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HSBC targets up to 9% revenue growth in Asian wealth business

HSBC has announced a strategy to increase revenues in its Asia operations, aiming for a 9% growth in its wealth business and a 15% growth in lending over the next few years. The plans come amidst pressure from its largest shareholder, Ping An Asset Management, which holds an 8% stake, and has advocated for the bank's restructuring to enhance performance in Asia. However, this proposal was rejected at HSBC's annual general meeting, with 80% of shareholders voting against it. HSBC's management maintains that Asia plays a critical role in their global growth plans, and that their globally interconnected offering is more valuable than ever.


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