Hong Kong’s 20 largest licensed banks 2013

New offerings range from smart ticketing service to extended trading hours
Foreign banks have topped Hong Kong Business’ inaugural top 25 bank rankings for 2013 based on the number of employees.

Multinational Hong Kong and Shanghai Banking Corp. (HSBC) leads the pack with a 26,712-strong workforce beating out Bank of China (BOC) with 10,100 employees.

Chosen 9

Only 9 local firms made it to the list, led by Hang Seng Bank which landed on the third spot with an employment strength of 7,732.

According to Eric Fu, HSBC’s head of wealth development for Hong Kong, HSBC now bills itself as offering the longest trading hours for FX-linked products among all banks in Hong Kong after it extended October last year the trading hours of Deposit Plus, a foreign currency-linked deposit product, to allow customers to capture investment opportunities in foreign currencies around the clock during weekdays. Deposit Plus on HSBC Internet Banking and Mobile Banking runs from Monday 6am to Saturday 5am, except on local public holidays.

HSBC also claims to be the first bank in HK to launch a smart ticketing service available at its five HSBC Premier Centres (HPCs). The service , which launched last year, allows customers visiting during peak hours to have the option to leave their mobile phone numbers with the HPC after they obtain their queuing tickets. They will then receive an automated SMS alerting them to go back to the HPC for their turn when a counter will soon be available.

BOC claims of maintaining leading positions in offshore renminbi (RMB) business. According to management, BOC successfully arranged the first sizable 100% RMB syndicated loan in HK and introduced the first-ever “Multi-currency Shipping Finance (RMB and USD)” product last year.

BOC also bills itself as the first bank in the market to launch mobile functions for IPO share subscriptions and IPO financing. It also launched a chip-based ATM Card which is said to be a first of its kind in HK aimed at offering greater security with enhanced functions.

Leading domestic bank, Hang Seng Bank boasts of launching the first RMB/Hong Kong dollar dualcurrency-linked mortgage account and the first RMB-denominated gold exchange-traded fund (ETF). In August, it also became one of the first banks in Hong Kong to offer personal RMB services to non-Hong Kong residents.

Bank of East Asia (BEA), the second biggest local bank came fifth with 5,700 staff. It closely follows fourth-place Standard Chartered Bank’s 6,110 employment strength.

BEA’s RMB business

BEA continues to strengthen its RMB trade finance business. It just recently entered into a deal with People’s Bank of China to extend its first cross-border RMB loan to an enterprise in Qianhai, Shenzhen.

Dr. David K.P. Li, Chairman & Chief Executive of BEA, said, “BEA’s RMB trade finance business has grown rapidly in the past few years. Following the recent announcement of the implementation details on lending to Qianhai enterprises, we will focus on expanding our RMB cross-border lending business. The bank will also dedicate more resources to helping its Mainland corporate customers grow their businesses in Qianhai.”

Citi Hong Kong which bills itself as the #1 foreign bank in RMB trade settlement in 2012, came in 6th with 5,000 employees. It remains as the only bank in Hong Kong offering 24-hr manned hotline services with branches opened till 7pm on weekdays.

Citi also claims to be the pioneer in the wealth management arena in Hong Kong where it launched the city’s first priority banking – Citigold – in 1982, and revamped to wealth management offerings in 2001.

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