HSBC Thailand is leveraging its global connectivity and investment expertise to help both Thai and international clients grow their businesses worldwide, while maintaining a long-term commitment to expanding the bank’s business in the Thai market.
The bank will continue to support its clients in growing and diversifying their investments in offshore markets, said Mr Gamba.
- Best CEO in International Banking
- Giorgio Gamba, Chief Executive Officer of HSBC Thailand
The bank aims to establish itself as the leading international bank in Thailand for outbound business, supporting the expansion of large Thai corporations regionally and globally.
“Globalisation is the bank’s superpower in connecting our clients to new business opportunities within Asean and beyond,” said HSBC Thailand’s Chief Executive Officer Giorgio Gamba.
In the wealth space, HSBC Thailand has been actively enhancing its capabilities in Thailand to better serve the country’s high-net-worth individuals and their families.
The bank will continue to support its clients in growing and diversifying their investments in offshore markets.
HSBC Thailand launched its onshore asset management business in September 2022 after introducing private banking business to the country in February 2021, and the bank has been able to grow the business segment satisfactorily, he said.
Foreign direct investment (FDI) has been growing in various countries and industries in the region, including Thailand. Japan accounts for one-third of Thailand’s inbound FDI.
China ranked second in terms of FDI last year and will play an increasingly important role in investment as many of that country’s companies are relocating their manufacturing bases to Thailand.
Thailand has attracted FDI in several industries, but especially agriculture, hospitality, healthcare, and manufacturing, particularly EV production and the automotive-related supply chain.
In addition, HSBC Thailand aims to continue to be the leader when it comes to inbound international business in the Thai market.
The bank earned its leadership position based on the growth potential of both the Thai and regional economies.
Meanwhile, Asean continues to be the world’s fastest-growing trade bloc, offering significant wealth and trade opportunities for businesses and investors alike.
“Thailand is a country where we see tremendous potential to grow and expand our business, so we have ambitious growth plans here,” Mr Gamba said.
HSBC Thailand announced an impressive performance in 2022, with revenue growing 28% and profit growing 55% year-on-year, representing a record high over a 10-year period. Strong relationships with customers, employees and the wider community are key to achieving these remarkable rates of growth.
Moreover, the bank will continue to invest in people, digital infrastructure as well as other resources to bolster its existing operations, which span wholesale banking, market and securities services, and private banking.
In response to local business expansion, HSBC Thailand has completed a capital increase, in line with the nation’s economic growth, he said.
HSBC’s country strategy was developed in parallel with Thailand’s national development plan.
With global networks and a high level of investment expertise, international connectivity is the bank’s key business strategy in supporting corporate clients investing and expanding worldwide.
The bank focuses on helping customers expand businesses in the world’s key economic corridors, where HSBC has an active presence, notably in China, the US, Europe, Asean, and the Middle East.
The bank supports Thai clients in growing their businesses in 42 countries.
HSBC Thailand has set out an ambitious plan to prioritise sustainable financing and investment that supports the transition to a net zero global economy, said Mr Gamba.
The bank also encourages Thai clients to strategise their portfolios and raise capital for renewable investment.
The bank committed to providing US$1 trillion of sustainable finance and investments by 2030 after achieving $211 billion in 2022.
