HSBC share price: Group looks to revamp Asia equities

Asia-focused lender makes hires from rivals

HSBC share price: Group looks to revamp Asia equities

HSBC Holdings (LON:HSBA) has made a slew of hires from rivals including Goldman Sachs, Bloomberg has revealed. The move comes with Europe’s biggest bank looking to revamp its equities business in the Asia-Pacific region and expand a nascent majority-owned securities venture in China.

HSBC’s share price has fallen into the red in London this morning, having given up 0.84 percent to 789.30p as of 08:53 GMT. The stock is underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.12 percent higher at 7,772.46 points. The group’s shares have added more than 17 percent to their value over the past year, as compared with about a 6.5-percent rise in the Footsie.

HSBC looks to revamp Asia equities

Sources with knowledge of the matter told Bloomberg yesterday that HSBC had recently made several hires from rivals, including Michael Parry, who joined from Goldman Sachs as a director focused on Asian equity sales, Liu Kang, who was at Goldman Sachs’ Chinese partner Beijing Gao Hua Securities Co, and Jimmy He, who joined HSBC’s equity sales team from China International Capital Corp.

The newswire notes that the Asia-focused lender has been rebuilding its global equities operation since appointing Hong Kong-based Hossein Zaimi to run the business early last year. A key part of the push is the China joint venture, based in Guangdong’s financial free-trade zone of Qianhai, which was approved by Chinese authorities in June.

Analysts on Asia-focused lender

As of January 6, the consensus forecast amongst 23 polled investment analysts covering HSBC for the Financial Times advises investors to hold their position in the company. According to MarketBeat, the blue-chip lender currently has a consensus ‘hold’ rating and an average price target of 706.05p.

As of 09:20 GMT, Friday, 12 January, HSBC Holdings plc share price is 789.40p.

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