Reuters reveals HSBC plans focus on wealth and private banking in China and India

Reuters reported exclusively that HSBC Holdings Plc is ahead of its hiring targets for its Chinese retail wealth management business and is exploring re-entering India’s private banking business, as part of its plan to make Asia and wealth key pillars of growth. Under a strategy spearheaded by Group CEO Noel Quinn, HSBC is ploughing $3.5 billion into its wealth and personal banking business, in line with its ambition to become Asia’s top wealth manager by 2025. Asia is the biggest region for HSBC, and the wealth and personal banking unit contributed 44%, or $22 billion, to London-headquartered HSBC’s adjusted global revenue last year.