HSBC is not considering any more acquisitions in South Korea or Taiwan. Although it is looking to expand its businesses in the two countries and the other emerging markets in Asia, it does not consider further acquisitions to be the way forward.
“I don’t think acquisitions are necessary in Taiwan and South Korea because there are other things that you can do that don’t involve acquisitions in those two places, as well as in other countries,” says Stephen Green, the group chairman of HSBC. “As China’s economy grows at a strong pace, the financial sector will grow further and give better returns, and this in the process will create more opportunities for investors.”
The group’s strategy is now to expand its businesses in emerging markets such as China, Russia and Eastern Europe.