Hong Kong's best domestic bank 2023: HSBC
HSBC has shown great improvements in performance, strategic product and service delivery, and in adaptability to changing market conditions – and therefore emerges as the best domestic bank and best investment bank for Hong Kong in this year’s Asiamoney awards.
The bank reported a 10% year-on-year increase in Hong Kong profit before tax, contributing 35.4% to the overall group profit before tax. Despite the pandemic, HSBC has proved resilient and adaptable, leading in retail net promoter score (a metric used to measure brand loyalty), card spending, trade finance, life insurance annualized new premiums, and total remittances in the Greater Bay Area (GBA) Wealth Management Connect (WMC).
HSBC's commitment to the community is also evident in its donation of over HK$170 million ($21.7 million) to pandemic relief efforts.
The bank – led by Luanne Lim, chief executive, Hong Kong, HSBC – has enhanced its wealth product offerings, leveraged its international connectivity and bolstered its GBA propositions, underpinning its competitive edge in a tough market. Plus, HSBC’s commitment to digitalization and operational capabilities has not only driven productivity, but also improved customer experience.