HSBC eyes growth prospects in Guang­dong

China Daily (Hong Kong) - - BUSINESS | MARKETS - By BLOOMBERG

HSBC Hold­ings Plc plans to step up hir­ing in China for its re­tail and wealth busi­ness next year, as the UK lender per­sists with its ex­pan­sion there.

The bank in­creased the its re­tail-bank em­ploy­ees in Guang­dong prov­ince’s Pearl River Delta by 57 per­cent in the 12 months to Septem­ber, according to Kevin Martin, the firm’s Asia-Pa­cific head of re­tail bank­ing and wealth management.

The pace of hir­ing may ac­cel­er­ate in 2017 as the London-based lender ex­pands in ar­eas from mort­gages to credit cards, per­sonal lend­ing and wealth ser­vices in the man­u­fac­tur­ing hub north of Hong Kong, he said.

“We’re ex­actly where we ex­pected to be,” Martin said in an in­ter­view in Hong Kong on Fri­day, re­fer­ring to his unit’s growth i n the delta re­gion, which en­com­passes cities such as Shen­zhen and Guangzhou.

“His­tor­i­cally, our cus­tomers in Shen­zhen were Shen­zhen-Hong Kong cus­tomers. Now the Shen­zhen cus­tomers stay in Shen­zhen be­cause we’re build­ing our lo­cal busi­ness as well as our cross­bor­der busi­ness,” added Martin.

HSBC is start­ing its cred­it­card busi­ness on the Chi­nese main­land on Monday, af­ter re­ceiv­ing reg­u­la­tory ap­proval to is­sue cards by it­self, hav­ing pre­vi­ously done so in part­ner­ship with Bank of Com­mu­ni­ca­tions Co.

The UK bank is seek­ing to is­sue more than 3 mil­lion cards in the short to medium term and add “a hand­ful more” branches across China next year, Martin said.

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