Read more about Citigroup s retreat highlights global banks struggle in China, India on Business Standard. Increased rivalry from domestic lenders, especially in consumer financing, and competition for top talent contribute to challenges.
Global banking leaders targeting growth in SE Asia 12:00 | 23/02/2021
Global banking leaders targeting growth in SE Asia, illustration photo
HSBC will be naming a new head for its Singapore operation, along with its expansion plan in the region. Europeâs largest lender is preparing to announce the outcome of a strategic review next week, alongside its full-year results.
According to Bloomberg, HSBC is seeking to gain a bigger slice in Southeast Asia where it has been struggling to compete with dominant players such as DBS Group Holdings and Standard Chartered. âHSBC wants to further raise its capability and presence in South Asia, and Singapore is central to this drive and ambition,â said Peter Wong, HSBCâs top executive in Asia.