HSBC to invest USD 17 bln in technology and Asia growth

Wednesday 13 June 2018 10:37 CET | News

HSBC has announced plans to invest USD15 billion to USD17 billion in the next three years in areas including technology and its core Asian markets of Hong Kong and China.

In a first public outline of his strategy, HSBC CEO John Flint set out ambitions to grow its return on tangible equity to 11%, in line with previous targets, from 6.8% in 2017.

The update marks a definitive pivot in HSBCs post-2008 crisis strategy, from cost-cutting and restructuring to investment and expansion as it seeks to improve returns. The bank is targeting a return on tangible equity of 11% by 2020, Mr Flint said, and will sustain its dividends at current levels.

The bank will also seek to expand further in the British mortgage market as one of eight new strategic targets. The bank will also resume unsecured lending in its retail bank.

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Keywords: HSBC, technology, Asia, investment, growth
Countries: World