HSBC to ramp up Asia pivot as pandemic hammers profits

The Straits Times | Feb 23, 2021 at 5:47 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 results came as HSBC published a new strategy laying out plans to redouble its attempt to seize more of the Asian market – the region of the world where Europe’s largest lender makes the vast majority of its profits.
  • HSBC makes 90 per cent of its profit in Asia.