HSBC stepping up presence in Pearl River Delta

HSBC is establishing a Greater Bay Area (GBA) office to tap into business opportunities in the fast-growing Guangdong-Hong Kong-Macau region.

To be located in Guangdong, the new unit will oversee all strategy-related activities and serve as the contact focal point to enhance the internal alignment of the bank’s participation in GBA initiatives.

HSBC officials said the company will leverage the complementary advantages of its franchise in the three jurisdictions to service customers’ banking needs, a key focus of its Asian growth strategy.

Daniel Chan, head of business and commercial banking at Hong Kong, HSBC, will lead the unit.

Prior to the launch of Wealth Management Connect last June, the banking giant enhanced its positioning in China, including the creation of HSBC Qianhai Securities and expansion of its insurance, personal banking and wealth management services in the Pearl River Delta.

Talent development is an important element of HSBC’s GBA strategy.

Earlier this month, the bank announced a plan to hire 100 Hong Kong graduates interested in attaining work experience in the area under the Hong Kong SAR’s Greater Bay Area Youth Employment Scheme.