About bank
HSBC has been conducting business in the Philippines for a while. The bank operates several branches, including the locally registered HSBC savings bank, in Metro Manila, Cebu, and Davao. Their global reach services about 40 million consumers and their network span 64 nations.
The Hongkong and Shanghai Banking Corporation Limited, commonly known as HSBC, is the Philippines subsidiary of the multinational bank HSBC. The HSBC Group, one of the world's major banking and financial services firms, has been doing business in the Philippines for over 140 years and employs over 8,000 people today. In November 1875, HSBC opened its first branch in the Philippines, Binondo. A second branch was opened in Iloilo to accommodate the increasing sugar business. The main branch in Binondo was relocated to Makati City in 1971. The Iloilo office was shuttered ten years later, in 1981, and a new branch in Ortigas Center was opened.
Following the passage of the Foreign Bank Liberalization Act in 1994, HSBC reopened a bank in Binondo in 1995 and launched a branch in Cebu in 1996. A fifth branch was established in Quezon City in 1999. To meet the demands of clients in the Visayas and Mindanao areas, a branch in Davao opened in 2006, followed by a branch in Cebu in 2007. The most recent addition is a branch in Taguig's Bonifacio Global City, bringing the total number of main bank branches to eight.
Features
HSBC operates eight locations in the Philippines, including one in Bonifacio Global City, Cebu, Davao, Makati, and other cities. They also provide internet banking. Furthermore, the bank offers mobile financial services, mobile banking, and so on, as well as 24-hour customer assistance. Commercial banking, global banking and markets, wealth and personal banking, and group service centers are also available.
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Commercial banking. HSBC offers financial services to small, medium, and middle-market businesses. The group has over 2 million customers in this category, which includes sole proprietors, partnerships, clubs and organizations, incorporated firms, and publicly traded companies.
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Global banking and markets. International banking and markets are HSBC's investment banking division. Global banking offers corporate and institutional clients investment banking and financing products such as corporate banking, wealth management, financial markets, brokerage, payments and cash management, and leveraged purchase finance. It offers services in equities, credit and rates, foreign exchange, money markets, and securities services under markets and securities services.
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Wealth management and personal banking. Wealth and private banking services assist consumers in taking care of their day-to-day finances and managing, protecting, and growing their wealth. HSBC offers a broad range of personal financial services to over 54 million customers worldwide, including current and savings accounts, mortgage loans, auto finance, insurance, credit cards, loans, pensions, and investments.
Pros and cons
If you want to start banking with HSBC, thoroughly examining its pros and drawbacks is worth your time as this will help you make an informed decision. Not to worry, we did the hard work for you. Here are some honest HSBC Philippines pros and cons.
Pros
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The bank offers online services, which include online banking through the website and mobile banking through HSBC mobile applications.
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Their savings accounts’ interest rates are higher than that of most competitors.
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The bank operates in more than 60 countries worldwide.
Cons
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They have comparably higher charges for their services.
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They do not have many branches in the Philippines.
Products
HSBC provides a diverse range of products to meet its customers' banking and financial needs. They are as follows:
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HSBC Direct. HSBC Direct is a telephone/online immediate banking product offering customers mortgages, accounts, and savings.
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HSBCnet. HSBCnet gives access to transaction banking functions, such as payments and cash management, trade services elements, and HSBC research and analytical information. It also has foreign exchange and money market trading capabilities. The system is widely utilized by HSBC's high-end corporate and institutional clients. They are served by the bank's global banking and commodities, commercial banking, and global transaction banking departments, among others. HSBCnet is also the brand under which HSBC offers its corporate and institutional clients' global e-commerce proposition.
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HSBC Premier. This is the group's flagship financial services product. It has its credit card portfolio all over the world. The specific perks and eligibility requirements differ by jurisdiction. Customers receive a specialized premium relationship manager, 24-hour access to call centers worldwide, free banking services, and preferential pricing.
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HSBC Jade. HSBC Jade is an invite-only banking and finance product aimed at clients having investable assets with HSBC worth between ₱50 million and ₱250 million. Participants must be HSBC premier members for a specified period before being invited.
