HSBC Holdings (0005.HK) (HSBA.L) plans to expand its business in China, the world's second largest economy, by adding more than 1,000 jobs to its R&D centers this year.
HSBC is Europe's largest bank by assets. Darryl West, the bank's chief information officer, said that this year, the number of employees in science and technology centers in Guangzhou, Shanghai and Xi'an would increase by 14% compared with the current 7,000 people.
In recent years, HSBC has spent $3 billion annually on the group's technology operations, and West says it plans to spend $3 billion to $3.5 billion annually over the next few years. HSBC's global technology operations employ about 40,000 people.
HSBC's announcement of its expansion plan for China, a key market, comes at a time when technology is becoming more widely used in the financial sector, covering everything from payments to transactions.
China is an important financial market with a growing customer base, which is related to the share of retail and corporate banking businesses worth billions of dollars.
"In mainland China, we have great potential in technology. China is ahead of other markets in technology adoption and innovation. West told reporters during a trip to Guangzhou last week.
"Mainland China is our huge talent pool, not only for the local market, but also for our global technology operations. We are recruiting a lot here. He added.
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