(Adds comments from bank executive on the company's interest in acquisitions in Asia.)
By Perris Lee Choon Siong
Of DOW JONES NEWSWIRES
TAIPEI -(Dow Jones)- HSBC Holdings PLC (HBC) will continue to look into acquisitions in emerging markets, and aims to add more bank branches in China in the final months of the year and in 2010, the bank's Asia-Pacific Chief Executive, Sandy Flockhart, said Monday.
"In terms of things that come up in Asia, we are of course interested in seeing things come up...China is obviously one market we are interested in," Flockhart told a small group of reporters in Taipei, where the bank is holding a board meeting. "Generally speaking, the emerging markets...are where we would like to see the bulk of our investments taking place."
HSBC is in advanced talks to buy the retail and commercial banking assets of Royal Bank of Scotland Group PLC (RBS) in China, India and Malaysia, a person familiar with the situation said last month. Flockhart declined to comment on the matter Monday.
In China, where HSBC already has a sizable operation, the bank aims to have 100 bank outlets at the end of this year, and add another 15 to 20 in 2010 if it receives regulatory approval, Flockhart said.
HSBC now has 87 outlets across China, one of the largest networks among foreign banks in the country.
At a separate press conference, HSBC Holdings group Chairman Stephen Green said Monday the lender doesn't plan to follow U.K. rival Standard Chartered PLC's (STAN.LN) footsteps to seek a listing in India.
Standard Chartered said in October it is working with Indian authorities for a listing in the country, possibly in the second quarter of next year.
HSBC in August mandated China International Capital Corp. and Citic Securities Co. (600030.SH) as bookrunners on its planned US$3 billion-US$5 billion Shanghai initial public offering next year.
While HSBC is seeking a 2010 listing, the timing of the deal is still subject to authorities' relaxation of rules. Foreign-controlled companies are currently not allowed to list on stock exchanges in China.
"It'd be our wish that it will occur. The issue is it will all depend on regulatory requirements," Flockhart said. "I don't think we should get too carried away on whether or when it would happen."
-By Perris Lee Choon Siong, Dow Jones Newswires; +8862-2502-2557; perris.lee@dowjones.com