HSBC may be cutting back in emerging markets that it sees as non-strategic. But in those it deems strategic, it is beefing up.
On Thursday it announced plans to buy the UAE-based onshore retail and commercial operation of Lloyds, the British bank which is under some pressure to bolster its balance sheet. It’s not a big deal by world banking standards, involving gross assets of just $769m. But when it comes to implementing a strategy every little bit helps, for both HSBC and Lloyds.
HSBC said the business it was buying from Lloyds had about 8,800 personal and commercial customers and a loan book of approximately $573m as of 31 December 2011.
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