HONG KONG - The private banking business of HSBC Holdings PLC is aggressively pursuing double-digit growth in client assets and revenue, riffing off a surge in Asian wealth, the unit’s chief executive told Reuters.
“The strategy to achieve double-digit asset and revenue growth is working,” said Simoes, who assumed his role in January. “And as part of that, Asia is by far the region that is growing the most.” Asia accounts for 42% of HSBC’s total private banking assets, making it the single largest market. The region also accounts for the biggest share of the bank’s overall revenue.
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