HSBC Turns Focus Back To Roots

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    HSBC Holdings, Britain’s largest bank by market value, will reduce costs and shift its centre of gravity back towards fast-growing Asian economies. It is “undertaking a significant reshaping of its business portfolio” and “redeploying resources to capture expected future growth opportunities.” A key tenet of its strategy is to expand its presence in China and across the Asia-Pacific region. As well as having a sizeable presence across Asia now, HSBC has historic ties to the region. It was founded in Hong Kong in 1865 when the city was a British colony in order to finance growing trade between China and Europe. However, Sharon Wilks, head of media relations at HSBC Canada, says Canada “remains a priority market for HSBC, sitting across several key trade corridors.” HSBC’s plans to accelerate its investments in Asia will involve the expansion of the asset management and insurance businesses in a bid to earn more profits from the region’s rapidly expanding class of newly wealthy.