In 2023, HSBC further solidified its position as Hong Kong’s best bank. Under the leadership of Luanne Lim, HSBC Hong Kong’s chief executive, the bank’s profit before tax soared to $10.7 billion, representing 80% year-on-year growth and contributing 35.3% to the group’s overall pre-tax profit.
AfE 2024
The bank’s market penetration is unrivaled, with one in two banking customers in the territory using HSBC as their main bank and eight out of 10 millennials banking with HSBC. Despite its significant size, HSBC has demonstrated remarkable agility in adapting to the digital age. Its e-wallet, PayMe, now boasts a customer base of 3.1 million and a merchant outlet base of 63,000, further strengthening its leadership in digital payments.
The bank’s commitment to innovation and customer-centric services is evident in its mobile app, which rolled out an impressive 387 features in 2023, earning it the distinction of being the most feature-rich banking app in the market.
HSBC’s dominant position extends to trade finance, where it commands a 25.7% market share in Hong Kong. It has also made significant strides in the capital markets. The bank managed M&A deals with a total value of $20 billion over the past year. HSBC has also achieved top-tier positions in syndicated loans, debt capital markets and equity capital markets, showcasing its versatility and expertise across diverse financial products.