HSBC chief executive John Flint said the bank plans to pour as much as $17 billion (Dh62.44bn) to expand in key Asian markets and improve technology, in his first wide-ranging plan since taking the helm four months ago.
Europe’s largest bank is partly investing about two-thirds of that amount by 2020 to build its presence in Hong Kong, the Pearl River Delta, and wealth in Asia, the bank said on Monday. The rest will be spent on technology upgrades such as in cyber security. It is also targeting a return on tangible equity of more than 11 per cent by 2020.
“After a period of restructuring, it is now time for HSBC to get back into growth mode,” Mr Flint said. “In the next phase of our strategy, we will accelerate growth in areas of strength, in particular in Asia and from our international network.”
The bank’s shares were slightly lower at 727.70 pence at 9.58am in London.
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Mr Flint and chairman Mark Tucker, who joined in October, are striving to execute a strategy that contains costs while growing revenue at the emerging markets-focused lender. HSBC, which used to call itself the “world’s local bank”, is now eyeing growth in China asset management and insurance, the firm said.
The chief executive has also been looking at ways to expand its sub-scale wealth and asset management unit, including a potential merger with a rival, according to people familiar with the discussions earlier this year.
During Stuart Gulliver's preceding seven years as chief executive, the lender closed almost 100 businesses and reduced the number of countries it operated in to 67 from 88. Even after these efforts, the bank still has 3,900 global offices and 229,000 employees. With $2.5 trillion of assets, it is Europe's largest bank.
RESULTS
Tottenham 1
Jan Vertonghen 13'
Norwich 1
Josip Drmic 78'
2-3 on penalties
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
RESULTS - ELITE MEN
1. Henri Schoeman (RSA) 57:03
2. Mario Mola (ESP) 57:09
3. Vincent Luis (FRA) 57:25
4. Leo Bergere (FRA)57:34
5. Jacob Birtwhistle (AUS) 57:40
6. Joao Silva (POR) 57:45
7. Jonathan Brownlee (GBR) 57:56
8. Adrien Briffod (SUI) 57:57
9. Gustav Iden (NOR) 57:58
10. Richard Murray (RSA) 57:59
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
Results
5pm: Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Gurm, Antonio Fresu (jockey), Eric Lemartinel (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m; Winner: Al Nafece, Al Muatasm Al Balushi, Mohammed Ramadan
6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m; Winner: Ashton Tourettes, Adrie de Vries, Ibrahim Aseel
6.30pm: Arabian Triple Crown – Group 3 (PA) Dh300,000 (T) 2,200m; Winner: Ottoman, Adrie de Vries, Abdallah Al Hammadi
7pm: Liwa Oasis – Group 2 (PA) 300,000 (T) 1,400m; Winner: Hakeemat Muscat, Szczepan Mazur, Ibrahim Al Hadhrami
7.30pm: Handicap (TB) Dh80,000 (T) 1,600m; Winner: Ganbaru, Antonio Fresu, Musabah Al Muhairi
MATCH INFO
FA Cup final
Chelsea 1
Hazard (22' pen)
Manchester United 0
Man of the match: Eden Hazard (Chelsea)