US and Canadian banks may have had a head start in generative AI, but some European banks are trying to close the gap. Those in charge of harnessing the technology at big banks in Europe say they are gaining confidence in its use: adapting marketing shots to certain client profiles, helping sales managers to sift through product policies and much more.

Key learnings from HSBC, voted by 30,000+ corporates in Euromoney’s Cash Management Survey 2024 as the best cash management provider in the world.

As HSBC retrenches from domestic business on the continent, BNP Paribas steps up its ambition in Europe’s biggest economy – focusing largely on the family-owned Mittelstand.

HSBC continues to develop its market-leading franchise in global non-deliverable forwards (NDF). With operations now spanning 25 key NDF jurisdictions, including Brazil, Taiwan and Korea, coupled with a sales presence in nearly 50 locations and dedicated e-FX sales teams, HSBC provides clients with market colour in local market dynamics.

HSBC has established itself as a leader in the corporate foreign exchange space by continuously developing innovative solutions. The bank provides liquidity across a range of channels and has consistently ranked in the top three on external platforms with a heavy corporate presence.

HSBC has demonstrated robust growth and innovation. It expanded its wealth-management offerings and enhancing support for high-tech and green financing. Its local head is Daniel Chan.

Despite Asia boasting the world’s highest mobile payment penetration rate, digital banks in the region have failed to meet expectations. Traditional banks in many Asian markets no longer view them as serious competitors. What explains this underwhelming performance and are there any exceptions?

Newly onboarded corporate customers at HSBC grew by 21% last year. It introduced Smartserve, which reduces the number of days required to open an account, and Omni Collect, which simplifies the way businesses collect payments.

In 2023, HSBC saw its market share of foreign investment into Malaysia reach 30% of total assets under management, making it the leading custodian and clearing bank for foreign institutional investors investing in country’s capital markets. HSBCnet Get Rate, which provides its Malaysian customers with automatic preferential FX rates, was upgraded to allow 24/7 FX booking for companies with EU and US headquarters.

HSBC grew profit before tax by 188% in 2023 to SLR38.2 billion ($126 million).

HSBC had a good year in India in 2023, with profits up by 19% to $1.51 billion, from $1.27 billion the previous year.

HSBC achieved robust growth in 2023 with net profit growing 26% to total $566 million, with growth coming from its commercial, wealth and personal banking businesses.

Throughout 2023, HSBC expanded its presence in the mainland Chinese market, strengthening its operations and advancing strategic initiatives across many sectors.

HSBC introduced initiatives to tackle parental leave, diversity in its hiring process and to improve support for its transgender employees in Hong Kong last year.

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. HSBC Group’s market 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.

HSBC helped Singaporean companies like Next Gen Foods and Multiplier Technologies expand overseas in 2023. It also scaled up its support for local businesses expansion in the region by introducing a $1 billion ASEAN (Association of southeast Asian Nations) growth fund for digital platform businesses and a $150 million venture debt offering aimed at scaling high growth companies.

HSBC is a powerhouse in sustainable finance in Asia: a multiple winner of this award and for good reason.

The bank has become a global payments powerhouse, delivering innovation and outperformance.

With a chief executive pushing sustainable finance from the very top, HSBC is leading from the front in the global banking industry’s response to the climate emergency.

HSBC wins the award for western Europe’s best bank for transaction services thanks to the delivery of an impressive range of services to corporate treasurers that the bank has developed over years of heavy investment.

HSBC was the standout candidate in this award this year, dominating transaction banking in Asia.

For HSBC, 2023 was an important year at its UK ring-fenced bank. This delivered its strongest set of results since it was created in 2018, with revenue coming in 36% higher than in 2022. That was in part thanks to higher rates and fat net interest margins, but also to key strategic decisions, such as to make growing market share in mortgages a priority.

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.

For the second year in a row, HSBC walks away with the award for Asia’s best bank – and deservedly so. Outgoing chief executive Noel Quinn’s decisive move in early 2020 to pivot to Asia by redeploying $100 billion in risk-weighted assets has delivered, generating strong new income streams and squeezing more gains from key product lines such as wealth management and transaction banking.

Public-sector clients had to tackle rising rates and geopolitical uncertainty in 2023, while undergoing fundamental restructuring in their sector. HSBC was instrumental in guiding them through the uncertainty.

HSBC’s choice of a new CEO to replace Noel Quinn was long flagged. Elhedery’s fortune is to be handed the reins of power in an extended period of calm for the UK lender, which benefited immensely from Quinn’s calm stoicism. But deteriorating Sino-US relations mean that turbulence for the London- and Hong Kong-listed lender is sure to return.

The bank is targeting the often-overlooked service sector with structured solutions, along with identifying embedded finance as a fast-growing segment. With the launch of Global Trade Solutions, it goes beyond traditional product offerings and financing.

Though HSBC retrenched from other Latin American markets, it stayed in Mexico, and country chief Jorge Arce says that the bank is well-positioned to take advantage of the nation’s unique blend of structural growth drivers.

HSBC Saudi Arabia is named Saudi Arabia's best international Islamic bank this year, reflecting its strong performance across capital markets, where it took leading roles in some of the most important regional transactions.

HSBC Amanah has reinforced its position as the leading Islamic banking institution in Malaysia this year with robust financial performance and innovative product launches. The bank secures is name as the best international Islamic bank in the country as a result.