HSBC Set for Pivot to Asia

HSBC is primed to publicly introduce its strategic shift in the upcoming 2020 earnings presentation which could include the announced relocation of top executives.

Internally known as the pivot to Asia, HSBC will begin marketing the strategy to the public this week, according to a report citing unnamed sources.

This follows an internal presentation where chief executive Noel Quinn said that investments at the British lender will be focused on Asia alongside the U.K. and the Middle East with an eye on becoming a market leader in wealth management.

In addition, the strategic shift could result in the relocation of top HSBC executives and those earmarked include Nuno Matos, chief executive of wealth and personal banking; Greg Guyett, co-head of global banking and markets; and Barry O’Byrne, chief executive of global commercial banking.

Fellow investment banking co-head Georges Elhedery was also named in a previous report as a potential relocation.

Within Asia, the bank is already rapidly making investments to deepen its inroads in different sub-regions.

It is most notably betting big on Greater Bay Area opportunities and it most recently began constructing a 26,000 square meter Guangzhou-based training center which is expected complete by 2024.

The bank is also seeking opportunities across South Asia with the ASEAN region named as a strategic focus for future growth. Earlier this month, HSBC established an onshore private banking presence in Thailand led by 25-year veteran Saranya Arunsilp.