HSBC ‘may have missed the boat’
Asia focused HSBC is keen on making acquisitions in wealth and asset management. Over the past few years while HSBC was naval gazing, Asia has seen several deals completed. Has HSBC missed the boat again?
The main thrust of HSBC’s attention over the past few years was whether the bank was going to move out of London, perhaps even relocate back to its spiritual home of Hong Kong.
As we now know the bank chose to stay in London justifying the decision at the time as it is a major financial centre and Britain looked unlikely to leave the E.U., and then along came Brexit.
In the meantime DBS, The Bank of Singapore, Union Bancaire Privee and LGT have all snapped up wealth management businesses across Asia, as ANZ, Barclays, Coutts International and ABN Amro decided on their own «Asianexit».
HSBC is now said to be looking at making three to four deals to expand in asset and wealth management to take advantage of the growing funds of the middle class in Asia. PHOTO: Singapore READ MORE: http://www.finews.asia/finance/23897-hsbc-acquisitions-asia-wealth-management-private-banking