HSBC Said to Seek Wealth Management Asset Acquisitions
HSBC is planning to pursue deals to expand in asset and wealth management. The targets would be portfolios of assets or platforms allowing the bank to offer a wider range of products, rather than sizeable asset-management companies.
Banks have been growing their wealth and asset management department as balance-sheet lending and securities trading become less profitable under new ruling. Wealth products, including asset management has already accounted for 10 percent of HSBC’s total revenue in the first nine months of 2016.
News Source: Bloomberg
The Hong Kong and Shanghai Banking Corporation Limited (NYSE:HSBC) was established in 1865 to finance the growing trade between Europe, India and China. HSBC was born from one simple idea – a local bank serving international needs. Today, it covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America with around 4400 offices in both established and emerging markets, serving around 46 million customers through the Four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking.
- Origin : London, UK
- Assets : Euro 21.67 billion
- Revenue : Euro 721.3 million
- Employees : 266,000
Official Website: www.hsbc.com
News & Media: Press Release
Updated on 8th August 2016