HSBC to invest further in China amid political strife over Hong Kong law
HSBC Holdings said on Friday it would
make new investments in its wealth management and insurance operations in
mainland China.
The announcement comes at a time when the UK-headquartered
bank is under fire from some shareholders and British lawmakers for its support
for the new National Security Law in Hong Kong, its largest market, which
critics say undermines freedoms in the city.
HSBC will establish a financial technology company on the
mainland, and its life insurance joint venture in China will hire new staff to
provide non-branch based wealth management services to customers in Shanghai
and Guangzhou, the Asia-focussed lender said in a statement.
Many international financial institutions see opportunities
in providing services to upper middle class and rich individuals in China and
Asia more broadly.
HSBC hopes to be the top wealth manager in Asia in the
medium to long term, Greg Hingston, the bank's regional head of wealth and
personal banking told Reuters in May.
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