HSBC says Asia M&A to focus on China, emerging markets

HSBC Holdings, Europe's biggest bank, will focus its Asia acquisition strategy on China and other expanding markets, Sandy Flockhart, chief executive of Hong Kong and Shanghai Banking Corp said on Monday. "We will be the largest international bank in China," the chief executive told reporters in Taipei. "We will continue to invest in China in 2010." HSBC aims to increase the number of its branches in China by 15-20 next year, and to have 100 branches by the end of 2009. HSBC said recently it would go to a dual-headquarters system in Hong Kong and London to emphasise the importance the bank places on Asia going forward. Last month, the bank said it was swinging its power base back to its place of birth 144 years ago by moving its chief executive to Hong Kong.