HSBC builds up China green finance, bonds teams in funds push after President Xi Jinping targets ‘carbon neutrality’ by 2060
- Climate transition has also become a pressing issue for domestic Chinese firms after President Xi Jinping said China would reach “carbon neutrality” by 2060
- HSBC will make key investments in its asset management arm in China this year, including launching new teams dedicated to green assets and fixed income
HSBC is building up its green finance and bond teams in China to meet surging demand, two sources with knowledge of the matter told Reuters, as Europe’s biggest bank presses on with expansion in the country despite geopolitical tensions.
HSBC chairman Mark Tucker met with Chinese regulatory officials in Beijing last week to help pave the way for the bank to accelerate growth in China, including in the country’s fast-growing $3.9 trillion fund market.
Tucker told officials an “ice-breaking” spirit adopted by British businesses historically would help the UK and China overcome challenges and geopolitical tensions, a bank statement published on Wednesday said.
HSBC has committed to bolstering its money-spinning Asia business and shedding underperforming units elsewhere, after coming under pressure from its biggest Chinese investor Ping An Insurance to prioritise the region.
HSBC will make key investments in its asset management arm in China this year, including launching new teams dedicated to green assets and fixed income, the first of the two sources and a third source with knowledge of the matter said. The sources did not put a figure on the investments.