Asia has bolstered HSBC's bottom line in recent years. The London-based bank now plans to expand its wealth management business in the region.
The much touted pivot to Asia by HSBC is finally gaining momentum. The bank anticipates more growth in the region and has outlined plans to invest $15 billion to $17 billion in its technology and business across Asia, according to a strategy update presented by CEO John Flint.
HSBC aims to accelerate growth in Asia, building on the wealth and retail foundations in Hong Kong. The bank will also target the Pearl River Delta conurbation in China, which is home to some of the world’s largest tech companies.
Asian Appreciation
Elsewhere in the Middle Kingdom, the bank plans to double the size of its team at securities firm Qianhai Financial Holdings to about 300. HSBC holds a majority in the company.
In Southeast Asia, Flint aims to increase HSBC's wealth business and expand the insurance and asset management offering. He is targeting revenue growth of $1 billion-plus from the ASEAN region by 2020.
Now based in London, Flint knows Asia well. He spent his first 14 years with HSBC in Asia, establishing an investment bank in the region. He moved to London in 2004. Flint also represented HSBC in Singapore, Indonesia, Thailand, India, Bahrain and the U.S.
