India

HSBC Aims to Boost Wealth Management in China and India

HSBC's CEO, Noel Quinn, is reportedly focused on enhancing the bank's wealth management services in China and India, aiming to match the success of its operations in Hong Kong.

Quinn, who is currently leading HSBC's first three-day Global Investment Summit in Hong Kong, sees this as part of a broader strategy to diversify the bank's income sources beyond the less stable revenues from trading and dealmaking.

In its move to grow its Asian and Middle Eastern footprint, HSBC made a significant return to India last year and further expanded in Asia.

Notably, HSBC bolstered its position in China, the world's second-largest economy, by acquiring Citigroup’s retail wealth management business there, despite concerns over China's economic direction, its real estate downturn, and regulatory actions against private companies.