From Investing.com: 2024-04-08 02:06:13

HSBC’s European chief aims to increase profits through rising regional wealth and expansion by Asian clients. The European business has turned profitable and is growing, contributing nearly a tenth of HSBC’s overall profit. Plans include targeting ultra-high-net-worth families and providing services to Asian corporate clients expanding into Europe.

Under the leadership of Colin Bell, HSBC Europe’s profit before tax rose to $2.6 billion in 2023 from $1 billion in 2019 through measures like reducing headcount and increasing revenue from Europe-originated activities. Increased income from the bank’s deposit base has been aided by rising interest rates, but competition and geopolitical tensions pose challenges.

Despite headwinds, Bell remains optimistic about growth opportunities for HSBC in Europe. Clients with capital in Europe may seek growth in Southeast Asia amidst supply chain changes. Plans to increase assets under management at the Swiss wealth unit by 50% over five years are also in place, targeting ultra-high-net-worth clients and leveraging corporate banking relationships for expansion.



Read more at Investing.com: HSBC targets wealthy expats, bullish Asian firms to drive Europe unit, exec says By Reuters