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Report: HSBC HOLDINGS Seeks to Balance Reliance on HK and Other CN Biz, May Establish 2nd Regional Base in SG
2026-11-12 09:05:48 HSBC HOLDINGS (00005.HK) has been evaluating various ways to diversify risks in its Asian business operations, seeking to reduce reliance on China-related businesses, including the Hong Kong SAR market, while granting greater independence to its Singapore operations, Bloomberg, citing sources, reported. Hong Kong contributed 40% of HSBC HOLDINGS's pretax profit in the first half of the year. Sources said the group has internally discussed multiple options to provide greater autonomy to its Singapore business under a plan code-named "Project Sirena". HSBC HOLDINGS purportedly plans first to consolidate its key banking operations in Singapore into a single entity over the next few years. The next step may involve placing other regional businesses under the Singapore subsidiary, with the ultimate goal of establishing a second regional base outside Hong Kong. However, discussions are still ongoing and no final decision has been made regarding the future direction. Given the group's extensive operations in Greater China and concerns about provoking regulators, the group is also inclined to proceed cautiously. ~ AASTOCKS Financial News Website: www.aastocks.com | |