Last year, Asia "was once again by far the most profitable region," Chairman Mark Tucker said in a statement.

The plan includes slimming down in some other markets.

HSBC is in talks to sell off its retail banking operation in France, and is exploring options for its US retail division that could include a sale.

The pivot to Asia comes as HSBC's pre-tax profit fell to $8.8 billion last year, a 34% slump compared to the year before.

And the bank on Tuesday said it is aiming to reinstate its dividend "at the earliest opportunity," starting at 15 cents per share.

Adapting to the Covid economy

Like other lenders, HSBC was forced to scrap its dividend last year at the request of UK regulators.