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HSBC shifts focus to Asian region

Stephen Green, Group chairman, HSBC

HSBC announced on Friday the relocation of group chief executive Michael Geoghegan from London to Hong Kong, signaling the bank's effort to enhance its presence in China and other Asian emerging markets.

"We see China in particular, and Asia in general, as the best sources of growth over the next decade or more for HSBC, because the world macro-economy is shifting from the West to the East," Group Chairman Stephen Green told China Daily in a telephonic interview on Friday.

"HSBC's own strong franchise and historical roots in this part of the world mean that we are particularly well placed to benefit from those macroeconomic developments," he said.

Hong Kong and the mainland accounted for about one-third of HSBC's profits in the first half of the year, according to Green, and he expected the proportion would continue to grow over time, as the Chinese economy could be the fastest-growing economy in the world.

Green said the move did not mean a change in strategy and was in line with the emerging market-focused strategy the bank set out in 2006. HSBC Holdings will remain domiciled and regulated in the UK for tax purposes and had no plans to move, it said.

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 Source : China Daily  Editor: Ivy
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