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http://lankabusinesstoday.com/news/business/1513-exit-woes
Mar 23, 2012 (LBT) - HSBC Holdings PLC HBC recently said it is not planning to exit any markets in Asia, an apparent rebuttal to a London based Financial Times report.
Financial Times in an earlier report had said that the London-headquartered HSBC bank was planning to sell or close operations in seven countries on the continent.
The FT had reported that HSBC had fewer than 20 branches in a string of markets, and that the sale or shutdown of operations were likely in Bangladesh, Brunei, Macau, New Zealand, Pakistan, the Philippines and Sri Lanka.
The FT report had also said the bank had sold or closed operations in Japan and Thailand, and shut its Asian insurance business, as part of a strategic overhaul under Chief Executive Stuart Gulliver. HSBC however said it prioritized investments in a number of markets in Asia, but that such an emphasis wasn't made at the expense of other parts of the region.
"Our strategy in the region is to have strong, balanced and diversified geographies and businesses," HSBC said in a statement to media.
Mar 23, 2012 (LBT) - HSBC Holdings PLC HBC recently said it is not planning to exit any markets in Asia, an apparent rebuttal to a London based Financial Times report.
Financial Times in an earlier report had said that the London-headquartered HSBC bank was planning to sell or close operations in seven countries on the continent.
The FT had reported that HSBC had fewer than 20 branches in a string of markets, and that the sale or shutdown of operations were likely in Bangladesh, Brunei, Macau, New Zealand, Pakistan, the Philippines and Sri Lanka.
The FT report had also said the bank had sold or closed operations in Japan and Thailand, and shut its Asian insurance business, as part of a strategic overhaul under Chief Executive Stuart Gulliver. HSBC however said it prioritized investments in a number of markets in Asia, but that such an emphasis wasn't made at the expense of other parts of the region.
"Our strategy in the region is to have strong, balanced and diversified geographies and businesses," HSBC said in a statement to media.
