Following
HSBC’s strategy day on 11 May, the bank has named the countries
where it will pursue stronger growth of its retail banking
business.

HSBC distinguised between what it called the large scale markets
– Hong Kong, the UK – and markets with high growth potential.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Countries which HSBC identified as high growth
markets include:

  • Turkey;
  • Brazil;
  • Singapore;
  • India;
  • Mexico, and
  • Argentina.

HSBC had announced at the end of April that it would close its
retail banking operations in Russia, following British rival

Barclays’ announcement in mid-February.

HSBC said it would also pursue a strong focus on Latin America
and the Middle East and North Africa (MENA) in general,
as well as Asia, with particular focus on India and China, 
but also Singapore, Malaysia and Indonesia.

After announcing that it would target growth
in its retail banking operations in Thailand following the Thai
governments easing of restrictive banking rules in January, HSBC
also opened a new
branch in Vietnam at the beginning of May.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

HSBC is targetting a 42% reduction in costs by 2013, down to
$3.5bn.

Targets for HSBC operations in the US
include:

  • In North America, the bank is targeting a reallocation of its
    capital, reviewing its cards and retail operations and planning
    developing new products for the US market;
  • Expansion of HSBC Premier service;
  • Focus on growing diaspora of Asians in the US;
  • Repositioning of the HSBC branch network to enhance integrity
    to internationally connected markets within the US, such as
    Seattle, New York;
  • Reduction in consumer and mortage loan portfolio by 50-60% in
    the next five years and
  • Reduction in vendor spending.

Other targets for the whole group include:

  • Standartisation of banking propositions and operating models to
    reduce complexity;
  • Investments in Malaysia, Singapore and Indonesia;
  • Development of high quality wealth management services for
    affluent retail customers;
  • Capture bancassurance potential;
  • Refine customer segmentation, and
  • Increase revenues by $4bn in the near to medium term.