Shares of Europe’s largest bank, HSBC, could climb after the company said current AIA chief Mark Tucker will take over as chairman, with its Hong Kong listing potentially hitting 70 Hong Kong dollars per share, one analyst told CNBC.
By noon HK/SIN, HSBC shares in Hong Kong were 2.22 percent higher at 64.4 Hong Kong dollars per piece, outperforming the Hang Seng Index that was up 0.89 percent. Shares of insurance firm AIA went the opposite direction to trade 2.78 percent down at 48.9 Hong Kong dollars.
“Now, with this new perspective, I think the bank would go up a little bit more to 70 dollars, I think investors should hold. For buying, if it’s below 63 dollars, I think investors should get into this stock,” Jackson Wong, executive director at Huarong International Securities, said on CNBC’s “Street Signs.”
“I think this is great news for HSBC. With Mark Tucker on board, it’s good to bring some new energy. We know AIA is a very aggressive company in Asia and they have been achieving high growth for a very long time… Mark Tucker has the Asia know-how, he knows how to do business in Asia so I think this is good.”
