Company Data
| Last traded |
R157.40 |
| Change |
R-3.09 |
| % Change |
-1.93% |
| Cumulative volume |
455,034 |
| Market cap |
R79.87bn |
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London - HSBC Holdings needs to bulk up in Africa to live up to its claim to be "the world's local bank", its CEO said on Friday, a day after Europe's biggest bank was linked to a big South African deal.
"That (Africa presence) is one element of our strategy that doesn't ring to the world's local bank ... At the current time we haven't got more feet on the ground and possibly that's something I need to look into," CEO Michael Geoghegan said.
"It's a part of the world that HSBC's clients are dealing with and we need to be there in a bigger format," he said.
HSBC has declined to comment on a media report on Thursday that it may bid for
Nedbank Group [JSE:NED] in a potential $4.4bn deal.
South Africa is one of six countries Geoghegan has earmarked to grow strongly in the next decade.
"It's geographically well positioned, has high influences from China and India and is the gateway for doing business in Africa," he said.
Speaking in London on the subject of The Changing Global Balance of Power, Geoghegan said emerging markets needed to grab a louder voice in the Group of 20 (G20) leading countries and other global organisations as economic power shifts from west to east.
"You won't make a strong G20 if we are reliant on the G8."
Geoghegan, who moved to Hong Kong from London earlier this year, said he was confident China will not see a property sector collapse, as some fear.
"I don't see a property crash coming in China. There is a need for property, it may be overbuilt in certain areas but that works its way through the cycle.
"I do believe there will be an increase in impairments, in loan defaults in China, but nothing more than you'd expect at this time of the cycle. That's the type of data we're seeing."
He said recent weakness in global financial markets was "a classic bear market" and a loss of investor confidence.
"This is an adjustment going on. When confidence goes, there's volatility. The markets will look for a point of weakness and then move on, and I think you'll see this consistently over the next couple of years," he said.
- Reuters