HSBC plans $448 mln investment in Chinese business - Xinhua

A Chinese national flag flies in front of HSBC headquarters in Hong Kong, China, July 28, 2020. REUTERS/Tyrone Siu/File Photo

HONG KONG, June 1 (Reuters) – HSBC Holdings (HSBA.L) plans to invest more than 3 billion yuan($448 million) in its Chinese operations, Chief Executive Noel Quinn told state news agency Xinhua, saying he sees challenges for the economy but also opportunities for investments.

The investment roadmap comes just a month after HSBC’s largest investor, Chinese insurance firm Ping An (601318.SS), called on the bank to look at ways to boost returns, which included a proposal to separate its Asia operations, a source familiar with the matter told Reuters. read more

London-headquartered HSBC, Europe’s biggest lender by total assets, earned just over half of its revenue and about two-thirds of its reported pretax profit in 2021 from Asia.