HSBC ramps up Asia pivot as COVID-19 pandemic hammers profits

Channel NewsAsia | Feb 23, 2021 at 5:15 AM
  • HSBC on Tuesday (Feb 23) vowed to accelerate its Asia pivot despite spiralling tensions between China and the West after it reported a 30 per cent plunge in profits for 2020 caused by the coronavirus pandemic.
  • The strategy will see the London-headquartered bank plough about US$6 billion into shoring up operations across Asia.
  • HSBC makes 90 per cent of its profit in Asia.