Nov. 24 (Bloomberg) -- HSBC Holdings Plc Chairman Stephen Green said the London-based bank would consider buying the “right” assets of Citigroup Inc., as the U.S. bank faces the threat of a breakup or sale.

“It would depend,” Green said in an interview at the Confederation of British Industry conference in London today. “We have a clear strategy to develop our business with a primary focus on emerging markets, and that means Asia, the Middle East and Latin America,” he said. “We will not acquire things that do not fit in with our strategy. Where something fits” HSBC would look at it, he added.

HSBC, which earns more than three quarters of its profit in emerging markets, has avoided the funding strain that’s led banks including HBOS Plc to be bailed out by the British taxpayer. Citigroup today received $306 billion of guarantees for troubled mortgages and toxic assets from the U.S. government to stabilize the bank. The New York-based bank has $2 trillion of assets and operations in more than 100 countries.

Operations in emerging markets “are an area Citigroup may be reluctant to sell as it’s one of the few areas that will generate growth in the next few years,” said Julian Chillingworth, chief investment officer at Rathbone Brothers, who helps manage $21 billion, including shares of HSBC.

HSBC rose 3.8 percent to 650 pence in London trading, valuing the company at 79 billion pounds ($120 billion). The shares have declined 23 percent this year, the best-performer in the six-member FTSE 350 Banks index.

To contact the reporters on this story: Jon Menon in London at jmenon1@bloomberg.netMatthew Brown in London on mbrown42@bloomberg.net

Last Updated: November 24, 2008 11:54 EST