HSBC Restructures Hong Kong Personal Banking
HONG KONG — HSBC Holdings PLC plans to restructure its personal-banking operation in Hong Kong and the Asia Pacific region into two separate operations, Ta Kung Pao reported Tuesday. The newspaper cited Hongkong & Shanghai Banking Corp. Chairman Vincent Cheng as saying the split will make it easier for HSBC to focus on each of the two operations. Hongkong & Shanghai Banking is the Asian unit of HSBC. Another HSBC unit, Hang Seng Bank Ltd., is listed in Hong Kong.
HSBC will require different strategies in operating its personal banking businesses in Hong Kong and Asia Pacific as most of the latter’s businesses are located in emerging markets, which don’t have a well-developed market platform like Hong Kong, the newspaper said.
Analysts at Household - HSBC Watch, a U.S. based watchdog organization, says HSBC might be restructuring consumer lending and personal banking around the world before selling HSBC Finance - former predatory lender Household International - now part of HSBC.
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