Europe’s biggest bank remains focused on Asia for growth
(11 June 2018 – UK) HSBC has told investors it will turn around almost a decade of declining revenues by investing $15-17bn in “growth and technology”.
John Flint, HSBC’s new chief executive presented an eight-point strategic plan representing continuity from the “pivot to Asia” strategy of his predecessor, Stuart Gulliver, including plans to expand in Hong Kong and the Pearl River Delta region of southern China by redeploying capital from less profitable parts of the group.
Mr Flint said the bank would seek to expand its insurance and wealth management operations in Asia, while looking to capitalise on opportunities from China’s Belt and Road Initiative and the growth of green finance.
Iain Mackay, finance director, said two-thirds of the $15-17bn investment plan would be focused on technology, digitisation and process improvement and the remainder on improving its compliance, anti-money laundering and cyber security systems.