HSBC Holdings PLC is planning to sell or close retail operations in seven Asian countries that it has decided not to focus investment on, the Financial Times reported Monday citing the bank's chief executive in Asia Peter Wong.
Wong said HSBC will focus on six core Asian markets outside of Hong Kong where profits are growing the fastest, and two strategic markets with future potential, according to the newspaper.
The key Asian markets are Australia, China, India, Indonesia, Malaysia and Singapore, while the strategic markets are Taiwan and Vietnam, the newspaper said.
The markets in which operations will be sold or shut are Bangladesh, Brunei, Macau, New Zealand, Pakistan, the Philippines and Sri Lanka, the newspaper reported.
"Our strategy for Asia is to have strong, balanced and diversified geographies and businesses. The six priority and two strategic markets are where we prioritize our investment but that doesn't mean that we exclude other markets," a HSBC spokesman in Hong Kong told the newspaper.