HSBC strengthens its foothold in Asia and relies on wealth management

Posted on Feb 23, 2019 2021 at 13:22Updated Feb 23, 2019 2021 at 17:25

Take the unprofitable investment bank in Europe and the United States to give to promising wealth management in Asia: this is the current gamble of the British HSBC’s strategy. The first European bank in terms of assets unveiled on Tuesday its plans to invest more than 6 billion additional dollars over five years in Asia, including 3.5 billion in wealth management, which should allow it to hire more 5,000 advisers over the next three to five years.

We are essentially reducing the amount of capital we invest in our global banking and market activities and reinvesting this amount in wealth management and commercial banking. », Summarized the managing director, Noel Quinn. Half of the investment will go to Hong Kong and mainland China, the other half to the rest of South and Southeast Asia, including Singapore.

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