Aggregated |
£8.764 |
90,636 |
£794,333.90 |
|||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Disposal |
Price |
Volume |
Total |
|||||
| £8.61 |
42,599 |
£366,937.31 |
||||||
| Aggregated |
£8.614 |
42,599 |
£366,937.31 |
|||||
| |
|
|
|
|
|
|
|
|
| 1 - Details of the person discharging managerial responsibilities / person closely associated |
||||||||
| Name of natural person |
Pam Kaur |
|||||||
| 2 - Reason for the notification |
||||||||
| Position/status |
Group Chief Financial Officer |
|||||||
| Initial notification/amendment |
Initial Notification |
|||||||
| 3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
||||||||
| Full name of the entity |
HSBC Holdings plc |
|||||||
| Legal Entity Identifier code |
MLU0ZO3ML4LN2LL2TL39 |
|||||||
| 4 - Details of the transaction(s) |
||||||||
| Transaction(s) summary table |
||||||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Acquisitions under the HSBC Share Plan 2011 |
Price |
Volume |
Total |
|||||
| £8.76 |
96,311 |
£844,069.60 |
||||||
| Aggregated |
£8.764 |
96,311 |
£844,069.60 |
|||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Disposal |
Price |
Volume |
Total |
|||||
| £8.61 |
45,267 |
£389,918.80 |
||||||
| Aggregated |
£8.614 |
45,267 |
£389,918.80 |
|||||
| |
|
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|
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|
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|
| 1 - Details of the person discharging managerial responsibilities / person closely associated |
||||||||
| Name of natural person |
Richard Blackburn |
|||||||
| 2 - Reason for the notification |
||||||||
| Position/status |
Interim Group Chief Risk and Compliance Officer |
|||||||
| Initial notification/amendment |
Initial Notification |
|||||||
| 3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
||||||||
| Full name of the entity |
HSBC Holdings plc |
|||||||
| Legal Entity Identifier code |
MLU0ZO3ML4LN2LL2TL39 |
|||||||
| 4 - Details of the transaction(s) |
||||||||
| Transaction(s) summary table |
||||||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Acquisitions under the HSBC Share Plan 2011 |
Price |
Volume |
Total |
|||||
| £8.76 |
20,724 |
£181,625.14 |
||||||
| Aggregated |
£8.764 |
20,724 |
£181,625.14 |
|||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Disposal |
Price |
Volume |
Total |
|||||
| £8.61 |
9,741 |
£83,906.58 |
||||||
| Aggregated |
£8.614 |
9,741 |
£83,906.58 |
|||||
| |
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|
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|
| 1 - Details of the person discharging managerial responsibilities / person closely associated |
||||||||
| Name of natural person |
David Liao |
|||||||
| 2 - Reason for the notification |
||||||||
| Position/status |
Co-Chief Executive, Asia and Middle East |
|||||||
| Initial notification/amendment |
Initial Notification |
|||||||
| 3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
||||||||
| Full name of the entity |
HSBC Holdings plc |
|||||||
| Legal Entity Identifier code |
MLU0ZO3ML4LN2LL2TL39 |
|||||||
| 4 - Details of the transaction(s) |
||||||||
| Transaction(s) summary table |
||||||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Acquisitions under the HSBC Share Plan 2011 |
Price |
Volume |
Total |
|||||
| £8.76 |
28,516 |
£249,914.22 |
||||||
| Aggregated |
£8.764 |
28,516 |
£249,914.22 |
|||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Disposal |
Price |
Volume |
Total |
|||||
| £8.61 |
4,563 |
£39,304.56 |
||||||
| Aggregated |
£8.614 |
4,563 |
£39,304.56 |
|||||
| |
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| 1 - Details of the person discharging managerial responsibilities / person closely associated |
||||||||
| Name of natural person |
Barry O'Byrne |
|||||||
| 2 - Reason for the notification |
||||||||
| Position/status |
Chief Executive, International Wealth and Premier Banking |
|||||||
| Initial notification/amendment |
Initial Notification |
|||||||
| 3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
||||||||
| Full name of the entity |
HSBC Holdings plc |
|||||||
| Legal Entity Identifier code |
MLU0ZO3ML4LN2LL2TL39 |
|||||||
| 4 - Details of the transaction(s) |
||||||||
| Transaction(s) summary table |
||||||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Acquisitions under the HSBC Share Plan 2011 |
Price |
Volume |
Total |
|||||
| £8.76 |
42,866 |
£375,677.62 |
||||||
| Aggregated |
£8.764 |
42,866 |
£375,677.62 |
|||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Disposal |
Price |
Volume |
Total |
|||||
| £8.61 |
8,961 |
£77,187.85 |
||||||
| Aggregated |
£8.614 |
8,961 |
£77,187.85 |
|||||
| |
|
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|
| 1 - Details of the person discharging managerial responsibilities / person closely associated |
||||||||
| Name of natural person |
Stuart Riley |
|||||||
| 2 - Reason for the notification |
||||||||
| Position/status |
Group Chief Information Officer |
|||||||
| Initial notification/amendment |
Initial Notification |
|||||||
| 3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
||||||||
| Full name of the entity |
HSBC Holdings plc |
|||||||
| Legal Entity Identifier code |
MLU0ZO3ML4LN2LL2TL39 |
|||||||
