HSBC to Prune Investment Bank to Fund Expansion in Asian Wealth
- Lender to resume paying dividend after U.K. relaxed ban
- HSBC is pivoting to Asia in a bid to boost profitability
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HSBC Holdings Plc will shift billions of dollars of investment to Asia’s faster growing economies as it looks to become the go-to bank for the region’s wealthy.
The London-based bank said it would divert capital from its investment bank in Europe and the U.S. to fund the expansion of its Asian businesses. Europe’s largest lender said it would spend more than $6 billion over the next five years to expand its Asian operations, in particular its wealth management arm.