‘Roaring with national pride. Soaring with global dreams,” blared the HSBC Holdings Plc ad outside an upscale Mumbai suburb in December. Know more:
‘Roaring with national pride. Soaring with global dreams,” blared the HSBC Holdings Plc ad outside an upscale Mumbai suburb in December. The 122-foot billboard displayed a tiger stalking over the British bank’s hexagonal red logo—a not-too-subtle signal of its ambitions to dominate the financial industry of what’s by some estimates now the world’s most populous country.
Steady streams of senior HSBC executives have flown in to India over the past year. Chairman Mark Tucker met the head of India’s G-20 preparation committee in December. Chief Executive Officer Noel Quinn was pictured signing a book of condolence for the late Queen Elizabeth II at the UK embassy, when he was in the country in September to meet clients.
In 2021, HSBC got about 44 percent of its total $21.9 billion in adjusted profits from Hong Kong and China while Hong Kong and mainland customers made up more than a third of its total. But China’s problems have struck at the core of the HSBC profit machine in Hong Kong where 2022 half-year profits were down around 30 percent year-on-year.
Despite such optimism, analysts say India is riddled with its own structural problems that have the potential to limit the economy over time. Rapid growth can also mean bigger risk as executives and businesses rush to expand. That leaves HSBC executives with a tough balancing act politically. Recent years have been a rollercoaster ride for HSBC and its relations with China. HSBC was criticized by Chinese media outlets for providing information to US authorities in the legal case involving Huawei Technologies’ chief financial officer, forcing the bank to publicly deny that it had “framed” the telecom giant.
HSBC also needs to appease its biggest shareholder—China’s Ping An Insurance Group Co., which has been pressuring the lender to consider proposals including spinning off its Asian operations. Ping An declined to comment on HSBC’s expansion outside of China.
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