The chief executive for London-based bank HSBC said the concern plans to build its insurance business significantly in the future as it continues to search for new growth opportunities.
Michael Geoghegan, group chief executive of HSBC, made his comments during the Morgan Stanley European Banks and Financials Conference in London yesterday.
Mr. Geoghegan said that while the bank has “a very low footprint in insurance,” the bank's chief executive of insurance, Clive Bannister, is “taking up the challenge” to build a “significant insurance and wealth management business” across the bank's financing in commercial and personal banking.
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