Awards of Excellence
Asian regional awards
Best Bank & Best Debt House: HSBC
Best Equity House: Citi
Best M&A House: Morgan Stanley
is the best bank in Hong Kong, with a lead over its nearest competitors that is unassailable. HSBC dominates banking in the territory in every facet of business. Even in its traditionally weak investment banking business, HSBC fares well in Hong Kong given its embedded relationships in government and industry. In the latest financial year, HSBC increased net operating income by 12% and pre-tax profit by 11%, an impressive performance given the bank’s existing size. The bank’s cost-efficiency ratio was 41.4% and return on average equity 31.1%.
HSBC’s retail division in Hong Kong increased gross profit by 15% in 2006. By the end of the fiscal year, the bank’s deposits stood at $73 billion, outstanding consumer finance assets were $2.15 billion, credit card assets were $2.8 billion and mortgages were $12.75 billion. What makes HSBC’s dominance of Hong Kong’s banking sector even clearer is that these figures exclude any contribution from subsidiary Hang Seng Bank.