An IMGW News Report
Sir Mark Tucker, chair of HSBC, has warned that the era of globalisation as traditionally understood may be drawing to a close. Addressing delegates at the bank’s Global Investment Summit in Hong Kong, Tucker said rising trade and geopolitical tensions have introduced a level of uncertainty that poses a “serious potential risk to global growth”.
“the Brics grouping—comprising Brazil, Russia, India, China and South Africa, and now expanded to include Iran, the UAE, Egypt, Ethiopia and Indonesia—is building parallel institutions that could reshape global flows in energy, finance and technology”
The HSBC chair argued that the world is undergoing a “period of deep and profound change”, with economic priorities shifting away from global supply chain optimisation towards more regionalised models. While this does not herald an outright retreat from global engagement, Tucker suggested a redrawing of economic alliances is under way, with trade blocs and political groupings—such as the Brics-plus nations—emerging as more prominent actors on the global stage.
Tucker’s remarks come as HSBC continues to recalibrate its operations along geographical lines, with a sharper focus on Asia and the Middle East. The bank, a dominant force in global trade finance, is positioning itself to benefit from stronger economic connectivity between emerging markets.
He noted that the Brics grouping—comprising Brazil, Russia, India, China and South Africa, and now expanded to include Iran, the UAE, Egypt, Ethiopia and Indonesia—is building parallel institutions that could reshape global flows in energy, finance and technology. These developments, Tucker suggested, are indicative of a future in which emerging economies foster tighter integration and seek a greater collective voice in global governance.
Although he stopped short of declaring globalisation dead, Tucker made clear that its next iteration will be more fragmented, multipolar, and shaped by geopolitical realities rather than by the pursuit of efficiency alone.
