HSBC Investing US$450 Million by 2025 to Build China Presence
(6 June 2022 – China) British lender HSBC plans to invest half a billion dollars (3 billion yuan) in its China business to expand the Asia-focused group’s standing.
The bank currently employs 7,000 FTE and operates 150 branches in 50 cities providing a range of services in wealth management, personal banking, commercial banking, global banking, and markets. The Bank did not disclose which divisions will be allocated the lion share of the significant capital investment.
“China’s economic challenges should not be understated despite signs of reopening in major cities like Shanghai. We do expect some market volatility to continue in the short term. But we also see in China an economy that has demonstrated its resilience and that still presents long-term growth potential and attractive opportunities to foreign firms and investors” commented HSBC CEO Noel Quinn.