HSBC will look to scale back its presence in Asia by either selling or closing seven of its retail businesses on the continent in the near future, it has emerged.
New chief executive officer of the bank Stuart Gulliver has already outlined his plans for the company to operate under a new strategic overview in the wake of the recession - a process he believes should include a lesser focus on Asian investment.
And, in an interview with the Financial Times, chief executive of HSBC in Asia Peter Wong revealed the company is to get rid of bases in countries such as Pakistan and New Zealand after already ending its retail banking operations in Thailand and Japan.
Mr Wong explained that the financier - which has around 7,200 offices globally - will now concentrate on just six core Asian markets outside Hong Kong - namely China, Australia, India, Malaysia, Singapore and Indonesia - and with Taiwan and Vietnam as two strategic sectors.
By Claire Archer