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.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
‘ONE-STOCK SHOW’: Turnover hit an all-time high as TSMC continued to determine the local market’s direction and surpassed Visa in market capitalization The TAIEX early yesterday hit an all-time intraday high on the back of soaring Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares, before tumbling back to the previous day’s close as the contract chipmaker could not single-handedly prop up the index. The TAIEX rose more than 400 points in the first 20 minutes of trading to hit a record 13,031.7 points, but later pared its gains to close down 0.01 percent at 12,586.73. Turnover was NT$343.252 billion (US$11.63 billion), the highest in the Taiwan Stock Exchange’s history. TSMC continued to dictate the market’s direction, as its early surge by the daily