HSBC Focuses on Organic Growth in Asia

HSBC Holdings Plc is concentrating on growing organically in Asia rather than relying on acquisitions to beef up its presence there.

The London-based bank would consider acquisitions on a "purely opportunistic basis," said Michael Smith, head of HSBC's operations in Asia, adding that he doesn't see any reason to do a transformational acquisition.

Meanwhile, rivals Citigroup Inc. and Standard Chartered Plc have been on buying sprees throughout Asia.

HSBC plans to add 40 some branches to the 55 it already has in China, and is investing heavily in its online direct-banking product that it offers in Korea.

Date: 05.05.2007 [ID: 24]