In a further indication of the
importance of the Asia-Pacific market to HSBC, the group has said
its CEO is to be relocated from the UK to Hong Kong. In a
statement, the group said: “Operating from Hong Kong, the hub for
HSBC’s Asia-Pacific business, Michael Geoghegan will be located in
the group’s strategically most important region, with a focus on
ensuring its growth potential is fully realised.”
While HSBC reported half-year profit of $5.02
billion, down 50 percent, its Asia-Pacific businesses were by far
the group’s most significant segment. Total regional profits for
the period were $4.52 billion (55.3 percent sourced from Hong
Kong), compared to $2.98 billion from Europe.
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In a separate announcement, HSBC said it had
signed a deal with Vietnam Posts Corporation to provide HSBC
customers with banking services in 1,600 post offices across the
country.
The bank has indicated that Vietnam is a key
growth market: it also holds a 20 percent stake in Vietnam
Technological and Commercial Joint Stock Bank (Techcombank) and has
a strategic relationship with leading Vietnamese insurer,
BaoViet.
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