HBSC Sharpens Focus on Asia

SourceThe Wall Street Journal
SectorFinancial Services
CountryMiddle east

HSBC Holdings PLC, one of the world’s largest banks, said it would pour about $6 billion of extra investment into Asia in the next five years, as it doubles down on its core business. The London-based bank, which makes most of its profit in Hong Kong and mainland China, said Tuesday that earnings fell 35% to $3.9 billion last year as the coronavirus pandemic roiled the global economy. HSBC set aside $8.82 billion in provisions for bad loans last year versus less than $3 billion in 2019. Chief Executive Noel Quinn is leading the reorganization of the bank. Geopolitical tension between China and Western countries has strained his ambition for the bank to be a financial bridge between the most populous nation and the rest of the world. HSBC last year supported China’s imposition of a national security law in Hong Kong, which the U.S.

and British governments opposed. “We plan to focus on and invest in the areas in which we are strongest,” ...read more...