HSBC has announced plans to expand in southern China and could add as many as 1000 new positions in its retail and wealth management unit in 2017.
Europe’s biggest bank HSBC, domiciled in London, but generating more than half its revenue out of Asia, has prioritized the Pearl River Delta region as a strategic hub of growth.
Shenzen on the other side of the border from Hong Kong is home to an exponentially expanding technology community. And with improving infrastructure the Pearl River Delta conurbation, which includes Guangzhou, with a population of over 14 million, and Dongguan now boasts an economy larger than Southeast Asia's biggest country Indonesia.
Poor Results
In February, London headquartered but Asian focused HSBC saw a 62 percent drop in its annual pretax profits falling short of analysts expectations. It also made serious provisions for numerous unresolved regulatory issues.
The bank's poor results were driven by lower revenues including from its wealth management business units, and by a significant write down of its private banking operations.
Despite this Stuart Gulliver, Group Chief Executive, said «2016 was a good year in which we delivered a solid performance from all our global businesses.»
Leadership Change
Earlier this month HSBC named the first «outsider» to take on the chairman’s role at the bank. The new man has a proven track record in Asia.
Mark Tucker was announced as a director and Group Chairman Designate, from 1 September 2017, by the bank via a statement to the Hong Kong and U.K. stock exchanges. Tucker will take over as non executive Group Chairman on 1 October 2017.
Tucker is currently Group Chief Executive and President of AIA Group (AIA) and is based in Hong Kong.
