Throughout 2023, HSBC expanded its presence in the mainland Chinese market, strengthening its operations and advancing strategic initiatives across many sectors.
AfE 2024
Its banking network now encompasses more than 50 cities in mainland China. Operating income was up by 6% to Rmb15.85 billion ($2.18 billion) with total assets growing by 3.32% to Rmb616.68 billion.
The year 2023 showcased HSBC’s strength in environmental, social and governance initiatives. The bank launched the Rmb30 billion Green Credit Fund and pioneered the first sustainability-linked panda bonds for Hong Kong corporates in the Chinese onshore bond market. It also bolstered its Greater Bay Area (GBA) Sustainability Fund to $9 billion, supporting clients in transitioning to achieve net-zero emissions within the GBA region.
In line with fostering innovation and supporting the new economy in China, the bank introduced the $3 billion HSBC New Economy Fund in 2023. This fund is dedicated to investing in high-growth, innovative companies that drive economic transformation.
The bank has also expanded its footprint in wealth management through strategic acquisitions and growth initiatives. The acquisition of Citi’s retail wealth management portfolio in mainland China led to a 53% increase in wealth management assets compared to the previous year, accompanied by a rise of over 30% in the total number of wealth management customers.
The bank has also intensified its digitalization efforts. The launch of HSBC ECom Direct in April 2023 enabled sellers in mainland China to collect sales receivables in yuan directly from overseas ecommerce platforms. Additionally, HSBC introduced e-renminbi services for corporate customers, distinguishing itself as one of the pioneering international banks offering such services to both corporate and retail clients.