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HSBC is pushing even harder into Asia and wants to bring back its dividend

February 23, 2021. Summarized by summa-bot.

Compression ratio: 44.7%. 1 min read.

HSBC is pushing even harder into Asia as the bank seeks to shore up its business in the wake of the coronavirus pandemic and ongoing tensions between the United Kingdom and China. It's also bringing back its dividend, a sign that it's optimistic about its ability to navigate the year ahead.

Hong Kong (CNN Business)HSBC is pushing even harder into Asia as the bank seeks to shore up its business in the wake of the coronavirus pandemic and ongoing tensions between the United Kingdom and China.

The bank — which is still headquartered in London even though it makes most of its money in Asia — told investors on Tuesday that it is planning to "step up" its investments in the region by about $6 billion.

HSBC (HSBC) has outlined greater China, southeast Asia, and India as the "key drivers" of its future growth.

Last year, Asia "was once again by far the most profitable region," Chairman Mark Tucker said in a statement.

The continued focus on Asia came as HSBC announced that its pre-tax profit fell to $8. 8 billion last year, a 34% slump compared to the year before.

And the bank on Tuesday said it is aiming to reinstate its dividend "at the earliest opportunity," starting at 15 cents per share.

Like other lenders, HSBC was forced to scrap its dividend last year at the request of UK regulators.

HSBC's stock rose 2. 2% in Hong Kong on Tuesday before pulling back somewhat.

This week, for example, the Financial Times reported that HSBC would shed its US retail banking network.

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