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China is the place to invest for HSBC, the group's Asia Pacific CEO, Sandy Flockhart, told CNBC.
He said the financial giant has confidence in China's economic power, and is continuing to invest in the world's third biggest economy.
HSBC plans to list its shares on Shanghai’s stock market, though the timeframe has not been set yet. Flockhart said the listing was in the best interest of shareholders.
“It’s a highly liquid market,” he added. “We have significant business in China. We are growing very strongly there. I think it will be a good thing for international companies equally to have the ability to list in China, which is going to be one of the big stock markets of the future.”
HSBC’s push into China comes at a time when a majority of the bank’s rivals are pulling back. Flockhart believes this is due to the fact that banks with government support have had to sell off their assets in China, unlike HSBC.
“We had a gain of US$9 billion in value of these (China) investments,” he said. “That’s very significant and shows how good these investments are both in the future and how well they have done today.”
HSBC shares rose Wednesday after the bank declared the first improvement for three years in losses on U.S. consumer credit.
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