REG - HSBC Holdings PLC - Director/PDMR Shareholding
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RNS Number : 4598W HSBC Holdings PLC 12 March 2026
HSBC HOLDINGS PLC
12 March 2026
Notification of Transactions by Persons Discharging Managerial
Responsibilities ("PDMRs")
Deferred awards (the "Awards"), Long Term Incentive awards (the "LTI Awards")
and Buyout awards in ordinary shares of US$0.50 each (the "Shares") in HSBC
Holdings plc (the "Company") vested on 10 March 2026.
Shares were sold to cover withholding tax over 10 and 11 March 2026 at a
volume weighted average price of £12.796142.
1. 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 2026, tranches of the Awards granted in 2019 vested and the
following transactions took place in London:
Name Total number of Shares vested Number of Shares sold
Pam Kaur 18,655 8,768
Pam Kaur is 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 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 2026, tranches of the Awards granted in 2020 vested and the
following transactions took place in London:
Name Total number of Shares vested Number of Shares sold
Georges Elhedery 29,532 13,881
Pam Kaur 19,635 9,229
Barry O'Byrne 15,152 1,698
Georges Elhedery and Pam Kaur 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 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 2026, tranches of the Awards granted in 2021 vested and the
following transactions took place in London:
Name Total number of Shares vested Number of Shares sold
Georges Elhedery 61,104 28,718
Pam Kaur 42,388 19,922
Richard Blackburn 11,800 5,546
David Liao 18,753 -
Barry O'Byrne 27,714 1,099
Michael Roberts 46,879 23,932
Suzanna White 8,792 3,944
Georges Elhedery and Pam Kaur 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.
4. Annual Incentive awards (Performance Year 2021)
Awards of Shares in the Company were granted in 2022 as a part of variable pay
for the performance year ended 31 December 2021.
On 10 March 2026, tranches of the Awards granted in 2022 vested and the
following transactions took place in London:
Name Total number of Shares vested Number of Shares sold
Georges Elhedery 54,632 25,677
Pam Kaur 42,108 19,791
Richard Blackburn 11,711 5,505
David Liao 27,591 -
Barry O'Byrne 25,908 -
Michael Roberts 43,415 22,164
Surendra Rosha 27,591 4,415
Suzanna White 12,542 5,643
Georges Elhedery, Pam Kaur and Surendra Rosha 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.
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 2026, tranches of the Awards granted in 2023 vested and the
following transactions took place in London:
Name Total number of Shares vested Number of Shares sold
Pam Kaur 13,168 6,189
Richard Blackburn 10,245 4,815
David Liao 9,763 -
Barry O'Byrne 11,015 -
Michael Roberts 19,640 10,026
Surendra Rosha 9,763 1,562
Suzanna White 12,743 5,761
Pam Kaur and Surendra Rosha 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.
6. Long Term Incentive awards (2022 to 2024 performance period)
LTI Awards were granted in 2022, with a three-year forward-looking performance
period commencing on 1 January 2022 and ending on 31 December 2024. The
performance outcome of 75% was determined based on an assessment by the Group
Remuneration Committee of performance against financial and non-financial
measures, as detailed in the Directors' Remuneration Report in the Annual
Report and Accounts 2024. Shares vest in five equal annual instalments which
commenced from March 2025. Georges Elhedery, Pam Kaur and Surendra Rosha are
required to retain a number of Shares equivalent in value to those that vested
under the LTI Awards (net of tax liabilities) for twelve months from the
original vesting date. Tranches of the LTI Awards granted in 2022 vested and
the following transactions took place in London:
Name LTI Award lapsed Total number of Shares vested Number of Shares sold
Georges Elhedery 44,798 33,597 15,791
Pam Kaur 33,616 25,211 11,850
David Liao 26,170 19,627 -
Barry O'Byrne 23,861 17,895 -
Michael Roberts 39,030 29,271 14,943
Surendra Rosha 26,170 19,627 3,141
7. Long Term Incentive awards (2023 to 2025 performance period)
LTI Awards were granted in 2023, with a three-year forward-looking performance
period commencing on 1 January 2023 and ending on 31 December 2025. The
performance outcome of 45.19% was determined based on an assessment by the
Group Remuneration Committee of performance against financial and
non-financial measures, as detailed in the Directors' Remuneration Report in
the Annual Report and Accounts 2025. Shares will vest in five equal annual
instalments from March 2026. Georges Elhedery, Pam Kaur and Surendra Rosha are
required to retain a number of Shares equivalent in value to those that vested
under the LTI Awards (net of tax liabilities) for twelve months from the
original vesting. Tranches of the LTI Awards granted in 2023 vested and the
following transactions took place in London:
Name LTI Award lapsed Total number of Shares vested Number of Shares sold
Georges Elhedery 137,833 22,728 10,682
Pam Kaur 80,239 13,230 6,218
David Liao 65,992 10,881 -
Barry O'Byrne 66,396 10,948 -
Michael Roberts 111,951 18,460 9,424
Surendra Rosha 65,992 10,881 1,741
8. Buyout Awards
Buyout awards of Shares that were granted to Stuart Riley on 8 May 2024, as a
result of his HSBC appointment, vested. The following transactions took place
in London:
Name Total number of Shares vested Number of Shares sold
Stuart Riley(1) 254,677 119,699
( )
(1) The third 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 2026 has been calculated using the closing Share price of the
Company on the London Stock Exchange on 9 March 2026 of £12.51.
