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-----Original Message----- From: MeLinda MeLisa <[email protected]> Sender: [email protected] Date: Sun, 28 Nov 2010 01:16:12 To: <[email protected]> Reply-To: [email protected] Subject: [StockForex] HSBC Eyes Australian Expansion HSBC Eyes Australian Expansion SYDNEY—HSBC Holdings PLC, Europe's biggest bank by stock-market value, will beef up its corporate-finance business in Australia, part of a strategy to increase its presence in an economy booming on the back of Asia's demand for commodities, the lender's local chief executive said. "There's a lot of interest in good corporate fundamentals coming out of Australia," Paulo Maia, HSBC's Australia head, said in an interview with The Wall Street Journal. A greater emphasis in Australia comes as HSBC and other international lenders search for low-risk opportunities outside more traditional markets in the U.S. and Europe, which are recovering more slowly than Asia from the global financial crisis. Asia accounts for more than half the bank's total earnings. The bank plans to hire for its Australian debt capital markets team as well as expand its onshore leveraged acquisition and loan syndication operations, said Mr. Maia, who was previously deputy chief executive of the European bank's Brazilian business. HSBC particularly wants to tap into the growing market for leading local corporations and banks to borrow money offshore. Already this year, the volume of nonbank corporations issuing foreign-currency debt has grown by 35% to 13.97 billion Australian dollars (US$13.71 billion) split across 26 deals, according to Dealogic. HSBC's first-half pretax profits from Australia grew 28% compared with a year earlier to A$152 million. Still, that's a slower rate of growth than seen at local rivals, including Commonwealth Bank of Australia, which in the same period recorded a 37% jump in pretax profits. Compared with its Australia rivals, HSBC has a relatively small retail-branch network in the country. But Mr. Maia rulef out buying a smaller local bank to build its presence in big urban centers like Sydney, Melbourne and Brisbane. "We haven't been able to identify any bolt-on acquisitions that would make sense for us," he said. "We want to play on the mass affluent; we don't want to go too much downmarket." HSBC's enthusiasm for Australia comes as the bank remains locked in a war of words with the British government over the rising cost of basing itself in Europe. The bank's outgoing CEO, Michael Geoghegan, and his successor, Stuart Gulliver, have warned separately that new rules proposed to curb pay in the financial-services industry are putting it at a disadvantage to its U.S. rivals in international markets. From The Wall Street Journal - WSJ.com By Market Talk via News - . http://marketpin.blogspot.com/ ------------------------------------ ## StockForex ## _________________ ::Forum:: All about Forex and Stock Trading ; all currency pairs. All Major World Indices, Asian Stock Index. and Individual/single stock. We're not goin' anywhere Well, it's all right here. Enjoy it !! :) _________________ http://finance.groups.yahoo.com/group/StockForex Yahoo! Groups Links ------------------------------------ Kunjungi situs http://www.info-saham.com untuk informasi seputar saham. SEMUA POSTING DI MILIS INI TANGGUNG JAWAB PENGIRIM EMAIL DAN BUKAN ADMIN MILIS. SEMUA POSTING DI MILIS INI BUKAN UNTUK MENGAJAK MEMBELI ATAU MENJUAL EFEK. SETIAP KEPUTUSAN INVESTASI MENJADI TANGGUNG JAWAB PIHAK PEMILIK INVESTASI ATAU PEMILIK MODAL. [email protected] untuk berhenti dari milis saham [email protected] untuk bergabung ke milis saham Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/saham/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/saham/join (Yahoo! ID required) <*> To change settings via email: [email protected] [email protected] <*> To unsubscribe from this group, send an email to: [email protected] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
