HSBC is pivoting its future strategy toward Chinese wealth flowing out of the country rather than western capital flowing in. The bank, once a global expansion powerhouse, now markets itself as 'a bet on China outbound' from its Hong Kong base. Executives believe there are 73mn people in China potentially interested in offshore wealth services - a number that has more than doubled since 2022.

This strategy could generate fee income less vulnerable to interest rate movements. However, risks include economic slowdowns affecting wealth creation, crackdowns by Beijing, and potential government influence over the bank. CEO Georges Elhedery has accelerated the rush to Asia, spending over $13bn acquiring full control of Hong Kong-based Hang Seng Bank and splitting operations into eastern and western spheres.

He stated the bank is 'delivering focused, sustainable growth across our four businesses in line with our strategy' and that 'Hong Kong is far from the only opportunity we see.'"\n\n.