HSBC’s tilt to southeast Asia to capture the many opportunities in the region started to take shape a few years ago, but has built up steam over the past 12 months. The appeal is obvious: southeast Asian economies are growing, there is a burgeoning group of high net-worth clients, and there are plenty of smaller companies eager to finance the next stage of their development.
Singapore is the centre that connects the different southeast Asian markets, and HSBC serves as one of the key conduits for finance in the region. That is why the bank takes three of Asiamoney’s Singapore awards this year: best international bank, best corporate bank and best for digital solutions.
First, the numbers. HSBC Singapore, led by chief executive Wong Kee Joo, reported a 48% increase in revenues in the 2022 financial year to $1.96 billion, while profits before tax rose 72% to about $820 million. The bank easily beats its domestic and international peers in the city-state on both fronts.
This performance is not only due to the higher interest rate environment, but also to the combination of the bank’s strong customer acquisitions across all the important business lines, its active alignment of its operations with the government’s priorities, and a clear focus on digital growth, wealth and environmental, social and governance (ESG) principles.
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