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HSBC to invest $15-17 bln as strategy swings from shrink to grow

Reuters - UK Focus

LONDON, June 11 (Reuters) - HSBC will invest $15-17 billion in areas including technology and its core Asian markets of Hong Kong and China as it swings from a strategy of cost-cutting to growth, new Chief Executive John Flint said on Monday.

The announcement is Flint's first public indication to shareholders of the strategy he intends to pursue at HSBC, which has struggled to meet its profit goals in recent years after a shrinking of its global empire also cut income.

The bank is targeting a return on tangible equity of 11 percent by 2020, Flint said, and will sustain its dividends at current levels.

“After a period of restructuring, it is now time for HSBC to get back into growth mode," Flint said.

(Reporting by Lawrence White; editing by Jason Neely)