HSBC Holdings PLC (LSE:HSBA) said all parts of its Asian business are now “motoring” as it detailed targets for growth in lending, revenue and return on equity in the region.
"All parts of HSBC Asia are now motoring," said Chief Executive Noel Quinn. "In mainland China, we are ideally positioned to facilitate business with the rest of the world; in South and Southeast Asia, we have invested heavily in Singapore, and we have significantly bolstered our growing business in India."
The Asia-focused lender gave the update as it prepares to host a week-long seminar for investors and analysts in Hong Kong and Singapore.
"In addition to our core strength in Hong Kong, we now have growth engines in mainland China, India, Singapore and beyond," Quinn said.
The FTSE 100-listed bank said it is targeting mid-single-digit percentage growth in lending over the medium to long term for its Asia business but is more cautious in the short-term. It aims for mid-teens return on tangible equity.
The banks targets high-single-digit percentage growth in revenue for its Wealth arm in Asia.
For the group as a whole, HSBC targets a RoTE of at least 12% from 2023. For 2022 it had reported a return on average tangible equity of 9.9%.
Shares in HSBC rose 1.4% to 608.30p in London late morning.