Best bank 2025: HSBC
For the third year in a row, HSBC claimed Hong Kong’s best bank title. As the city’s largest financial institution, HSBC continues to play a pivotal role in strengthening Hong Kong’s position as Asia’s leading financial and innovation hub, linking China, the broader region and the world.
As Hong Kong’s traditional lending sector faced pressure, HSBC accelerated digital adoption, launching over 400 features and growing monthly app users 20% to 2.2 million. Its mobile onboarding service enabled mainland Chinese clients to open accounts remotely. In 2024, HSBC reached a milestone of 6 million active retail banking customers in Hong Kong and became the first major bank in the city to achieve a positive net promoter score – a key indicator of customer satisfaction.
The bank commanded 22.9% of trade finance – up nearly five percentage points – through innovations like TradePay, which digitised working capital financing. It led both G3 bond issuance (with a 12.5% share) and Hong Kong dollar bonds (24.8% share), while executing Asia’s largest deals: Alibaba’s $5 billion convertible bond, Hyundai Motor’s record $3.3 billion India IPO, and Vinda’s $4 billion privatisation.
In wealth management – a critical growth sector – HSBC led the market with the largest insurer share and established itself as the primary destination for mainland investors. The bank expanded investment choices through an “open architecture” approach, enabling clients to access products from a range of providers beyond HSBC’s own offerings. This positioning proved crucial as Hong Kong’s wealth corridor boomed.
Yet HSBC balanced global ambitions with local responsibility. As chairman bank of the Hong Kong Association of Banks, HSBC coordinated industry-wide relief efforts that helped over 10,000 SMEs access government support measures – representing 40% of the market total.
The bank pioneered venture debt in Hong Kong, backing insurtech unicorn Bolttech, partnered with Hong Kong Science Park to nurture startups, and led Central Bank Digital Currency trials with monetary authorities.
This strategy – connecting Hong Kong globally while strengthening its local foundation – defined HSBC’s market leadership in 2024.
Best investment bank 2025: Morgan Stanley
Morgan Stanley remains the go-to investment bank for Hong Kong companies looking to tap capital markets or seek out strategic advice for their businesses. This was evident in the quality and profile of clients the bank worked with in 2024.
On M&A, Morgan Stanley advised a consortium that included Warburg Pincus and Starwood Capital Group on its $13.4 billion take-private of ESR Group in Hong Kong, and was lead financial adviser to EQT on its $14.5 billion acquisition of Nord Anglia Education. It also advised Saudi Arabia’s Alat on its $2 billion strategic investment via a convertible bond into Hong Kong-listed consumer electronics maker Lenovo Group.
The bank’s pipeline is also growing, despite markets being challenging.
“For us, it’s not necessarily about the quantum of trades in this environment, but about getting highly strategic deals done because even in a volatile market, the business rationale for these deals still holds,” says Richard Wong, Asia Pacific M&A head at Morgan Stanley.
On debt capital markets, its close relationships with some of Hong Kong’s marquee corporates is clear. Morgan Stanley worked on bonds for the Airport Authority of Hong Kong ($7 billion), and the Hong Kong Mortgage Corporation ($3 billion), as well as for the Hong Kong sovereign ($3.6 billion), and others such as the Urban Renewal Authority, AIA, FWD Group, Swire Pacific and Bank of East Asia.
The same goes for equity capital markets, where Morgan Stanley’s platform performed strongly, particularly on equity-linked trades.
The bank was a joint bookrunner on Alibaba Group’s $5 billion convertible bond (CB), Ping An Insurance’s $3.5 billion CB, Zijin Mining’s $2 billion deal and Anta Sports’ $1.6 billion CB. In some case – like the Ping An CB – Morgan Stanley included a concurrent delta placement that it backstopped, highlighting its risk-taking appetite.
Best investment bank for DCM 2025: HSBC
HSBC’s local currency debt capital market prowess is well established, given its vast footprint in Asia and ability to execute deals in multiple currencies. But this strength really came to the fore in 2024 when some issuers opted to go for jumbo, multi-tranche and multi-currency deals that leveraged the breadth of both flush local currency liquidity and that available in US dollars.