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
2026-03-10 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Vestings under the HSBC Share Plan 2011
£12.51 201,593 £
2
,
5
2
1
,
9
2
8
.
4
3
Aggregated £12.51 201,593 £
2
,
5
2
1
,
9
2
8
.
4
3
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-10 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Lapse of Long Term Incentive awards
£0 182,631 £
0
Aggregated £0 182,631 £
0
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-11 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Disposal
£12.80 94,749 £
1
,
2
1
2
,
4
2
1
.
6
6
Aggregated £12.796 94,749 £
1
,
2
1
2
,
4
2
1
.
6
6
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
2026-03-10 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Vestings under the HSBC Share Plan 2011
£12.51 174,395 £
2
,
1
8
1
,
6
8
1
.
4
5
Aggregated £12.51 174,395 £
2
,
1
8
1
,
6
8
1
.
4
5
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-10 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Lapse of Long Term Incentive awards
£0 113,855 £
0
Aggregated £0 113,855 £
0
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-11 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Disposal
£12.80 81,967 £
1
,
0
4
8
,
8
6
1
.
3
7
Aggregated £12.796 81,967 £
1
,
0
4
8
,
8
6
1
.
3
7
1 - Details of the person discharging managerial responsibilities / person
closely associated
Name of natural person Richard Blackburn
2 - Reason for the notification
Position/status 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
2026-03-10 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Vestings under the HSBC Share Plan 2011
£12.51 33,756 £
4
2
2
,
2
8
7
.
5
6
Aggregated £12.51 33,756 £
4
2
2
,
2
8
7
.
5
6
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-11 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Disposal
£12.80 15,866 £
2
0
3
,
0
2
3
.
5
9
Aggregated £12.796 15,866 £
2
0
3
,
0
2
3
.
5
9
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
2026-03-10 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Vestings under the HSBC Share Plan 2011
£12.51 86,615 £
1
,
0
8
3
,
5
5
3
.
6
5
Aggregated £12.51 86,615 £
1
,
0
8
3
,
5
5
3
.
6
5
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-10 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Lapse of Long Term Incentive awards
£0 92,162 £
0
Aggregated £0 92,162 £
0
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
2026-03-10 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Vestings under the HSBC Share Plan 2011
£12.51 108,632 £
1
,
3
5
8
,
9
8
6
.
3
2
Aggregated £12.51 108,632 £
1
,
3
5
8
,
9
8
6
.
3
2
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-10 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Lapse of Long Term Incentive awards
£0 90,257 £
0
Aggregated £0 90,257 £
0
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-11 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Disposal
£12.80 2,797 £
3
5
,
7
9
0
.
8
1
Aggregated £12.796 2,797 £
3
5
,
7
9
0
.
8
1
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
2026-03-10 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Vestings under the HSBC Share Plan 2011
£12.51 254,677 £
3
,
1
8
6
,
0
0
9
.
2
7
Aggregated £12.51 254,677 £
3
,
1
8
6
,
0
0
9
.
2
7
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-11 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Disposal
£12.80 119,699 £
1
,
5
3
1
,
6
8
5
.
4
0
Aggregated £12.796 119,699 £
1
,
5
3
1
,
6
8
5
.
4
0
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
2026-03-10 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Vestings under the HSBC Share Plan 2011
£12.51 157,665 £
1
,
9
7
2
,
3
8
9
.
1
5
Aggregated £12.51 157,665 £
1
,
9
7
2
,
3
8
9
.
1
5
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-10 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Lapse of Long Term Incentive awards
£0 150,981 £
0
Aggregated £0 150,981 £
0
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-11 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Disposal
£12.80 80,489 £
1
,
0
2
9
,
9
4
8
.
6
7
Aggregated £12.796 80,489 £
1
,
0
2
9
,
9
4
8
.
6
7
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
2026-03-10 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Vestings under the HSBC Share Plan 2011
£12.51 67,862 £
8
4
8
,
9
5
3
.
6
2
Aggregated £12.51 67,862 £
8
4
8
,
9
5
3
.
6
2
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-10 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Lapse of Long Term Incentive awards
£0 92,162 £
0
Aggregated £0 92,162 £
0
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-11 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Disposal
£12.80 10,859 £
1
3
8
,
9
5
3
.
3
1
Aggregated £12.796 10,859 £
1
3
8
,
9
5
3
.
3
1
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
2026-03-10 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Vestings under the HSBC Share Plan 2011
£12.51 34,077 £
4
2
6
,
3
0
3
.
2
7
Aggregated £12.51 34,077 £
4
2
6
,
3
0
3
.
2
7
Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
2026-03-11 Ordinary shares of US$0.50 each GB0005405286 London Stock Exchange, Main Market (XLON) GBP - British Pound
Nature of Transaction: Price Volume Total
Disposal
£12.80 15,348 £
1
9
6
,
3
9
5
.
1
9
Aggregated £12.796 15,348 £
1
9
6
,
3
9
5
.
1
9
For any queries related to this notification, please contact:
Lee Davis
Corporate Governance & Secretariat
shareholderquestions@hsbc.com
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