HSBC Holdings Plc is set to speed up its exit from non-core markets and deploy additional capital in Asia, in a bid to push back against a breakup proposal put forward by its biggest shareholder, two people with knowledge of the matter said.
The outlines of its plan to push back, reported here for the first time, are the result of that review, according to the sources.
But it plans to outline how it will redouble efforts to meet previously announced goals to exit non-core businesses and shift more of its business to Asia, the sources said. That, in practice, could mean ditching more unprofitable clients in countries such as France and Germany, a third source said. Citing people inside Chinese state enterprises and HSBC, Reuters reported last year that Beijing had become disenchanted with the bank over sensitive legal and political issues, from China's crackdown in Hong Kong to the U.S. indictment of an executive at Chinese tech champion Huawei Technologies.
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