HSBC Australia’s boss Tony Shaw says the global strategy is paying dividends, again.
Australia will help boost HSBC’s global corporate banking franchise as China relations thaw, and the institutiontargeting affluent customers and students with international banking needs.
, Mr Shaw said the bank’s geographic diversification was important to its strategy, which saw HSBC boost dividends to the highest level in four years late last month. Mr Shaw said HSBC is providing his insights to the ASEAN envoy and working to firm up new links with India. China experienced its first net outflows for full-year 2022, with the balance of RMB-denominated bonds held by foreigners falling for four straight quarters or 15 per cent to 3.38 trillion yuan by the end of December. But Mr Shaw said the trend reflected more wariness on risk and returns more broadly, and was not unique to China.“ I wouldn’t call it a China situation or anything else.
“We now have functionality where you can open a bank account in seconds, having transferred your information from overseas, which takes out a huge amount of cost in the process, and it’s something that the competition can’t actually do.”
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