HSBC investing more in Asia even as it goes through overhaul

HSBC believes the negative impact on China sparked by the coronavirus outbreak will be fleeting, though the bank faces challenges in the short term at least. While it said the Hong Kong business showed resilience in the fourth quarter after months of
HSBC believes the negative impact on China sparked by the coronavirus outbreak will be fleeting, though the bank faces challenges in the short term at least. While it said the Hong Kong business showed resilience in the fourth quarter after months of pro-democracy protests, it still expects more provisions this year.PHOTO: EPA-EFE

Bank plans to build Asian wealth and retail businesses, with aim to grow in India, S'pore, Indonesia

HONG KONG • HSBC, which generated about half its revenue in Asia last year, is accelerating its investment in the region. This comes even as it announced its biggest overhaul, with plans to cut up to 35,000 jobs over three years and shrink its investment bank in the United States and Europe.

Europe's biggest lender, created 155 years ago as a merchant bank in Hong Kong, is betting that a China slump sparked by the coronavirus will be fleeting.

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A version of this article appeared in the print edition of The Straits Times on February 20, 2020, with the headline 'HSBC investing more in Asia even as it goes through overhaul'. Print Edition | Subscribe