HSBC to invest US$17bil by 2020 in push for growth

The London-based bank has hired Deutsche Bank

LONDON: HSBC will invest US$15bil to US$17bil in the next three years in areas including technology and China as it swings from a strategy of cost-cutting to growth, new CEO John Flint says, while keeping profitability and dividend targets little changed.

In a first public outline of his strategy at the helm of Europe’s biggest bank by market capitalisation, Flint set out ambitions to grow its return on tangible equity to 11%, in line with previous targets, from 6.8% in 2017.