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HSBC Considering Exiting 12 Countries to Focus on Asia: Sources
May 26, 2023
HSBC is said to have put 12 countries on its watchlist to consider a possible exit from them. This follows its planned sales of all or part of its businesses in France, Greece, Russia and Canada thus far. HSBC makes about 78% of its profits from its Asian business and has been under pressure from its shareholder, Ping An to prioritize expansion in the region. Reuters notes that its Europe and LatAm businesses may be particularly under the microscope. Its European operations reported a net loss last year upon restructuring and other costs while LatAm accounted for just under 5% of the overall group’s profit. Some note that Mexico is unlikely to be under review due to its strong performance. HSBC’s $10bn sale of its Canada unit has been delayed until next year. Besides it could also incur a loss of $2.3bn on its French retail business exit. Reuters notes that HSBC is trying to increase income through fee-based products and services, especially in China and Hong Kong.
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