HSBC to recruit 1,000 more staff in China
HSBC plans to hire in the region of 1,000 new employees to support the growing demand for financial services in China, the fastest growing major economy, reports moneycontrol.com.
Speaking to journalists in Shanghai following the opening of the group's latest sub-branch, Michael Smith, president and chief executive HSBC's Asian unit, said he expects to employ a further 1,000 staff by the end of the year, taking total employee numbers in China to 5,000. The UK-based group's progress could be slowed by current legislation that restricts the number of branches foreign banks can open there each year – currently standing at one per year. According to reports by Chinese business newspaper The Standard, Douglas Flint, HSBC finance director, said acquisition opportunities are limited, which shifts the bank's focus to organic growth. When we look at the opportunities that might exist in the market to acquire portfolios or even institutions, they seem expensive. Therefore, we've been putting money to work in organic expansion, Mr Flint noted. HSBC now operates 23 branches in mainland China.
Related Insight
Suppliers Directory
Wealth & Assets Management Asset Management Hedge Funds Private Equity Mutual Funds
Intermediaries Prime Brokerages Custody & Clearing ECN & Exchanges
Technology Banking Technology Security Tech Outsourcing & BPO
Policies & Regulatory Compliance Risk Management
Intelligence
Allianz SE (Allianz) is one of the leading global financial services providers, offering a range of banking, asset management and insurance services. The company was formerly known as Allianz AG. Allianz is the parent company for the Allianz Group of companies. The company is one of leading insurance providers in the property and causality, and life insurance in the global market. Allianz is one of the major players in the German insurance market. The company, combined with its subsidiaries, serves over 75 million customers in more than 70 countries across Europe, Asia-Pacific, America and Africa. The company's banking operations are conducted through Dresdner Bank AG and its subsidiaries. Global Markets Direct’s Allianz SE - Financial and Strategic Analysis Review is an in-depth business, strategic and financial analysis of Allianz SE. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed strategic analysis of the company. This highlights its strengths and weaknesses and the opportunities and threats it faces going forward. Reports Buy online from $125
Comments may be moderated for spam, obscenities or defamation.