HSBC says Asia M&A to focus on China, emerging markets

Published: 02 Nov 2009 00:41:59 PST

TAIPEI, Nov 2 - HSBC Holdings, Europe's biggest bank will focus its Asia acquisitions strategy on China and other expanding markets, Sandy Flockhart, chief executive of Hong Kong and Shanghai Banking Corp said on Monday.

The bank's planned IPO in Shanghai depends on regulatory requirements, and there is no specific timeframe yet, added Flockhart, who is also global head of commercial banking, speaking to reporters in Taipei.

HSBC said recently it would go to a dual-headquarters system with headquarters in Hong Kong and London to emphasise the importance they place on Asia going forward.

Last month, the bank said it was swinging its power base back to its place of birth 144 years ago by moving its chief executive to Hong Kong.