Best bank
HSBC
Best equities house
UBS
Best debt house
HSBC
Best M&A house
Morgan Stanley
HSBC dominates Hong Kong?s banking market. Even excluding subsidiary Hang Seng Bank, HSBC is the largest bank in the debt market, the largest provider of trade services, largest in Hong Kong cash management and payment services, and the largest sub-custodian and fund administrator. Over 70% of Hong Kong?s adult population holds an account with HSBC.
Despite its size, HSBC increased operating profit from Hong Kong in 2003 and grew its loan book by 8.3%. In its personal financial services division, structured products grew by 91%, and open-ended fund sales by 78%. Its credit card business also grew strongly, with the loan book up 16%. The life insurance business enjoyed a 71% increase in new regular premiums and the bank receives an average of HK$700 million ($90 million) a month in new Mandatory Provident Fund contributions.
With the equity markets coming back strongly in late 2003 and early 2004, it proved to be a busy period for Hong Kong?s investment bankers. UBS led the way with a continued leading market share in the secondary market in Hong Kong and an impressive performance in capital raising.