HSBC to Explore More Acquisitions After Hang Seng
London-based HSBC’s CEO Georges Elhedery said the bank will look to make more acquisitions shortly after its latest proposal to buy out Hong Kong subsidiary Hang Seng.
HSBC CEO Georges Elhedery said the bank will look to make more acquisitions, highlighting Hong Kong, the UK, transaction banking and wealth management as priority areas for growth.
«We are capital generative and we have the financial strength to go out and acquire,» Elhedery said in a «Reuters» report, adding that high market valuations were not a worry due to underlying economic resilience, though it was a risk that should be monitored.
Elhedery’s comments follow HSBC’s announced plan to buy out the remaining shares of Hong Kong-based subsidiary Hang Seng for HK$106 billion ($13.6 billion).
