Banking major HSBC is planning to ramp up its dealmaking activity in the coming years to bolster long-term business prospects, Bloomberg has reported, citing an unnamed source.
HSBC aims to increase the number of acquisitions it makes, the source said, adding that the bank could announce further sales as well.
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The development comes as the London-based bank pushes against Chinese insurance major and its largest shareholder Ping An’s calls to split the bank’s Asian and Western operations.
It also highlights the shift in HSBC’s attitude towards acquisitions, which have been few since the global financial crisis.
During that same period, the lender exited over 20 countries and sold several businesses including some that were believed to be core to its business.
Continuing that path, last week, HSBC announced that it is considering a sale of its Canadian operations.
According to Bloomberg Intelligence, the Canadian arm could be valued at around $10bn.
The decision to review the operations in Canada came after multiple expressions of interest in the business, the source mentioned above said.
Last year, the bank agreed to sell its retail banking business in the US and France.
Earlier this year, HSBC announced plans to sell its Greek consumer banking operations to Pancreta Bank and Russian business to Expobank.
More divestitures are likely to follow as last month, HSBC CEO Noel Quinn told a conference that “there are a few markets where I deem to be — or businesses where I deem them not to be wholly strategic and not delivering acceptable returns.”
