Announcing full-year profits that beat analysts’ estimates, Europe’s largest bank said it would spend more than US$6bil over the next five years to expand its Asian operations, in particular its wealth management arm. It will scale back some of its investment bank. ( File pic shows HSBC's building in Canary Wharf behind a City of London sign outside Billingsgate Market in London, Britain.)
LONDON: HSBC Holdings Plc will shift billions of dollars of investment from developed markets to Asia’s faster growing economies as it looks to become the go-to bank for the region’s wealthy.
Announcing full-year profits that beat analysts’ estimates, Europe’s largest bank said it would spend more than US$6bil over the next five years to expand its Asian operations, in particular its wealth management arm. It will scale back some of its investment bank.
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