HSBC Hong Kong Dependence
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.
- According to Bloomberg, "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.
HSBC generates 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.
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