Wed, Mar 14, 2012 - Page 12 News List

HSBC denies plans to exit Asia markets

By Kevin Chen and Crystal Hsu  /  Staff Reporters

HSBC Holdings PLC, Europe’s largest bank by market value, said yesterday it had no plan to exit any markets in Asia following a report in the Financial Times that said it was planning to sell or close retail operations in seven Asian countries.

The report, which cited HSBC Asia-Pacific chief executive Peter Wong (王冬勝), said the bank has decided not to focus on its business in Bangladesh, Brunei, Macau, New Zealand, Pakistan, Sri Lanka and the Philippines.

Rather, the report said HSBC would focus on six core Asian markets — Australia, China, India, Indonesia, Malaysia and Singapore — where profits are growing the fastest, and two strategic markets — Taiwan and Vietnam — with future potential.

“Our strategy in the region is to have strong, balanced, and diversified geographies and businesses. The six priorities and two strategic markets are where we prioritize our investment, but that doesn’t mean that we exclude other markets,” HSBC said in an e-mailed statement yesterday.

Separately, Standard Chartered Bank PLC yesterday announced that Ajay Kanwal would replace Sunil Kaushal as head of its Taiwan branch after Kaushal was put in charge of India and South Asia last month.

The UK banking group attributed the adjustment to business needs as it seeks to deepen its presence in South Asia.

This story has been viewed 3835 times.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top