HSBC México SA Institución de Banca Múltiple Grupo Financiero HSBC will be focused on organic growth in the coming years with an emphasis on digital banking and consolidation, CEO Nuno Matos said, according to a report by El Economista.
Matos said the bank, which spent $150 million in 2016 and 2017 in digital investment, would continue a path of consolidating the bank's operations and improving its results with a strong focus on retail banking and business banking. He ruled out HSBC México would venture to "inorganic adventures" by trying to acquire other banks and will instead make an effort to improve its existing base.
The executive reportedly said HSBC was not aiming to be Mexico's biggest bank but "the most profitable." Matos also reiterated previous comments per his expectations that the bank's profit will improve by about a third in 2018 on the back of stronger credit growth. "2018 will be another year of strong growth in profits," the CEO said.