Take the Hong Kong government. HSBC was a global coordinator on its $1 billion plus €750 million plus Rmb10 billion ($1.4 billion) fundraising in July 2024, as well as its dollar, euro, offshore renminbi and Hong Kong dollar combo digitally native green bond in February – deals that highlighted its strong ties with the local authority.
It additionally worked on a $500 million bond for Swire Pacific, a $2 billion green deal for CK Hutchison Holdings, and local currency deals – all on a sole bookrunner basis – for Towngas (HK$1 billion; $127 million), Hongkong Land (HK$300 million), Cathay Pacific (HK$625 million), and MTR Corporation (HK$700 million).
This growing interest among borrowers in local currency deals – due to better execution, better pricing and more efficient currency management – plays well to HSBC’s strengths in Hong Kong and beyond.
That shows in its league table positioning. In 2024, HSBC ranked top among G3 currency bookrunners for Hong Kong borrowers, with an 8.10% market share and credits for $2.1 billion, shows Dealogic. In the Hong Kong dollar bond league table, it commanded an impressive 31.74% market share (versus the second rank’s 8.1% share).
Best investment bank for M&A 2025: Deutsche Bank
Deutsche Bank has come into its own on M&A after a series of strategic hires since 2023 to bolster its capabilities. While the bank has traditionally been strong on offering financing solutions to clients, there was growing realisation that it wasn’t leveraging those relationships enough on the advisory front.
That has sharpened its focus on leading with advisory first and then the financing package, with an emphasis on four areas it considers core: cross-border M&A, data centres, take-privates, and software/IT sector.
The results have been impressive. Overall, Asia M&A fees jumped 253% year-on-year in 2024, while China M&A fees alone saw a spectacular growth of more than 2,000%, according to data provided by the bank, citing Dealogic. Its China market share by fees went from 0.7% in 2023 to 9.3% last year.
In Hong Kong, Deutsche was sole financial adviser on the $4.1 billion privatisation of Fosun Tourism Group by a scheme of arrangement, a joint lead financial adviser on the $13.4 billion take-private of ESR Group, a financial adviser on the $3.7 billion sale of GLP’s international business to Ares, and a financial adviser on the sale of an $870 million stake by HKT Trust and HKT Limited in its passive network assets to CM Capital.
The ESR take-private is Hong Kong’s largest privatisation since 2021 and the largest cross-border real estate M&A trade in Asia since 2020. The Fosun deal, meanwhile, highlighted Deutsche’s close ties with the company, having led more than 20 of its M&A and capital market deals over the years.
Best investment bank for financing 2025: Standard Chartered
In a tough environment for the Hong Kong and broader Asia syndicated loan market, Standard Chartered stood out.
Having realised 2024 would not necessarily bring about a natural flow of deals, the bank decided to focus on creating opportunities for itself and not let market circumstances dictate its positioning.
That meant helping clients optimise costs through local currency financing and by diversifying their lender base, while the bank also built out the offshore renminbi market due to its more attractive costs for borrowers.
The result? Standard Chartered had loan league table credits for $2.9 billion in deals for Hong Kong borrowers in 2024, higher than the $1.6 billion recorded in 2023, according to Dealogic. It also saw a jump in its total market share.
Standard Chartered’s integrated syndicate and financing risk business takes a holistic view on risk taking, distribution and portfolio management – giving a boost to the firm’s underwriting capabilities. An example in Hong Kong was leading a HK$5 billion ($637 million) three plus two-year sustainability-linked loan for West Kowloon Cultural District Authority, a unique deal in the city’s cultural sector that received a strong response from lenders.
The bank had a solid year in debt capital markets, too. It played a role in all the deals for the Hong Kong government and related entities – including the Hong Kong Airport Authority, the Hong Kong Mortgage Corporation and MTR Corporation – as well as an offshore renminbi bond for Singapore’s Temasek and a deal for the Shenzhen government. It additionally helped Urban Renewal Authority seal a debut HK$12 billion bond.
