November newsletter
Our 6 million retail customer milestone in Hong Kong
We’ve exceeded 6 million customers in our Wealth and Personal Banking (WPB) business in Hong Kong, showcasing how we’re meeting a wide range of banking needs.
The figure (which excludes Hang Seng Bank) includes a mix of Hong Kong residents and non-residents.
“This milestone underscores our commitment to growing with our customers at every life stage – whether it’s opening their first account, starting a career, planning a wedding, preparing for retirement or creating a legacy,” says Maggie Ng, our General Manager and Head of WPB in Hong Kong.
“As an international hub, Hong Kong provides a strong foundation for us to expand our reach beyond its 7.5 million residents and tap into the vast opportunities to serve clients across Asia and beyond.”
Thanks to our global connectivity, combined with our local knowledge, we can offer comprehensive support to both local and international customers.
Our panda bond
There’s a growing demand for RMB globally – and Hong Kong has a unique role to play.
That’s why we’ve completed the issuance of a RMB4.5 billion panda bond in the China Interbank Bond Market.
It’s only our second-ever panda bond issuance in Asia-Pacific – the first since 2015 – and forms part of a RMB10 billion programme.
The three-year bond was oversubscribed by 1.88 times. The funds will be remitted from onshore to offshore to support businesses’ growing demand for RMB, and broader RMB internationalisation.
“It’s great to see the positive response from onshore and offshore investors who have been looking for high-quality assets in the domestic market,” says David Liao, our Co-CEO, Asia-Pacific.
“The issuance attests to HSBC’s commitment to meet our global clients’ demand for RMB, to support China’s capital markets, and enhance Hong Kong’s unique position as an offshore RMB centre.”
Launched in 2005, panda bonds are RMB-denominated bonds issued by offshore incorporated entities in China’s domestic bond market.
This year is expected to be a record year for the panda bond market – there were 100 issuances raising RMB178 billion from January to October.
Driving demand for sustainable aviation fuel
We’ve teamed up with Cathay Pacific and EcoCeres to boost uptake of sustainable aviation fuel (SAF) in Hong Kong.
The partnership (opens in new window) – consisting of us, the city’s largest bank, along with its home airline and a leading Hong Kong-based SAF producer – aims to foster innovation and demand to drive forward the local SAF ecosystem.
We’re entering into a one-time purchase agreement for around 3,400 metric tonnes of SAF produced by EcoCeres, for use on Cathay Pacific flights departing from the Hong Kong International Airport – the equivalent of 10,000 single passenger, round trips from Hong Kong to London in economy class.
This batch is made from the feedstock of used cooking oil, saving an estimated 11,800 metric tonnes of lifecycle carbon emissions.
“This is our first large-scale SAF purchase agreement,” said Luanne Lim, our CEO in Hong Kong.
“We hope the pilot programme will pave the way for broader implementation as it demonstrates how businesses can collaborate to support innovative decarbonisation technologies.”
EcoCeres’ SAF is derived from 100% waste-based biomass feedstock, which can deliver an estimated reduction of up to 90% in greenhouse gas emissions compared with conventional jet fuel.
Financial education for all
We’re empowering elderly people in Hong Kong so they can plan and manage their finances better.
Through our philanthropic arm, The Hongkong Bank Foundation (opens in new window), we’ve worked with the HKSAR government to launch a new financial education course for senior citizens.
The Wealth Intelligence for Smart Elders Course, which is part of the Elder Academy (opens in new window) scheme, covers topics including fintech, retirement planning and how to protect yourself against scams and online fraud.
The Elder Academy scheme was launched by the Labour and Welfare Bureau and the Elderly Commission in 2007, with the aim of enabling retirees around the age of 60 to learn in a school setting. The scheme is expected to benefit around 15,000 elderly people in the coming year.