HSBC in the Philippines

HSBC opened its first branch in the Philippines on 29 November 1875, in Binondo, Manila, with its business concentrated on the financing of the sugar trade and other key exports.

The bank expanded its presence in the Visayas region with the establishment of the Iloilo branch on 2 April 1883. During this time, HSBC also helped finance key economic projects in the country, particularly the building of some of the earliest sugar and rice mills, and the Philippines’ first-ever railway – the Manila-Dagupan Railway.

In early 1899, HSBC served as the official depository of the American government in the Philippines and assisted in stabilizing the country’s currency system. This eventually led to the approval of the Philippine Coinage Act of February 1903 and the Philippine Gold Standard Act of 10 October 1903.

The bank financed the development of the 150-mile extension of the Manila-Dagupan Railway and contributed to the development of the country’s rich mineral resources.

A new five-storey branch building in San Gabriel was officially opened on 24 September 1922 by the Hon. Charles Yeater, the Acting Governor General of the Philippines.

Following the liberation of Manila, HSBC rebuilt and reopened its branch in the city in August 1945, with the goal of aiding in the country’s economic recovery. HSBC returned all funds in full to their depositors to help Filipinos rebuild after the war.

The bank relocated its main office from Binondo to the new business and financial hub district of Makati.

In 1975, HSBC celebrated its centennial anniversary with a special Philippine postage stamp issue, with the then Chairman G.M. Sayer and Duchess of Gloucester present at the related festivities. This year also marked the time when HSBC’s Information Center became fully computerized.

In 2006, HSBC opened a new branch in Davao, the very first in Mindanao, to further strengthen its presence in the Philippines.

In 2007, HSBC Philippines moved its operations center to Bonifacio Global City in its early years of development until it eventually moved its headquarters there too.

HSBC prioritized digital innovations to give its customers a more secure and safer banking experience in the evolving digital landscape.

In January 2019, HSBC Philippines innovated by successfully executing two sustainability bonds as sole global coordinator in AC Energy’s USD410m green bonds and as joint lead manager in RCBC’s P15bn green bonds.

In October 2020, HSBC Philippines, together with the whole HSBC Group, unveiled its groundbreaking and ambitious plan to become operationally net zero by 2030, and in its financial portfolio by 2050.

In 2022 HSBC Philippines launched HSBC Wealth, the bank’s new wealth management arm which offers a wide range of products to help clients grow, protect and diversify their wealth.