Some analysts believe global banking giant HSBC may consider selling the Bank of Bermuda, according to a report in a British newspaper.

The Daily Telegraph reported on Saturday that HSBC's Bermuda business may be one of several assets that could be put up for sale as the bank aims to focus more heavily on emerging markets.

However, the story contains no comment from representatives of HSBC.

"Although no decisions have yet been taken, it is thought that several HSBC businesses in developed countries could be put up for sale," the Telegraph reported.

"The personal financial services and small business banking operations in France, estimated to be worth about £2 billion, are thought to be on the block. Analysts believe that HSBC's businesses in Malta, Canada, Australia and Bermuda and its regional banking operations in the US could also be put up for sale."

This newspaper was unable to contact a Bank of Bermuda spokesperson yesterday for comment.

The Telegraph reported that HSBC plans to derive 60 percent of its earnings from emerging markets in future.

And the paper added that the bank's chairman Stephen Greenhad raised his targets for emerging markets growth in a strategy update delivered to investors on Friday.

The move comes amid pressure from Knight Vinke, the activist investor that has accused HSBC of a lack of focus and criticised its pay structure. According to the Telegraph, Mr. Green has warned that any business delivering returns on capital below the group average of 16 percent would be placed under review.

On a visit to the Island in 2005, the year after HSBC paid $1.3 billion for the Bank of Bermuda, Mr. Green told The Royal Gazette that the local operation had an important role to play in the company that describes itself as "the world's bank".

"I do see Bermuda, in many ways, as the centre of our international trust business," Mr. Green said two years ago. "It is a natural environment for this business." And in July this year HSBC appeared to strengthen its commitment to Bermuda by selecting its Island-based investments arm to manage one of the largest international funds in the world. HSBC Investments (Bermuda) was appointed as the discretionary investment advisor to the Dublin-based HSBC Global Liquidity Fund (GLF) US dollar classes, thereby increasing the total assets under management in Bermuda to over $21 billion at that time.