China's market turmoil poses hurdle for HSBC's Asia push

London

JUST as Stuart Gulliver's effort to revive HSBC Holdings Plc's profit is showing signs of paying off, China's market turmoil is threatening to undermine it.

The lender posted a 10 per cent increase in first-half profit on Monday, helped by a surge in income from Asia. HSBC also announced the sale of its money-losing Brazilian unit for US$5.2 billion, US$1 billion more than analysts had anticipated, and is preparing to follow that with the disposal of its Turkish unit.