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HSBC strategists fly east to drive growth in Hong Kong
HSBC has underlined its focus on the Chinese market by moving a team of around a dozen strategists to Hong Kong along with its global head of strategy, Antonio Simoes.
Simoes will work closely with chief executive Michael Geoghegan, who received a hero’s welcome on his first day at the bank’s far eastern office last week. HSBC has appointed advisers to prepare a listing on the Shanghai stock exchange, a move that would prepare it for long-term expansion in the region.
Despite a report that Simoes and Geoghegan will examine a large bolt-on acquisition to bolster HSBC’s position, it is understood the firm will concentrate on organic growth. Local rules forbid foreign groups taking controlling stakes in Chinese banks.