Sep 24, 2019
HSBC looks on course for a future based in Asia
Every year, senior executives at HSBC host a lunch for the bank's mainland state-owned enterprise clients. Despite current tensions, there are many senior HSBC executives who think its future has to be in China, simply because there are not many alternatives to the course Mr Gulliver set. In so doing would it be increasing or reducing its vulnerability? And if the bank's future lies with China, does that mean ultimately transforming itself into a Chinese bank? When HSBC shares were at lows some years ago, Industrial and Commercial Bank of China drew up an investment thesis with HSBC as its target, according to one senior HSBC executive. There is a lot of value still in HSBC for Beijing, thanks to its ability to raise dollar funding for China and its banks.
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