HSBC said this week it expects India, Singapore and Malaysia/Indonesia to each deliver over US$1 billion in profit before tax in the medium term, joining Hong Kong and mainland China as ‘billion-dollar’ businesses, to accelerate the bank’s growth in the region.
A sharper focus on building scale at a faster pace in the region’s fast-growing markets is a key part of the strategy articulated for Asia in the HSBC Group Strategy Day held in London recently.
Peter Wong, Chief Executive of HSBC in Asia-Pacific, said: “As Asia’s global bank, HSBC will cement our leadership in the region by growing aggressively in key markets as we continue to lead in Greater China. We have a solid platform for growth and a proven track record to deliver on our strategy to build a balanced and diversified business in Asia. Our distinct ability to connect customers to global opportunities in trade, investments and wealth will drive our ambitions in the world’s strongest economic region.” In India, where HSBC made nearly US$700 million in 2010, the bank is aiming to reach US$1 billion in profit before tax in the medium term. The strategic focus is to lead financing for the country’s top domestic and international companies while tapping into mass affluent overseas Indian populations to grow wealth management.
Nick Nicolaou, Chief Executive Officer for HSBC Sri Lanka and the Maldives said, “We are already making a very positive contribution to the Group's Asia Pacific performance. Our international connectivity also gives us a unique advantage to assist our customers in their trade, foreign exchange, capital market and infrastructure finance requirements, as well as give our personal clients access to global propositions such as HSBC Premier and Advance. We will continue to help our customers capitalise on the opportunities that the region presents.”