HSBC chief executive Noel Quinn reportedly disclosed that the Asia-focused British lender plans to invest around half a billion dollars in its China business.
HSBC will invest more than 3 billion yuan (around $500 million) in its China operations between now and 2025, CEO Noel Quinn said in an interview with state news agency «Xinhua».
The bank employs about 7,000 staff and has 150 branches in 50 cities providing a range of services in wealth management, personal banking, commercial banking, global banking, and markets.
Quinn did not disclose which specific divisions will receive the investments.
Short-term Challenge
According to Quinn, China’s economic challenges should not be «understated» despite signs of reopening in major cities like Shanghai.
«We do expect some market volatility to continue in the short term,» he said. «But we also see in China an economy that has demonstrated its resilience and that still presents long-term growth potential and attractive opportunities to foreign firms and investors.»