Best digital bank 2025: Standard Chartered
Standard Chartered has firmly established its leadership in digital banking in Hong Kong through impressive growth metrics and technological innovation, warranting its recognition as Hong Kong’s best digital bank.
In the recent year, the bank has achieved a remarkable 54% increase in digital revenue, while digital wealth management saw an equivalent 53% growth year-over-year. These figures underscore strong momentum in digital sales, supporting the bank’s strategic focus on enhancing digital offerings.
A significant factor in the bank’s success is its focus on customer experience and technological advancements. The deployment of generative AI has enabled highly personalised digital sales strategies, supercharging customer engagements and satisfaction. The launch of Nitro 7.0 for the SC Mobile app notably reduced customer complaints by 35% year-over-year, while maintaining a high customer approval rating of 4.7 out of 5 on the iOS app store.
The bank’s digital prowess is further evident in its robust growth in the digital and mobile active populations, which now exceeds 1.6 million and 1 million respectively, marking year-over-year increases of 23% and 25%. This growth is complemented by a digital net promoter score of 58.2, a historic high, indicating exceptional customer satisfaction. Additionally, more than 90% of service requests are now processed directly through automated systems, showcasing effective digital servicing capabilities.
Innovative pilot projects such as the generative AI sandbox, open banking initiatives, and a retail central bank digital currency pilot with Blackrock and Mastercard, have positioned Standard Chartered at the forefront of digital banking innovation.
Best digital bank for consumers 2025: WeLab Bank
WeLab Bank, a revolutionary force in Hong Kong’s digital banking sector, has been recognised as Hong Kong’s best digital bank for consumers 2025. Having achieved profitability within just four years, WeLab Bank’s rapid market penetration is exemplary.
The bank has introduced several groundbreaking innovations contributing to its acclaim. These include Hong Kong’s first numberless debit card, enhancing security, and the implementation of GoWealth and GoSave – platforms that democratise investment and savings for all user levels, thus fostering financial inclusion.
Strategic collaborations with global giants such as Apple and Tesla, and expansion into southeast Asian markets like Indonesia and Thailand, underscore WeLab Bank’s ambitious and strategic growth trajectory. These partnerships not only extend WeLab Bank’s technological edge but also amplify its market reach and influence, solidifying its position as a leading innovator in the digital banking landscape.
Best securities house 2025: CICC
CICC is Euromoney’s best securities house in Hong Kong 2025 for its prowess across asset classes, its ability to read market conditions well and offer the right solutions to clients, and for having a risk appetite spanning a wide spectrum of deals.
Its equity capital markets (ECM) claim to fame includes working on Midea Group’s Hong Kong listing – the first H-share IPO by a China-listed company under a new regime for overseas listings – as well as the IPO of Cirrus Aircraft (the world’s first listing by a personal aircraft company), IPO of autonomous driving group Black Sesame, IPO of QuantumPharm, and the listing of logistics major SF Holding.
Among Chinese securities houses, CICC ranked second on the Hong Kong ECM bookrunner league table (after Citic Securities), testament to its standing among issuers, shows Dealogic.
On fixed income, CICC’s innovative streak was evident with its work with Huafa Group on its debut digitally native bond. The Hong Kong- and Macau-listed bonds extended access for onshore Chinese investors through the Southbound Bond Connect scheme. CICC also worked on the Hong Kong Mortgage Corporation’s Hong Kong dollar-denominated and dim sum bonds, and its infrastructure loan-backed securities.
CICC’s M&A credentials are top notch, too. It was a joint financial adviser to Asia Pacific Resources International on its take-private of Hong Kong-listed Vinda International Holdings, a deal worth about HK$26.1 billion ($3.3 billion). CICC was also part of the syndicate team financing the deal. In another case, CICC was an independent financial adviser to AsiaInfo Security on its purchase of a controlling stake in Hong Kong-listed AsiaInfo Technologies. The deal was worth HK$1.7 billion.
Unsurprisingly, CICC was the top Chinese bank in the China international investment banking revenue league table for 2024, raking in $96 million for a 7% market share, shows Dealogic.
