HSBC Chief Executive Michael Geoghegan is cautious about "growing too fast" because he fears a second economic downturn that could force further writedowns, he said in an interview published on Monday.
"We have to be very careful we don't grow the balance sheet so far before the recovery has come, only to write it back into the impairment line later on," Geoghegan was quoted as saying by the Financial Times. "I'm cautious about growing too fast."
HSBC (0005.HK) has repeatedly said it will look at opportunities thrown up by the recession, though it remains focussed on organic growth and on emerging markets.
However, an unnamed executive at the bank was quoted by the newspaper as saying HSBC would make mid-sized deals a priority.
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