'HSBC would consider some Citigroup assets'
HSBC Holdings chairman Stephen Green said the London-based bank would consider buying the ‘right’ assets of Citigroup, as the US bank faces the threat of a breakup or sale.
By Bloomberg |
LONDON: HSBC Holdings chairman Stephen Green said the London-based bank would consider buying the ���right��� assets of Citigroup, as the US bank faces the threat of a breakup or sale.
���It would depend,��� Green said in an interview at the Confederation of British Industry conference in London. ���We have a clear strategy to develop our business with a primary focus on emerging markets, and that means Asia, the Middle East and Latin America,��� he said. ���We will not acquire things that do not fit in with our strategy. Where something fits,��� HSBC would look at it, he added.
HSBC, which gains more than three quarter of its profit in emerging markets, has avoided the funding strain that���s led banks including HBOS to be bailed out by the UK government. Citigroup received $306 bn of guarantees for troubled mortgages and toxic assets from the US government to stabilise the bank. The New York-based bank has $2 trillion of assets and operations in more than 100 countries.
HSBC declined 0.3% to 624 pence in London trading, valuing the company at ��75.5 bn ($113 bn). The shares have declined 26% this year, the best-performer in the six-member FTSE 350 Banks index.
���It would depend,��� Green said in an interview at the Confederation of British Industry conference in London. ���We have a clear strategy to develop our business with a primary focus on emerging markets, and that means Asia, the Middle East and Latin America,��� he said. ���We will not acquire things that do not fit in with our strategy. Where something fits,��� HSBC would look at it, he added.
HSBC, which gains more than three quarter of its profit in emerging markets, has avoided the funding strain that���s led banks including HBOS to be bailed out by the UK government. Citigroup received $306 bn of guarantees for troubled mortgages and toxic assets from the US government to stabilise the bank. The New York-based bank has $2 trillion of assets and operations in more than 100 countries.
HSBC declined 0.3% to 624 pence in London trading, valuing the company at ��75.5 bn ($113 bn). The shares have declined 26% this year, the best-performer in the six-member FTSE 350 Banks index.
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