150 years of HSBC in the Philippines: The best of local banking on a global scale
These projects of impact are just among HSBC Philippines’ milestones since it first opened its doors in Binondo, Manila in 1875. At that time, it was drawn to the burgeoning trade activity and the vast economic potential of resource-rich Philippines. After World War II, the bank became instrumental in post-war recovery efforts to rebuild the nation and the economy. It reopened its branch and returned depositors’ full funds after the liberation of Manila.
It continued to grow its presence in the Philippines by opening new branches in key locations. Over the next 150 years, HSBC Philippines helped enable individuals to grow their wealth and businesses to expand their reach, linking its clients to opportunities on any part of the globe.
Today, HSBC Philippines has six branches in Metro Manila, Cebu and Davao, and more than 5,000 employees who deliver high-quality financial and professional services in its Global Service Center. From providing traditional banking services to basic industries, the bank has kept up with technology’s demands and gone ahead of its time in using digital innovations to meet customers’ evolving needs for a safer, more convenient banking experience.
A partner to the public and private sector
As the Philippines stands at the threshold of becoming an upper middle-income nation, with its young, dynamic, and highly competent workforce, HSBC Philippines remains a steady presence to bridge its retail, corporate, and institutional clients with the vast opportunities offered by a connected, technologically-driven global economy.
“Our purpose remains consistent with when we opened in 1875: connecting our customers with opportunities in the Philippines and internationally. We aim to be the preferred international financial partner of our customers and help our clients navigate a complex world like no other bank,” shared HSBC Philippines CEO and Head of Banking Sandeep Uppal. HSBC Philippines is a committed partner to the Philippine government in the pursuit of sustainable growth and development. It has agreements with key agencies such as the Department of Trade and Industry and the Philippine Economic Zone Authority. Then and now, HSBC believes in the Philippines’ inherent strengths as an investment destination and the world-class quality of its people. The bank has assisted the PEZA with several roadshows in various parts of the world, including a one day event in India that covered four cities and focused on the pharmaceutical and IT-BPM sectors.
The bank was joint lead manager and bookrunner on the Republic of the Philippines’ USD- and EUR-denominated dual currency bond issuance totaling c.USD3.3bn equivalent across multiple tenors, which also boasts the first-ever dual currency USD/EUR sustainability offering, as well as the largest EUR-denominated sustainability bond issuance, by an APAC sovereign.
Further, the bank, acting as joint mandated lead arranger and bookrunner, co-funded Asialink’s USD 115M loan focused on financing women-led SMEs in the Philippines, an undertaking in partnership with Asian Development Bank. With HSBC Philippines contributing USD 50M tagged as a social loan through the HSBC ASEAN Growth Fund, this blended financing exemplifies HSBC Philippines’ strength in partnership, finding creative solutions to increase financing impact for projects that matter.
Equally important are the bank’s enabling of its customers to tap the global network, using its international mindset and local track record and expertise. Recent examples include its participation as joint book-runner bookrunner and joint lead manager for Jollibee Foods Corporation (JFC) USD300M 5-year bond, which was their first international bond issuance since 2020, the return of two of its clients to the international bond market: SM Investments Corporation’s USD500m 5-year bond, and Vista Land & Lifescapes, Inc’s USD350m 5-year bond.
HSBC Philippines was mandated joint lead manager and joint book runner in the listing of USD 500m debt notes on the Singapore Exchange for a leading Philippine conglomerate.
A premier bank in numerous ways
HSBC Philippines’ Premier program encapsulates the bank’s unique ability to bridge its customers with the rest of the world, providing a range of products that reinforce the status of its clients wherever they may be. Premier services apply to global families, overseas education, fund transfers and wealth and investment opportunities, as well as enhanced lifestyle experiences. Premier customers enjoy international banking services such as account opening in Philippine Peso and 11 foreign currencies, overseas account opening prior to moving or working abroad, and overseas debit card withdrawals with competitive currency conversation rates.
These milestones have earned HSBC Philippines its coveted status as a leading international universal bank in the country, with substantial presence in the retail, corporate, and institutional banking space.
It was recently named as the Best International Bank by Finance Asia and Global Brand Frontier Awards and Euromoney in 2024 for the second year in a row. It has also been cited as the Best International Retail Bank by the Asian Banking and Finance in 2024 for the fourth year in a row and recently as Best International Private Bank for the third year in a row.
Further, HSBC Philippines is a top trade bank in the country, having been designated Euromoney Market Leader in Trade Finance in the Philippines for six straight years (2019-2024). It is also a market leader in cash management, having won the 2023 Euromoney Cash Management Market Leader and Best in Services awards along with the 2024 Asian Banking & Finance Philippines International Cash Management Bank of the Year.
One hundred and fifty years since HSBC Philippines started its first branch in Binondo, it has grown to be a staunch supporter of Philippine economic growth and development on various fronts and on different levels. It has shown itself a valuable partner of the Philippine government, industry groups, corporate organizations, and individual customers.
No doubt, the next decades will present different challenges that reflect shifts in the way people live, bank, and do business. Through all these, HSBC Philippines will remain unwavering in its commitment to Philippine growth, and unrelenting in its efforts to give its local clients a premier international banking experience.