Best bank for ESG 2025: Standard Chartered
Standard Chartered secured its position as Hong Kong’s best bank for ESG primarily influenced by its substantial sustainable finance portfolio and its significant contribution to carbon savings.
In the last year, the bank notably managed to save a total of 3.04 million tonnes of CO2, reflecting its proactive initiatives in combating climate change. Its active involvement in sustainability can also be evidenced through multiple high-impact loans and advisory roles across various projects in Hong Kong.
These include serving as an adviser for the HK$150 million ($19 million) social loan for Chinachem Group, which marks a pioneering move for real estate developers aligning with the Hong Kong Taxonomy for Sustainable Finance.
In addition, the bank plays a crucial role in fostering green initiatives across the region, with involvement in transformative projects like the syndicated sustainability-linked loan facilities for DFI Retail Group of HK$2 billion, and for WestK amounting to HK$5 billion.
Best bank for sustainable finance 2025: HSBC
HSBC Hong Kong has secured the accolade of Hong Kong’s best bank for sustainable finance due to its formidable presence and innovation in sustainable finance solutions. The bank has been instrumental in structuring and executing several groundbreaking deals, marking its leadership in this segment.
Notably, HSBC Hong Kong pioneered the world’s first multi-currency digital bond by facilitating the HK SAR Government to complete a HK$6 billion ($764 million) digitally native green bond issuance through HSBC’s private blockchain network, HSBC Orion. This marks a significant advancement in digital and green bond integration.
Moreover, HSBC has expanded the HSBC New Economy Fund to $3 billion, with an additional $1.2 billion aimed at fostering growth in climate tech and other innovative economic sectors.
In addition, the institution initiated the first sustainability-linked supplier payment solution in its Sustainable Supply Chain Finance programme with Towngas. This programme, a first led by a utility company in Greater China, incentivises suppliers to adopt better environmental practices by offering more favourable borrowing conditions based on specific ESG criteria.
HSBC has also demonstrated its capability in expanding sector reach by engaging in financing activities across various sustainability-focused sectors. The bank participated in the Chinese Mining Group’s debut offshore financing and sustainability-linked loan.
It also coordinated the Chinese Battery Energy Storage Group’s debut offshore syndicated green loan facility and managed the Hong Kong Housing Society’s HK$12 billion syndicated loan featuring a HK$3 billion social tranche, thereby underscoring its role in promoting sustainability across multiple industries.
Best bank for consumers 2025: China Construction Bank (Asia)
China Construction Bank (Asia) has been awarded Hong Kong’s best bank for consumers due to its outstanding commitment to consumer-centric services and innovation. Key to its success is the bank’s understanding of different consumer demographics, which is evident in its targeted Golden Year banking programme. This service provides customers aged 60 and older not only with legacy planning but also with fee waivers, insurance discounts, and preferential brokerage rates – aligning closely with senior customers’ specific financial needs.
Notably, China Construction Bank (Asia) has embraced technological advancements to streamline cross-border and remote banking experiences. Innovations such as remote account opening and an account opening witness service have significantly improved the process of initiating banking relationships, especially for customers operating across borders, adding layers of convenience and accessibility unprecedented in traditional banking streams.
Furthermore, the introduction of the CCB Lifestyle app and its enhanced online services, including forex trading and time deposits, underscore the bank’s dedication to creating a robust digital ecosystem. These platforms offer customers around-the-clock access to financial tools and exclusive benefits, particularly beneficial for those frequently traveling between Hong Kong and mainland China.
The bank’s commitment to customer service extends physically through its instrumental three-year renovation plan and the unveiling of a cutting-edge, eco-friendly flagship branch in Tsim Sha Tsui. These developments showcase China Construction Bank (Asia)’s ongoing efforts to provide culturally resonant, modern and sustainable banking environments, underlining its leadership in customer-focused innovation in Hong Kong’s banking sector.
Best bank for large corporates 2025: HSBC
HSBC has been judged Hong Kong’s best bank for large corporates, driven by comprehensive engagement and specialised solutions tailored to corporate needs. The bank’s strategy includes deepening relationships and leveraging its international network to support local corporations seeking cross-border opportunities. HSBC’s role extends into technological innovation as well, pioneering digital banking platforms that enhance operational efficiencies for large clients.
