HSBC targets wealthy expats, bullish Asian firms to drive Europe unit, exec says

HSBC's European chief is betting on rising regional wealth and overseas expansion by Asian corporate clients to boost his unit's contribution to group profit after a multi-year reboot turned the business from laggard to profit engine. The turnaround in Europe, some details of which are reported here for the first time, has helped HSBC overcome investor scepticism about its "network strategy" after a 2022 campaign by number one shareholder Ping An Insurance Group of China raised questions over whether HSBC's fast-growing Asian business was being held back by its outsized presence in slower-growth Western markets. At the core of the strategy is the notion that big corporate clients in Asia, many of which already borrow from HSBC, will use a wider range of its services in Europe as they expand into the region, as well as tapping it for advice on local deals and fundraising.