Business Times

HSBC targets $5 bln markets in Asia

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.”

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
Most investors in Sri Lanka trade on inside information
Change in Galle Face Green tourism zone plan irks investors
LOLC Leisure plans IPO for refurbishment, expansion
Seylan finalises 300 staff for VRS
Construction work to begin at Colombo South Harbour
Going by the numbers game could hurt the Lankan tourism product –top hotelier says
Comment -Rajaratnam, the media and business ethics
Retail boom in the offing to hit Colombo
Taj Airport Garden rebranded ‘Gateway Hotel’
Chinese style high –rise buildings to shelter 75,000 shanty families from Colombo
British company plans to brighten Sri Lankan streets with LED lighting
‘Greening Sri Lanka hotels’ project steaming ahead
First-ever loan scheme to encourage entrepreneurship among the estate community
NCE says UN panel report negative, could revive terrorism
Airtel and Commercial Bank launch bill payment facilities in Sri Lanka
Royal Jordanian to increase flights to Colombo
SLT records Group PAT of Rs. 1.29 billion in 1Q11
Union Bank reports its most outstanding quarter in its history
Brandix Mercury Asia gets ISO certified
On reading piffle and the impact of reflation
Japan-World Bank venture to improve nutrition content in former conflict areas
Fitch maintains HNB's insurance arm's 'A(lka)'
Kingslake unveils an IT solution for banks and telcos
RFC business grew 9% last year
Visiting China’s Kunming Fair
Kandy seminar on ‘Exporting to Europe’
Deccan Aviation gets new GA8 aircraft
Seylan to expand with Rs. 4.6 bln Rights Issue
Whistle-blower Nihal Sri Ameresekere releases six books internationally
NCE praises government decision to reduce fertilizer prices
HSBC targets $5 bln markets in Asia
Haycarb posts post-tax profit of Rs 574 mln for 2010-11
Expolanka freight expands operations to Hambantota
SMS updates for ComBank’s e-Exchange recipients
WSO2 gets top ranking
Indian management expert talks of strategies to service organizations to ensure long-term success
Brandix figures in Britain’s House of Lords
Sri Lanka’s Rajaratnam found guilty of insider trading
HNB says to keep cash infusion in the house
ICICI Bank ties up with Sampath Bank for Money2SriLanka
ICASL publishes 2011 Bound Volume of Sri Lanka Accounting Standards
Expolanka IPO oversubscribed
Sri Lanka Tourism Promotion MD removed
e-Channelling to go international in June
Thinking green and making money
Environmental trusteeship not ownership, says Justice Weeramantry
Marketing guru Kotler to visit Sri Lanka
Now it’s Rs 5 mln an acre for Kuchchaveli investors


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution