After moving its group chief executive from London to Hong Kong, HSBC is continuing to focus aggressively on opportunities in emerging markets, including India.
Addressing the American Chamber of Commerce in Hong Kong on 27 April, the bank’s group chief executive, Michael Geoghegan, explained the significance of his move to Hong Kong and outlined his vision of a global financial metamorphosis.
In his speech, “From West to East”, Geoghegan stressed the crucial role that Brazil, Russia, India and China (the BRIC countries) are playing in lifting the world from the clutches of the financial crisis. Arguing that the future of financial services rests unequivocally in the East and the South, he also pointed to the emergence of “the new BRICS”, otherwise known as the CIVETS: Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa.
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