HSBC: Mainland retail banks can turn losses after investment period

As one of the first foreign banks to enter the mainland market, HSBC’s retail banking and wealth management business in the Mainland recorded losses for two consecutive years. HSBC Greater China Chief Executive Officer Huang Bijuan pointed out that the business in the Pearl River Delta is still In the investment period.

Need to invest a lot of money in the past two years

Huang Bijuan pointed out that since the Group established the Pearl River Delta strategy in 2015, it has begun to increase investment in the mainland business. First of all, personnel. At present, the number of employees in the Pearl River Delta has increased from 1,300 in 2016 to nearly 3,000, mainly in the front line. And IT staff. In terms of retail business, HSBC China has launched services such as VTM, remote account opening, simple remittance and chat robots.

In the industrial and commercial finance business, after the establishment of the “Innovation Support Plan” for technology companies in 2016, the Dawan District Innovation and Technology Business Team was established. Together with the opening of the Qianhai JV Company in 2017, there are many funds and technologies invested in these new developments.

According to the group, HSBC China’s retail banking and wealth management business lost $199 million last year, but earned $18 million in the first quarter of this year.

Huang Bijuan said that the group has plans to turn losses when the investment period of the mainland retail business has passed the peak. In the Pearl River Delta region, last year’s revenue increased 31% year-on-year to 288 million US dollars, and the bank’s medium-term goal is to reach 1 billion US dollars.

It is planned to push the credit card of Dawan District this year.

To further promote the Mainland retail business, the bank plans to launch the Dawan District Credit Card this year. At the same time, the “Hui Da Da Wan” Food Festival series will be launched today to allow HSBC credit cards issued in the Mainland, Macau and Hong Kong to enjoy large Discounted restaurant reservations in the Bay Area.

o emerge, and the situation of “price rises” will continue.