HSBC hunts for new acquisitions in emerging markets

HSBC wants to capitalise on the growth of investments in China, India and Malaysia.

"In terms of things that come up in Asia, we are of course interested in seeing things come up...China is obviously one market we are interested in," HSBC Asia-Pacific Chief Executive, Sandy Flockhart told a small group of reporters in Taipei, where the bank is holding a board meeting. "Generally speaking, the emerging markets...are where we would like to see the bulk of our investments taking place."

HSBC is in advanced talks to buy the retail and commercial banking assets of Royal Bank of Scotland Group PLC (RBS) in China, India and Malaysia, a person familiar with the situation said last month. Flockhart declined to comment on the matter Monday.

In China, where HSBC already has a sizable operation, the bank aims to have 100 bank outlets at the end of this year, and add another 15 to 20 in 2010 if it receives regulatory approval, Flockhart said in a report in Wall Street Journal.

HSBC now has 87 outlets across China, one of the largest networks among foreign banks in the country.

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