HSBC On Expansion Spree, To Add Branches In Western New York
Zacks Investment Research | Jun 16, 2019 09:19PM ET
HSBC Holdings (LON:HSBA) plc (NYSE:HSBC) plans to boost presence in new and existing markets by opening about 50 retail branches. Also, it will hire nearly 300 employees with a view to expand its customer base. The news was reported by Buffalo Business First.
The company mulls on opening more branches and expand in Western New York due to its deep ties with local businesses and a headcount of 3,000 employees in the region. The move comes seven years after HSBC sold its Buffalo and Upstate New York retail franchise to First Niagara Financial Group.
Katie Jenkins, head of direct banking at HSBC, said that the company is "back in growth mode" and chose Depew to open a branch because of the employee strength in the location and across the region.
Lately, HSBC has been on an expansion spree. In May end, it was planning to increase headcount by nearly 300 in the retail wealth management division in Asia by the end of 2019. The company will focus more on Singapore, which will strengthen its presence in Hong Kong and China.
Along with this, the bank aims to increase mortgage market share and expand commercial client base in the U.K. Further, the company intends to build on its market share in transaction banking and deliver mid-to-high single digit revenue growth every year from international network.
Apart from growing the retail wealth management division, HSBC intends to boost its insurance business in Hong Kong, China and Singapore in 2019.
The company’s initiatives to improve its market share, strengthen digital capabilities globally and improve operating efficiency will go a long way in supporting profitability.
In the past three months, shares of HSBC have lost 1.9% compared with 7% decline of the industry .
Currently, HSBC carries a Zacks Rank #2 (Buy).
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