HSBC to double its investment in Asia, West Asia, says CEO

HSBC HOLDINGS EXPECTS to double down on its investment-banking operations in Asia and the West Asia after exiting key businesses in Europe and the US, chief executive officer Georges Elhedery said.

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The bank will focus on debt and other financing activities globally as well as mergers and acquisitions and equity capital markets in Asia and the West Asia, Elhedery said in a Bloomberg TV interview on Tuesday at an HSBC conference in Hong Kong.

The restructuring will save $1.5 billion in efficiency costs and enable the bank to invest in areas where it has more competitive edge to generate "quality" revenue, he said.