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RETAIL BANKING | Staff Reporter, Hong Kong

HSBC shifts into growth mode with planned $17b investment in Asia

The investment will go into the bank's China and Hong Kong markets.

Reuters reports that HSBC is aiming to invest between $15-17b to its core Asian markets of Hong Kong and China as well as grow its technological capabilities, according to new chief executive John Flint.

Aslo read: HSBC Singapore integrates personal information vault into credit card application process

The bank is targeting a return on tangible equity of 11 percent by 2020, Flint said, and will sustain its dividends at current levels.

"After a period of restructuring, it is now time for HSBC to get back into growth mode," Flint said.

The announcement comes shortly as the bank beefs up its Asia-Pacific equities business by luring top executives from Deutsche, Citi and CLSA to beef up its business against declining trade commissions.

Senior hires have included Goldman Sachs’ Michael Chandler, the global head of equities sales for Asia Pacific, and Chito Jeyarajah last year.

Here’s more from Reuters:

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