The private banking division of HSBC (LON: HSBA) have given shareholders a positive update, as the firm saw double digit asset and revenue growth spawned from strong Asian business.

Shares of HSBC are trading at 587p (+0.81%). 27/11/19 10:50BST.

The firm said that they are aggressively pursuing double digit growth in client assets and revenues, following a surge in Asian wealth, according to Reuters.

Antonio Simoes, the divisions chief executive said that the bank aims to increase its presence in the Asian markets, with an emphasis on China.

“The strategy to achieve double-digit asset and revenue growth is working,” said Simoes, who assumed his role in January. “And as part of that, Asia is by far the region that is growing the most.”

The global banking sector has appeared to be in decline, as both HSBC and Lloyd’s (LON: LLOY) saw declines in their third quarter profits.

Additionally, Deutsche Bank (ETR: DBK) have also fallen victim to tough trading conditions, and reported a third quarter loss.

The FTSE100 (INDEXFTSE: UKX) listed global bank however does seem to have made a recovery in its private banking division which will appease shareholders.

In Asia, there has been higher economic growth, rising wages and a thriving business enterprise mindset which has allowed HSBC to grow, following both operational and structural changes in their global strategy.

Assets managed by HSBC’s private banking unit rose 9.4% in the first nine months of 2019 to $338 billion (£263 billion), while revenue rose 4.6% versus the same period a year earlier to $1.4 billion. The unit is the smallest contributor to group revenue at 3%.

Asia accounts for 42% of HSBC’s total private banking assets, making it the single largest market and accounts for the biggest share of the banks overall revenue.

Despite political tensions and ongoing feud in Hong Kong, HSBC have said that they will not let this battle of political and geographical sovereignty affect business.

“Our third-quarter results showed very resilient performance for Hong Kong against the backdrop of what’s happening,” he said. “From a private banking perspective, we continue to have targets for Hong Kong that are very ambitious.”

HSBC’s private banking growth plans come as interim CEO Noel Quinn reviews the lender’s worldwide businesses as part of an audition for the full-time role under Chairman Mark Tucker.

“Going forward, we want to be bigger in onshore China and we are looking at how to do that as regulations change,” Simoes said.

“If you take a 10-year view, we will need to be bigger in onshore China.”

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