HSBC may exit from a dozen countries - report

HSBC is reviewing a possible exit from as many as a dozen countries, or one in five of the markets it operates in, to sharpen its focus on Asian expansion, according to a report by Reuters.

The global banking and financial services group's chief financial officer Georges Elhedery told Reuters.

"Some of these will have slower progress than others, and none of them is material enough on its own to change the profile of the overall business, but as we progress through and execute on these assessments, we do expect them to contribute towards that shift to Asia," Elhedery said, declining to disclose which markets were under review or the time frame.

Its Europe and Latin American operations may be under the microscope, Reuters said, with the former recording a net loss in 2022.

HSBC's increasing Asia focus has already triggered planned sales of all or parts of its businesses in France, Greece, Russia and Canada, announced in the last two years.