HSBC CEO John Flint has announced plans to invest up to $17bn by 2020 to accelerate growth in Asia and improve technology.

The capital will be mainly used to strengthen the bank’s presence in Hong Kong, China’s Pearl River Delta region as well as grow insurance and wealth management operations in Asia.

At the same time, the bank intends to boost its mortgage market share and commercial customer base, and turn around its US business.

Another key priority of the bank will be to redeploy capital into businesses yielding higher returns.

The bank targets a return on tangible equity of over 11% by 2020, while maintaining dividends at existing levels.

The latest update is Flint’s first public announcement of his plans for HSBC, since he assumed the role of the bank’s CEO four months back.

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By GlobalData

“After a period of restructuring, it is now time for HSBC to get back into growth mode. The existing strategy is working and provides a strong platform for future profitable growth. In the next phase of our strategy, we will accelerate growth in areas of strength, in particular in Asia and from our international network. We will leverage our size and strength to embrace new technologies, investing US$15-17bn primarily in growth and technology, subject to achieving positive adjusted jaws each financial year,” Flint said in an update to investors and analysts.