The Times reported, citing anonymous company sources, that HSBC’s first Japanese branch will open in the upmarket Hiroo district of Tokyo, as part of the group’s plan to target wealthy customers who may be considering overseas investments. The publication added that HSBC has plans to establish a further five branches at selected sites across Japan, including a branch in the Marunouchi central business district.
According to The Times, HSBC has taken a cautious approach to entering the Japanese market. Rumors of the bank’s plans to establish a retail network in Japan have been flying around for many years and the agreement comes after two years of brand-building exercises.
This move also comes as the bank seeks to expand its footprint in the Asian markets. At present, HSBC is in negotiations with Lone Star to acquire a 51% controlling stake in Korea Exchange Bank, which would significantly boost its presence in the South Korean market.
