HSBC Holdings P L C (HSBC-N)

HSBC-N vs. ING-N. He prefers ING-N. HSBC-N is not an expensive stock. They are well capitalized. They have a great Asian exposure. It is not expensive but a lot more expensive than a lot of its peers. The whole sector is on sale.

HSBC vs. ING. HSBC is a global bank, strong in Asia and the UK. ING is already restructured, more of a retail bank. Neither is expensive. But you can buy US banks at cheap multiples today. US banks are in better shape, more capital, fewer issues to worry about like negative interest rates. (Analysts’ price target is $45.90)

ING vs. HSBC Neither. He won't touch any European bank given negative interest rates. Period. HSBC does a lot of international lending and international flows aren't well-received by regulators; and they lend to the Far East. HSBC isn't a leader in many categories. ING, at least, leads in online banking in Europe, but they have loaned heavily to energy.