New CEO's $17 bn plan for HSBC: expand key Asian markets, improve tech

HSBC is partly investing roughly two-thirds of that amount by 2020 to build its presence in Hong Kong, the Pearl River Delta, and wealth in Asia. The rest will be spent on technology upgrades.

HSBC Holdings Plc Chief Executive Officer John Flint said the bank plans to pour as much as $17 billion to expand in key Asian markets and improve technology, in his first wide-ranging plan since taking the helm four months ago.

Europe’s largest bank is partly investing roughly two-thirds of that amount by 2020 to build its presence in Hong Kong, the Pearl River Delta, and wealth in Asia, the bank said in a statement on Monday. The rest will be spent on technology upgrades such as in cybersecurity. It’s also targeting a return on tangible equity of more than 11