HSBC will establish an office to spearhead its strategy in China’s fast-growing Greater Bay Area, stepping up its bet on the world’s second-largest economy, reported Bloomberg.
Daniel Chan, currently head of business banking at HSBC in Hong Kong, was named head of the unit, which will oversee the strategy to “capture opportunities” in Guangdong, Hong Kong and Macau, the London-based lender said Monday in a statement.
Collectively, Hong Kong and China accounted for more than 90% of HSBC’s adjusted profit in the first nine months of 2020, but the mainland still represents a small part. Even so, the lender is one of the largest foreign bank investors on the mainland. It has a network of 170 outlets across more than 50 cities and 8,000 staff.