HSBC CEO Noel Quinn discusses Hong Kong's economic developments and the bank's performance. He highlights HSBC's significant growth in the wealth management and insurance sectors in Hong Kong in 2023. With a record profit of over $30 billion in 2023, HSBC attributes this success to the commitment of its employees and the loyalty of its customers, particularly during the Covid-19 crisis. The bank continues to invest actively in Asia, making strategic acquisitions such as Citibank's wealth management business in mainland China, an AXA insurance company in Singapore, and an asset management business in India.

On the subject of HSBC's assets in Russia, Quinn confirmed that the bank was finalising the sale, having received the necessary regulatory approval. On China, he expressed HSBC's ambition to strengthen its presence in wealth management, including insurance, asset management and private banking, highlighting HSBC's strong performance in China with profit growth of 9% in the previous year.

Quinn also discusses the changing dynamics of global trade, saying that we are seeing a regionalisation of trade rather than deglobalisation, with growing opportunities between the Middle East and Asia. He concludes by affirming HSBC's confidence in the Chinese economy, anticipating continued growth and emphasising the importance of urbanisation as a long-term growth driver for China. HSBC therefore remains committed to China's long-term growth potential, aligned with its ongoing economic transition.

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