HSBC named best trade finance bank

HSBC's trade finance team continued to expand in key markets, reinforcing the bank's local footprint and enhancing its service delivery. It increased the number of dedicated trade and supply chain specialists by 10% (200 associates) across the region.

The bank opened 23 new locations in key commercial cities across China, giving it the largest network among foreign banks. And it honed in on key markets.

For customers in Guangdong, it launched a courier service to clients based in less centrally-located areas with the ability to submit trade documents from their own premises, extending HSBC's delivery channels to reach virtually every customer in the Guangdong province, which is more than 180,000 sq km.

In Indonesia it acquired Bank of Ekonomi, one of the country's largest commercial banks.

The integration will double HSBC's local network to 190 outlets, expanding market reach and support to Indonesia's growing commodities market. In Malaysia, HSBC is the country's first foreign bank to trade through an Islamic subsidiary.

In Taiwan, HSBC's presence expanded to approximately 50 outlets, including all key commercial cities, strongly positioning the bank to capture increased trade and investment in the territory as ties between China and Taiwan continue to strengthen.

And in Vietnam, the bank not only strengthened its position through an increased stake in Techcombank, but also opened a new representative office in Can Tho with approval for local incorporation.