HSBC Holdings plc (LON:HSBA) will today update investors on its Asia growth outlook, underlining the critical role the region plays in the bank’s international growth ambitions. The insight into HSBC’s Asia business is part of a week-long seminar for investors and analysts, held in Hong Kong and Singapore.
During the week, HSBC will discuss the following medium-term[1] ambitions for its Asia business:
· High-single digit percentage Wealth revenue growth;
· Mid-single digit percentage lending growth over the medium-to-long-term, more cautious in the short-term and;
· Mid-teens RoTE.
“In addition to our core strength in Hong Kong, we now have growth engines in mainland China, India, Singapore and beyond,” said Group Chief Executive Noel Quinn. “We have spent the last three years transforming the Asia business, fine-tuning the portfolio and investing in technology to provide an integrated international offering for our customers, and ultimately generating strong returns for our shareholders.
“All parts of HSBC Asia are now motoring. In mainland China, we are ideally positioned to facilitate business with the rest of the world; in South and Southeast Asia, we have invested heavily in Singapore, and we have significantly bolstered our growing business in India.
“We have continued to invest in our digital capabilities, which help us serve customers more efficiently and at scale, and we are supporting clients as they manage their transition to a low-carbon economy.
“We now have an unrivalled international proposition that supports our Asia customers looking to trade with and grow in markets across Europe, the Middle East and the Americas, and vice versa. As our client base has grown year on year, we have been with them at every step to support and guide them. We have proved that our globally interconnected offering is needed and valued now more than ever before.
“Today’s ambitions show the strategy is working, we are generating strong returns for our shareholders and we are confident there is more to come.”
The HSBC Group ambition remains a RoTE of at least 12% from 2023.
Today’s session will include presentations and Q&A on HSBC’s overall Asia business, its operations in Hong Kong and mainland China, and the strategic focus of its Commercial Banking and Wealth & Personal Banking businesses in those two markets. The Hang Seng Bank management team will also make a presentation.
The presentations from today’s seminar will be available shortly before 8:15am HKT at:
· hsbc.com/investors/investor-events-and-presentations
· hangseng.com/en-hk/about-us/investor-relations
[1] Medium term is defined as to 3-4 years from 1 January 2023; long term is defined as 5-6 years from 1 January 2023
