Thailand's best international bank 2023: HSBC
HSBC wins the award for best international bank in Thailand for the third year in a row as it continues to double down on the market and on the broader southeast Asian region.
One way to look at HSBC’s standing and growth in Thailand is by the numbers. Its 2022 revenues jumped 28% year on year, its lending book was up by 16%, its return on tangible equity rose 22% and its adjusted profits before tax increased by an impressive 55%.
In terms of profits before tax (PBT), 2022 was HSBC’s strongest year in Thailand in over a decade. It made HSBC – whose Thai business is led by CEO Giorgio Gamba – the 11th largest bank in the country by PBT. Senior management aim to get to 10th place by the end of 2023.
Such results are thanks to efforts by HSBC’s Thailand team to improve and sharpen the franchise, find underperforming divisions and bring them up to scratch, invest in people and capitalize on the growing opportunities in one of the fastest-growing economies in Asean.
Take HSBC’s Thailand trade franchise as an example. The management has bolstered this business line in the past year by moving over senior executives and by appointing a new head of business development and a new head of services to take the Thai operations to the next level.