HSBC will continue to hire in China despite its plan to save up to US$3.5 billion globally by 2013, its Asia-Pacific head said Tuesday.
The London-based bank plans to add about 1,000 staff annually on China's mainland to maintain its growth, said Peter Wong, chief executive of HSBC in Asia-Pacific.
HSBC, Europe's biggest bank, plans to add up to 20 outlets and open another four to six rural bank outlets, he told reporters via a video conference yesterday. The plan is even more aggressive than the one he mentioned in March of 16 outlets and up to four rural bank branches.
"We will not cut staff or slow down growth in China," he said. "We will continue hire more in the markets, including Hong Kong and the mainland."
The bank is also preparing to get listed on the coming international board at the Shanghai Stock Exchange. "HSBC is ready," Wong declared.
HSBC ranks as the biggest overseas bank in China with more than 270 outlets on the mainland, Hong Kong, Macau and Taiwan. In Hong Kong, HSBC holds the largest market share in deposits, credit cards, mortgages and local bonds. On the mainland, HSBC China has the biggest network with 108 outlets and its affiliate Hang Seng has 38 branches.
HSBC has set up HSBC Bank (China) Ltd, Hang Seng Bank (China) Ltd and HSBC Life Insurance Co - all based in Shanghai - as wholly-owned mainland subsidiaries to tap China's economic growth.
In the region, HSBC identified the mainland, Hong Kong, Australia, India, Singapore, Malaysia and Indonesia as key markets.
It expects India, Singapore, Malaysia and Indonesia to each generate more than US$1 billion in profit before tax in four to five years, joining Hong Kong and the mainland as "billion dollar" in the region.
The bank opened 50 new outlets in Asia-Pacific and grew its staff by 5 percent last year.
Last week, HSBC Chief Executive Stuart Gulliver unveiled a plan to save up to US$3.5 billion by 2013 and to shift from high street to commercial and investment banking.
