London-based HSBC is reviewing potential exits in up to a dozen markets worldwide to sharpen its focus on expansion in Asia.
HSBC is reviewing potential exits in a dozen countries, according to a «Reuters» interview with chief financial officer Georges Elhedery, or one-fifth of all markets where the bank has operations.
«Some of these will have slower progress than others, and none of them is material enough on its own to change the profile of the overall business, but as we progress through and execute on these assessments, we do expect them to contribute towards that shift to Asia,» Elhedery said.
In the past two years, HSBC has already been steadily reducing its global footprint with the planned sales of all or parts of its businesses in France, Greece, Russia and Canada.
Ex-Mexico
While Elhedery did not disclose which markets were under review, he did note that it does not include Mexico which has seen growth.
He cited as growth drivers the US-Mexico-Canada trade deal and the China Plus One business strategy of diversifying to not be overdependent on the world’s second-largest economy.
Shareholder Focus
HSBC investor Ping An has been repeatedly in the headlines pushing for greater prioritization of growth in Asia and a spin-off of the regional business. But the Chinese insurer was the only major shareholder to support such an initiative.
«It's overwhelmingly clear what the majority of our shareholders bar one expect from us, and therefore all our focus now is on delivering for the business and for our customers,» Elhedery said.
