TOKYO : British-based bank HSBC plans to open up to 35 branches in Japan targeting wealthy individuals but has no plans for acquisitions there as part of its expansion, chairman Stephen Green said on Thursday. HSBC plans to make its long-awaited entry into Japan's retail banking sector early next year with a nationwide network of branches, aiming to tap growing demand for tailor-made financial services from an ageing population.
"We think that there's room over the mid to longer term for something like 25 to 35 branches," Green told a press conference, describing the entry into Japan as "a journey rather than a sprint".
HSBC is aiming to lure high income customers away from the Japanese banks and vie with US financial giant Citigroup which is expanding its Citibank network in the world's second-largest economy.
HSBC will open branches in Tokyo, the western city of Osaka and other major metropolises targeting some of the estimated 6.3 million "mass affluent" in Japan with liquid financial assets of at least 10 million yen (US$86,700).
Green said that the British banking group planned to focus on building its own branch network and was not planning any acquisitions in Japan.
"Our expansion strategy in Japan is focused essentially on organic growth. There's no need to contemplate acquisitions as part of developing our business," he said.
HSBC already has a presence in Japan mainly focusing on corporate financial services. - AFP/de
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