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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