| 4 - Details of the transaction(s) |
||||||||
| Transaction(s) summary table |
||||||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Acquisitions under the HSBC Share Plan 2011 |
Price |
Volume |
Total |
|||||
| £8.76 |
277,341 |
£2,430,616.52 |
||||||
| Aggregated |
£8.764 |
277,341 |
£2,430,616.52 |
|||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Disposal |
Price |
Volume |
Total |
|||||
| £8.61 |
130,351 |
£1,122,811.45 |
||||||
| Aggregated |
£8.614 |
130,351 |
£1,122,811.45 |
|||||
| |
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| 1 - Details of the person discharging managerial responsibilities / person closely associated |
||||||||
| Name of natural person |
Michael Roberts |
|||||||
| 2 - Reason for the notification |
||||||||
| Position/status |
Chief Executive, HSBC Bank plc and Corporate and Institutional Banking |
|||||||
| Initial notification/amendment |
Initial Notification |
|||||||
| 3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
||||||||
| Full name of the entity |
HSBC Holdings plc |
|||||||
| Legal Entity Identifier code |
MLU0ZO3ML4LN2LL2TL39 |
|||||||
| 4 - Details of the transaction(s) |
||||||||
| Transaction(s) summary table |
||||||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Acquisitions under the HSBC Share Plan 2011 |
Price |
Volume |
Total |
|||||
| £8.76 |
110,465 |
£968,115.26 |
||||||
| Aggregated |
£8.764 |
110,465 |
£968,115.26 |
|||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Disposal |
Price |
Volume |
Total |
|||||
| £8.61 |
56,393 |
£485,755.43 |
||||||
| Aggregated |
£8.614 |
56,393 |
£485,755.43 |
|||||
| |
|
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|
|
|
|
|
|
| 1 - Details of the person discharging managerial responsibilities / person closely associated |
||||||||
| Name of natural person |
Surendra Rosha |
|||||||
| 2 - Reason for the notification |
||||||||
| Position/status |
Co-Chief Executive, Asia and Middle East |
|||||||
| Initial notification/amendment |
Initial Notification |
|||||||
| 3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
||||||||
| Full name of the entity |
HSBC Holdings plc |
|||||||
| Legal Entity Identifier code |
MLU0ZO3ML4LN2LL2TL39 |
|||||||
| 4 - Details of the transaction(s) |
||||||||
| Transaction(s) summary table |
||||||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Acquisitions under the HSBC Share Plan 2011 |
Price |
Volume |
Total |
|||||
| £8.76 |
9,763 |
£85,562.93 |
||||||
| Aggregated |
£8.764 |
9,763 |
£85,562.93 |
|||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Disposal |
Price |
Volume |
Total |
|||||
| £8.61 |
1,563 |
£13,463.30 |
||||||
| Aggregated |
£8.614 |
1,563 |
£13,463.30 |
|||||
| |
|
|
|
|
|
|
|
|
| 1 - Details of the person discharging managerial responsibilities / person closely associated |
||||||||
| Name of natural person |
Ian Stuart |
|||||||
| 2 - Reason for the notification |
||||||||
| Position/status |
Chief Executive, HSBC UK Bank plc |
|||||||
| Initial notification/amendment |
Initial Notification |
|||||||
| 3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
||||||||
| Full name of the entity |
HSBC Holdings plc |
|||||||
| Legal Entity Identifier code |
MLU0ZO3ML4LN2LL2TL39 |
|||||||
| 4 - Details of the transaction(s) |
||||||||
| Transaction(s) summary table |
||||||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Acquisitions under the HSBC Share Plan 2011 |
Price |
Volume |
Total |
|||||
| £8.76 |
67,991 |
£595,873.12 |
||||||
| Aggregated |
£8.764 |
67,991 |
£595,873.12 |
|||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Disposal |
Price |
Volume |
Total |
|||||
| £8.61 |
31,956 |
£275,261.12 |
||||||
| Aggregated |
£8.614 |
31,956 |
£275,261.12 |
|||||
| |
|
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|
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|
|
| 1 - Details of the person discharging managerial responsibilities / person closely associated |
||||||||
| Name of natural person |
Suzanna White |
|||||||
| 2 - Reason for the notification |
||||||||
| Position/status |
Group Chief Operating Officer |
|||||||
| Initial notification/amendment |
Initial Notification |
|||||||
| 3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
||||||||
| Full name of the entity |
HSBC Holdings plc |
|||||||
| Legal Entity Identifier code |
MLU0ZO3ML4LN2LL2TL39 |
|||||||
| 4 - Details of the transaction(s) |
||||||||
| Transaction(s) summary table |
||||||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Acquisitions under the HSBC Share Plan 2011 |
Price |
Volume |
Total |
|||||
| £8.76 |
25,576 |
£224,148.06 |
||||||
| Aggregated |
£8.764 |
25,576 |
£224,148.06 |
|||||
| Date of Transaction |
Financial Instrument |
Identification Code |
Place of Transaction |
Currency |
||||
| 2025-03-10 |
Ordinary shares of US$0.50 each |
GB0005405286 |
London Stock Exchange, Main Market (XLON) |
GBP - British Pound |
||||
| Nature of Transaction: Disposal |
Price |
Volume |
Total |
|||||
| £8.61 |
11,357 |
£97,826.40 |
||||||
| Aggregated |
£8.614 |
11,357 |
£97,826.40 |
|||||
| |
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For any queries related to this notification, please contact:
Lee Davis
Corporate Governance & Secretariat
shareholderquestions@hsbc.com