The big exercises are going on at HSBC. The British banking giant, under pressure from its major shareholder China’s Ping An to refocus on Asia, announced on Tuesday the sale of its Canadian subsidiary to Royal Bank of Canada (RBC) for $10.1 billion. “Price above market value” according to Jefferies analysts. The operation remains under the green light of Canadian regulators. “The sale generates significant added value and will free up additional capital to invest in the growth of our core business.”assures Noel Quinn, CEO of HSBC.
This action responds to the strategy implemented by the leading European bank in 2021. The latter has pledged to accelerate its refocusing on Asia, where it makes most of its profits (more than 55%). And to invest more than $6 billion more there over five years, including $3.5 billion in wealth management. Asia’s share of…
Source: Le Figaro
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