HSBC plans to hire in the region of 1,000 new employees to support the growing demand for financial services in China, the fastest growing major economy, reports moneycontrol.com.
Speaking to journalists in Shanghai following the opening of the group’s latest sub-branch, Michael Smith, president and chief executive HSBC’s Asian unit, said he expects to employ a further 1,000 staff by the end of the year, taking total employee numbers in China to 5,000.
The UK-based group’s progress could be slowed by current legislation that restricts the number of branches foreign banks can open there each year – currently standing at one per year.
According to reports by Chinese business newspaper The Standard, Douglas Flint, HSBC finance director, said acquisition opportunities are limited, which shifts the bank’s focus to organic growth.
When we look at the opportunities that might exist in the market to acquire portfolios or even institutions, they seem expensive. Therefore, we’ve been putting money to work in organic expansion, Mr Flint noted.
HSBC now operates 23 branches in mainland China.