Will HSBC’s focus on emerging markets come at the cost of markets ruined by subprime and predatory lending? The answer remains to be seen but HSBC wants to expand in the U.S.. Said another way, HSBC wants deposits from anywhere.

HAS made a move in China that you may find very telling.

HSBC Holdings PLC said Friday HSBC Group Chief Executive Michael Geoghegan will relocate to Hong Kong from London in February, as the U.K.-headquartered bank beefs up its presence in the Greater China region and emerging markets in general.

The bank, which was founded in Hong Kong in 1865 and moved its headquarters to London in 1992, is relocating its top executive at a time when Asia appears as the first region to emerge from the global financial downturn.

Beginning as a trading port, Hong Kong became a crown colony of the United Kingdom in 1842. It was reclassified as a British dependent territory in 1983 until the transfer of sovereignty to the People’s Republic of China in 1997.

HSBC will still be domiciled in the U.K. and has no plans to move, the bank said today in a statement. The moved is part of HSBC’s focus on emerging markets.

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