HSBC Holdings PLC said Wednesday it plans to open seven branches and hire 270 people in Japan by the end of 2008.
The London-based bank, which earns almost half its pretax profit in Asia, is seeking a share of the $14 trillion in financial assets held by individuals in Japan. HSBC will compete with Citigroup Inc., the largest overseas bank with a retail presence here and which plans to double its branch network within several years.
HSBC Chairman Stephen Green said Sept. 20 that the bank, Europe's biggest by market value, aims to open as many as 35 branches in Tokyo, Osaka and other large cities. It said last month it obtained approval from the Financial Services Agency to open an office in the Hiroo district in central Tokyo, home to 12 embassies.
The bank also plans to open an outlet in the Akasaka business district.