HBSC Sharpens Focus on Asia
22 Febrero 2021 - 11:27PM
Noticias Dow Jones
By Simon Clark and Quentin Webb
HSBC Holdings PLC, one of the world's largest banks, said it
would pour about $6 billion of extra investment into Asia in the
next five years, as it doubles down on its core business.
The London-based bank, which makes most of its profit in Hong
Kong and mainland China, said Tuesday that earnings fell 35% to
$3.9 billion last year as the coronavirus pandemic roiled the
global economy. HSBC set aside $8.82 billion in provisions for bad
loans last year versus less than $3 billion in 2019.
Chief Executive Noel Quinn is leading the reorganization of the
bank. Geopolitical tension between China and Western countries has
strained his ambition for the bank to be a financial bridge between
the most populous nation and the rest of the world. HSBC last year
supported China's imposition of a national security law in Hong
Kong, which the U.S. and British governments opposed.
"We plan to focus on and invest in the areas in which we are
strongest," Mr. Quinn said. In a presentation to investors, the
bank said it would invest an additional $6 billion in its
wealth-management and international wholesale businesses to drive
growth in Asia. HBSC will also spend more to digitize faster and
said it planned to build on its strengths in sustainable
finance.
The bank reported a return on tangible equity of 3.1%, down from
8.4% a year earlier, and dropped its previous goal of reaching a
10% to 12% return on this basis by 2022. Instead, it will target a
return of 10% or more in the medium term.
Write to Simon Clark at simon.clark@wsj.com and Quentin Webb at
quentin.webb@wsj.com
(END) Dow Jones Newswires
February 23, 2021 00:12 ET (05:12 GMT)
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