HSBC has tightened its grip on the lucrative business of connecting Asian and Western multinationals, as geopolitical tensions drive demand for banks that can navigate both markets. The bank’s 2024 performance demonstrates why it remains the partner of choice for large corporates across key corridors.
“Our clients choose us for our well-diversified financial strength, deep-rooted presence in many of the world’s fastest-growing markets, end-to-end product expertise, unrivalled insights and connectivity to an extensive global network.” said Jo Miyake, HSBC’s head of banking for Asia and Middle East. “Collectively, this uniquely positions HSBC as the preferred international partner for the world’s largest corporates, supporting their cross-border growth aspirations and driving product innovation through today’s increasingly complex macroeconomic environment.”
This bridging role was clear in 2024’s landmark transactions. When Hyundai Motor needed to execute India’s largest-ever IPO at $3.3 billion, it turned to HSBC’s dual expertise in both Korean corporate culture and Indian capital markets. Similarly, the bank’s role in Meituan’s $2.5 billion bond issuance showcased its ability to connect Chinese tech giants with international investors amid continuing geopolitical tensions. These multi-jurisdictional clients represent HSBC’s deepest relationships: international corporate clients average about five times the revenue of domestic clients for the bank.
The bank reinforced its dominance across multiple business lines. In debt capital markets, HSBC secured the number one bookrunner position for APAC (ex-Japan) G3 currency loans. In markets and securities services, it maintained market leadership by revenue while holding a top-three cross-border direct custody position in 16 of 17 markets serviced.
In a fragmenting global financial system, HSBC’s ability to operate fluently across borders, currencies and cultures has never been more valuable
Recognising early shifts in corporate financing needs, HSBC positioned itself at the intersection of technology, sustainability and infrastructure. The creation of a $1 billion Asean Growth Fund specifically targeting new economy businesses demonstrates this forward-looking approach, while its integration of sustainability into mainstream corporate banking has become a key differentiator.
Rather than treating green financing as a separate product, the bank embedded it into core offerings – evident in transactions like the HK$3.65 billion ($465 million) green loan facility it structured as sole global coordinator. The bank’s partnership with IFC to share $1 billion of risk in emerging markets trade finance further illustrates how it’s using its balance sheet to address systemic challenges.
Complementing its capital markets and financing prowess, HSBC significantly enhanced its transaction banking services – crucial infrastructure that large corporates depend on daily. The bank’s investment in digital infrastructure has transformed what was traditionally seen as utilitarian into a strategic differentiator. Real-time payments yielded a 46% year-over-year increase in processed transactions, accelerating trade and business development for customers.
In China, these technological advances took concrete form. The implementation of a new foreign exchange process significantly reduced average transaction times for corporate clients. The launch of corporate digital yuan (e-CNY) services positioned HSBC at the cutting edge of digital payment evolution, offering clients access to China’s rapidly developing central bank digital currency ecosystem.
In a fragmenting global financial system, HSBC’s ability to operate fluently across borders, currencies and cultures has never been more valuable.
