Prepared for g t. | Delivered August 26, 2019
HSBC Hong Kong Dependence
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To understand how important HSBC is to the people and/or entities based in Hong Kong in order to understand how the bank could be affected by the current political climate in the region.
Hong Kong is arguably
HSBC's most important
market in the world despite the fact that the company's headquarters is in China.
Few if any of the world’s
largest financial companies dominate a single market quite like HSBC does in Hong Kong, a city of 7.5 million people that accounted for roughly 60 percent of the bank’s pretax income in 2018. "
HSBC’s PayMe mobile wallet has more than
1.5 million users
in Hong Kong.
more than half
of its pretax profit from Hong Kong.
HSBC is the
biggest mortgage lender
in Hong Kong for the last two years.
In addition, "
HSBC owns about 60 percent
of subsidiary Hang Seng Bank Ltd., has the biggest share across all major banking businesses in Hong Kong,"
The bank was the
first bank to publicly speak
out about the unrest in Hong Kong, putting public adverts on local media. This shows how important the city of Hong Kong is to HSBC.