HSBC aiming for Australian growth

26 November 2010

Financial giant HSBC has hinted at plans to expand its presence in Australia in a bid to take advantage of the country's recent commodities boom, primarily driven by demand in Asia.

In an interview with the Wall Street Journal this week, HSBC Australia chief Paulo Maia explained that the company will seek to boost its corporate banking division over the coming months and years.

"There's a lot of interest in good corporate fundamentals coming out of Australia," he told the news provider. "We want to play on the mass affluent; we don't want to go too much downmarket."

HSBC and other leading banks are currently seeking out low-risk opportunities outside of Europe and the US, both of which have experienced a more sluggish emergence from the economic downturn than Asia and Australasia.

Mr Maia's comments came after the Bundesbank warned German financial companies that they must trim "excess capacity" and reduce exposure to vulnerable foreign real estate.

By Claire Archer

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development