HSBC's Green Not Considering Japanese Acquisitions
HSBC is not considering acquisitions in Japan and will instead focus on growth by itself as it rolls out retail banking in the world's second-largest economy, HSBC Chairman Stephen Green said on Thursday.
Green also said there is room for as many as 35 HSBC branches in Japan over the mid to long term.
HSBC, Europe's largest bank, plans to open its first retail branch in Japan in January and is one of several large financial firms jostling for a piece of Japan's estimated $13 trillion in household financial assets.
"Our expansion strategy in Japan is focused essentially on organic growth," Green said at a news conference.
"There is no need to contemplate acquisitions as part of developing our business."
HSBC plans to target Tokyo, Osaka and other large Japanese cities, looking to tap into the millions of people regarded as "mass affluent."
About 6.3 million people in Tokyo and Osaka fall into that category, the bank estimates, meaning they have at least 10 million yen ($86,270) in liquid assets.