HSBC Holdings will invest more in Hong Kong’s wealth-management sector, redirecting USD1.5bn from low-return markets as it restructures to cut costs and expand in its most profitable region. The bank is scaling down investment banking and capital markets activities in the US, UK, and Europe, while planning to sell its private bank in Germany and its insurance business in France. CEO Georges Elhedery said Hong Kong is positioned to become the world’s largest cross-border wealth hub, reinforcing its role as a global financial centre. The move aligns with HSBC’s 2% rise in 2024 net profit, as it shifts focus to high-growth markets in Asia. The bank aims to strengthen its wealth offerings to capture growing demand in the region.