HSBC is aiming to increase its presence in mainland China through a big expansion of its branch network or by raising its stake in Bank of Communications.
Stuart Gulliver, HSBC bank’s chief executive, told the Financial Times he wanted his bank to either substantially lift its holding in BoCom, one of China’s big five banks, from 20 per cent if given regulatory approval or increase its mainland China branch network from 110 to about 800.
He has set Anita Fung, his new head of Hong Kong and a rising star within HSBC, the task of making that happen. Ms Fung will work alongside Helen Wong, HSBC’s head of China.
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