Singapore's best international bank 2022: HSBC
HSBC’s Singapore franchise has really come into its own in the past few years, signalling to rivals that it’s no longer a Greater China one-trick pony, but a bank with a broad geographical footprint, including a booming Singapore and southeast Asia business.
HSBC Singapore, run by chief executive Wong Kee Joo, is impressive on many fronts. The bank recorded a 27% year-on-year growth in profits before tax in 2021, and 4% growth in annual revenue. It’s strong across investment banking and capital markets, as well as wealth management and ESG, and has strengthened and transformed its digital footprint in recent years.
What makes HSBC Asiamoney’s best international bank in Singapore this year is the way the senior management has focused on areas that are in line with government priorities.
One key element is the government’s ambition to make the city-state an international wealth hub. HSBC, too, wants to be the bank of choice for customers’ international wealth, insurance and business needs.
To that end, HSBC announced the acquisition of Axa Singapore for $529 million in August 2021 and completed it this February.