The results came in a while ago and all indications are that one of the largest banks in the world would be investing more in the Asian region because the majority of the profits were from here. The North American arm did not do so well, racking up huge losses but it was bailed out by the re-emergence of the Asian arm which recorded surges in profit. The head of HSBC Michael Geoghegan said " It is an exciting time to be in Asia," and "This is why I moved my principal office to
Hong Kong in February this year, to manage the HSBC Group from the
heart of the world's fastest-growing region." HSBC has great plans in Asia with plans in place to open its 100th mainland branch and more is definitely to come.The banking industry is the most crucial industry and when things are going well there, other industry seems to follow suit. The fact that the biggest bank in the world is investing so much in the region and moving the CEO here are signs that Asia as a powerhouse is not just a gimmick, it is something to be taken seriously. Small companies, online companies, every organisation having a presence here in Asia will greatly benefit in the coming years.
Source: http://www.scmp.com
Image: Adam UXB Smith
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