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HSBC targets wealth management growth in China, India




HSBC Holdings Plc is intensifying efforts to enhance its wealth management capabilities in China and India to match those in Hong Kong, according to CEO Noel Quinn. Speaking at the bank’s inaugural Global Investment Summit in Hong Kong, Quinn emphasised building strong wealth management foundations in these key Asian markets. HSBC, which recently acquired Citigroup Inc.’s retail wealth portfolio in China, aims to offset volatile earnings from trading and dealmaking by expanding in wealth management, including insurance, asset management, and private banking. This strategic shift comes as HSBC navigates challenges in China’s economy, including a real estate downturn and a crackdown on private enterprise. HSBC also plans to boost its presence in the Middle East and hire senior bankers in strategic locations like Singapore and Mumbai.


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