HONG KONG: HSBC on Tuesday vowed to accelerate its Asia pivot despite spiralling tensions between China and the West after it reported a 30% plunge in profits for 2020 caused by the coronavirus pandemic.
Reported profit after tax came in at $6.1 billion, which the bank blamed primarily on higher-than-expected credit losses and other bad debts.
The results came as HSBC published a new strategy laying out plans to redouble its attempt to seize more of the Asian market — the region of the world where Europe’s largest lender makes the vast majority of its profits.
The strategy will see the London-headquartered bank plough some $6 billion into shoring up operations across Asia, with a particular focus on targeting wealth management in the…
