His statement comes months after the London-headquartered bank said it wants to reach 2,000 to 3,000 China-based wealth planners within four years.
Ewen Stevenson, HSBC chief investment officer, said during a conference call for the bank’s Q1 2021 results: “We are looking at opportunities for both organic and bolt-on inorganic opportunities primarily focused on wealth businesses, either acquiring products or distribution capability in wealth management, insurance, and private banking.
“That’s the primary focus, rather than just the geographic expansion of retail banking capability. We’re more focused on that opportunity. I think we will be Asia based largely.
“We would use capital to do an M&A deal, but it would be, less retail banking assets, more wealth management capabilities.
“We will use freed up capital if we see bolt-on acquisition opportunities, but as I say it’s more around wealth management capabilities than it is retail banking capabilities. We will look at opportunities as they emerge.”
HSBC’s wealth management push has been heavily reported including its plans to create a global hub in the UAE by 2024.
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