HSBC outlined several pivotal developments, such as the introduction of a digital cross-border guarantee platform, which significantly reduced processing times from days to mere hours. Moreover, the new API integrations offer real-time banking solutions that seamlessly align with the digital ecosystems of large corporations, illustrating a shift to advanced, tech-driven corporate banking services.
Its proactive approach in economic uncertain times, through measures such as strategic advisory services and tailored financial products, has successfully stabilised corporate client operations and stimulated growth opportunities.
HSBC’s commitment to corporate sustainability is evident in its extensive financing solutions which support environmentally and socially responsible projects, aligning with global sustainability goals. Further, its robust risk management framework ensures that HSBC not only anticipates possible risks but also shields its clients effectively from potential financial disruptions.
Through its focus on innovation, client-centric solutions and sustainability commitments, HSBC stands out in the dynamic Hong Kong banking landscape, supporting large corporates with both traditional and novel banking needs.
Best bank for corporate responsibility 2025: Bank of China (Hong Kong)
Bank of China (Hong Kong) (BOCHK) has significantly contributed to societal welfare and corporate responsibility in Hong Kong throughout 2024, warranting recognition as Hong Kong’s best bank for corporate responsibility.
Its diverse initiatives have included the innovative Food Angel ‘Meals on Wheels x Self-Serve Station’ service, which transformed traditional food distribution methods into a self-serve approach, catering to over 210,000 beneficiaries in 2024. Its new Para Sports Ambassador programme has supported approximately 5,000 para-athletes and individuals through skills development workshops and seminars.
Additionally, BOCHK has enhanced its Strive and Rise programme, increasing employee participation by 68% to mentor students from low-income families, signifying deep community engagement. Part of its cultural contribution includes the sponsorship of the I.M. Pei: Life Is Architecture exhibition, attracting over 220,500 visitors, and upgrading the Hong Kong-Zhuhai-Macao Bridge Half Marathon to a World Athletics Gold Label Road Race, drawing nearly 7,000 participants.
Commitment extends to charitable causes, with a notable increase in donations from HK$36 million ($4.6 million) in 2023 to HK$62 million in 2024. The bank’s volunteer team expanded dramatically, with more than 8,400 members delivering nearly 30,000 hours of service, reflecting a 30% growth.
BOCHK continues to invest significantly in employee development, delivering 747,000 training hours and promoting inter-departmental collaboration through an enhanced exchange programme. These comprehensive efforts demonstrate BOCHK’s leadership and dedication to advancing community wellbeing and employee engagement, solidifying their position as a frontrunner in corporate responsibility in Hong Kong.
Best bank for diversity and inclusion 2025: HSBC
HSBC has been named Hong Kong’s best bank for diversity and inclusion due to its comprehensive range of initiatives across the whole bank.
In terms of leadership, women constitute 53% of HSBC’s workforce in Hong Kong, with 39.9% holding senior leadership roles – a slight increase from the previous year. The bank also integrates inclusion exchange sessions for new joiners, including those internally transferred or part of the graduate programme.
The bank’s effective implementation of a global self-ID programme significantly enhanced diversity demographic disclosures within its Hong Kong operations, targeting a 45% revelation rate by the end of 2024.
HSBC introduced menstrual products in all Hong Kong workplace and branch bathrooms, accommodating the needs of women, trans women, and nonbinary individuals. Additionally, the bank has introduced new guidelines supporting employees undergoing gender transition, designed collaboratively by the Pride network and HR.
The Ability network hosted an ADHD awareness week, organising valuable sessions for parents and caregivers.
HSBC’s employee resource groups have been exceptionally active, coordinating over 150 events in 2024 that engaged both Hong Kong employees and the wider community. The Pride and Ability networks boast over 3,000 members each, showcasing considerable employee engagement and support.
