Private Banks

HSBC Sharpens Focus on Asia

Banking giant plans to focus on Asia where it makes the bulk of its profit.

In an article in the Wall Street Journal, HSBC is said to be doubling down on Asia and considering pouring about USD 6 billion of investment into Asia in the next five years.

The announcement came as the bank said net profit fell 35% to $3.9 billion last year as the coronavirus pandemic roiled the global economy.

Chief Executive Noel Quinn said the bank would “stop trying to be everything to everyone” and focus on priorities, including being a market leader in serving rich Asian customers. 

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