Moreover, HSBC stresses the importance of open communication and transparency, implementing mandatory training sessions on HSBC Confidential during their employee relations week. This initiative encourages employees to speak up, further fostering a culture of inclusion and fairness across the organisation.
Best bank for SMEs 2025: DBS
DBS has positioned itself as a leader in supporting small and medium-sized enterprises (SMEs) in Hong Kong, tailoring innovative solutions to enhance banking experiences and operational efficiency. As highlighted in its recent efforts, DBS has made significant strides in optimising the banking processes for SMEs, particularly through technological integrations and digital transformation.
Starting with its mobile application-led onboarding through the Ideal app, DBS has significantly simplified the process for SME clients to engage with banking services seamlessly. Since its introduction in the first half of 2024, the bank has witnessed an impressive increase in the electronic ID verification success rate, which improved to 99% within a few months.
Moreover, DBS has effectively incorporated generative AI technology to streamline the KYC process for account opening, achieving substantial efficiency increases.
Additionally, the bank’s merchant solution, DBS Max, has proven to be a game-changer in Hong Kong. DBS now offers expedited merchant account opening – as fast as one working day – and faster transaction settlements by the following day. This platform seamlessly integrates sales operation data with bank account information, providing merchants with enhanced data-driven insights, efficiency and a secure pathway for digital transformation.
Best bank for customer experience 2025: Hang Seng Bank
Hang Seng Bank is the Hong Kong’s best bank for customer experience, having significantly advanced its services to enhance user satisfaction and interface efficiency.
The bank has introduced Future Branch 2.0, an innovative concept incorporating unique Come To You services, smart tellers, and digital ticketing systems in its central branch. These initiatives have notably reduced the average wait time by 50% and improved the branch’s in-branch net promoter score (iNPS) by 18 percentage points.
Significant progress has also been achieved in digital banking platforms. The upgrading of Hang Seng’s mobile application included implementing fee-free everyday banking, investment options starting as low as HK$1 ($0.13), and a fully integrated rewards platform. These additions have fostered a 9% increase in digital iNPS.
Furthermore, Hang Seng Bank has redefined its customer loyalty strategy through the launch of the Travel+ Visa Signature Card and the expansion of its +Fun Dollars ecosystem, which now features a pioneering redemption option via AlipayHK. This enhanced manoeuvre has culminated in a 39% rise in credit card application satisfaction.
The bank also prioritises inclusivity and personalisation, evident from the rollout of the Family+ Account, tailored for comprehensive family financial planning, and the establishment of dementia-friendly and pet-friendly branches. T
These actions underline Hang Seng Bank’s dedication to versatile and accessible lifestyle banking, ensuring it maintains its competitive edge in providing exemplary customer experiences in Hong Kong.
Best bank for homeowners 2025: Bank of China (Hong Kong)
Bank of China (Hong Kong) (BOCHK) has demonstrated exemplary performance in the residential mortgage sector, earning it the title of Hong Kong’s best bank for homeowners. Dominating the market for the sixth consecutive year, BOCHK achieved a commanding 30.6% market share by the end of 2024. This leadership is especially notable given the sluggish conditions in the property market during this period.
One of the key innovations driving BOCHK’s success has been its digital approach to mortgage services. The bank’s Home Expert mobile app has been a crucial tool, witnessing over 192,000 downloads. Remarkably, online mortgage applications accounted for more than 80% of the total applications, a significant increase of over 20 percentage points from the previous year. This digital transformation not only enhances the customer experience but also streamlines the application process.
BOCHK has also placed a strong emphasis on sustainability within home financing. The push towards paperless digital mortgage applications and the integration of blockchain technology for property valuation underline the bank’s commitment to green finance goals. This not only improves operational efficiency but also provides environmentally friendly solutions for homeowners.
Additionally, the bank has actively supported first-time and cross-border buyers. Its enhanced app features a dedicated Talent Schemes zone that offers comprehensive guidance for new arrivals and first-time homebuyers, particularly those looking to purchase in the Greater Bay Area. This initiative reinforces BOCHK’s role as a trusted partner in homeownership, offering crucial support to diverse buyer demographics in Hong Kong.
