List of Licensed Banks in Hong Kong

List of Licensed Banks in Hong Kong

Hong Kong's well-earned reputation as a prominent hub for banking and finance is supported by its thriving economy, favorable regulatory environment, and strategic location, which have attracted some of the world's largest and most influential banks.

This article delves into the largest banks in Hong Kong, offering valuable insights into their operations, services, and contributions to the region's financial sector. Hong Kong's largest banks play a crucial role in supporting businesses, investments, and trade, facilitating economic growth and development on both regional and international scales.

Regulatory framework

The Hong Kong Monetary Authority (HKMA) plays a role in ensuring the stability and integrity of Hong Kong's banking system. As the primary regulator, the HKMA supervises licensed banks to maintain a robust financial sector. It oversees the implementation of prudent risk management practices, monitors systemic risks, and ensures that banks comply with local and international standards, including Basel III requirements.

The HKMA’s responsibilities also include fostering the efficiency and development of the banking sector, managing Hong Kong’s Exchange Fund, and safeguarding the stability of the Hong Kong Dollar.

The Banking Ordinance (Cap. 155) is the core legislative framework that governs banking operations in Hong Kong. It provides the legal structure for the licensing, supervision, and regulation of banks, with the overarching aim of ensuring financial stability, protecting depositors, and maintaining public confidence in the banking system. Here is the key aspects of the Banking Ordinance:

  • Licensing and Authorization of Banks;
  • Capital adequacy requirements;
  • Supervisory framework;
  • Prudential requirements;
  • Corporate governance;
  • Consumer protection;
  • Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF);
  • Resolution and recovery;
  • Penalties and enforcement; and,
  • Cross-border banking.

Types of banks in Hong Kong

The ordinance distinguishes three types of authorized institutions (AIs) that can operate banking services in Hong Kong:

  • Licensed Banks: These institutions are authorized to accept deposits and offer various banking services, including current and savings accounts, loans, and foreign exchange. Well-known institutions such as;
    • Bank of China (Hong Kong) Limited;
    • Hongkong and Shanghai Banking Corporation Limited (HSBC); and,
    • Citibank (Hong Kong) Limited.
  • Restricted License Banks: These institutions are allowed to take deposits of at least HK$500,000 and engage in activities like merchant banking and private banking. Well-known institutions such as;
    • J. P. Morgan Securities (Asia Pacific) Limited;
    • Goldman Sachs Asia Bank Limited;
    • Deposit-taking companies;
    • BPI International Finance Limited; and,
    • Chong Hing Finance Limited.
  • Deposit-taking Companies: They can take deposits of HK$100,000 or more with a maturity of at least three months. These companies typically offer specialized services like consumer credit or trade financing.

The Hong Kong Monetary Authority (HKMA) is responsible for granting licenses and authorizations based on strict criteria, including the institution's capital adequacy, management structure, and business plans.

The biggest banks in Hong Kong 

As a global financial hub, Hong Kong is home to many of the world’s largest and most influential banking institutions. The city’s banking landscape is highly competitive, with over 150 licensed banks operating under strict regulatory standards. Notably, more than 70 of the top 100 banks globally have a presence in Hong Kong, making it one of the most concentrated banking sectors in the world. This section provides an overview of some of the biggest banks shaping Hong Kong’s financial ecosystem, from local giants to international powerhouses.

HSBC Hong Kong

HSBC (The Hongkong and Shanghai Banking Corporation) is one of the most recognizable names in global banking, and its roots are deeply embedded in Hong Kong’s financial history. Founded in 1865, HSBC was initially established to facilitate trade between Europe and Asia. Today, HSBC is one of the largest banks in the world by assets, and its Hong Kong arm remains a critical part of its global operations.

As Hong Kong’s largest bank, HSBC dominates the local banking sector with a broad range of services, including retail, corporate, investment banking, and wealth management. Its deep integration into Hong Kong’s economy and significant market share make HSBC the go-to bank for businesses and individuals alike. With a commitment to innovation, HSBC has been at the forefront of digital banking services in the region, solidifying its role as a market leader.

Bank of China (Hong Kong)

Bank of China (Hong Kong) Limited (BOCHK) is another dominant player in the city’s financial landscape. Although its history dates back to the early 20th century, BOCHK was incorporated in 2001, creating a consolidated banking group under the Bank of China. BOCHK has established itself as one of Hong Kong’s largest banking institutions, offering comprehensive financial services, including retail banking, treasury, and investment services.

One of BOCHK’s key strengths lies in its strong connections to mainland China, which positions it as a gateway for cross-border banking services between Hong Kong and China. This strategic advantage has helped BOCHK build a large client base among both local and international companies seeking to expand in mainland China. The bank also plays a significant role in promoting the internationalization of the Renminbi (RMB), further enhancing its global stature.

Hang Seng Bank

Hang Seng Bank, a subsidiary of HSBC, is renowned for its focus on serving local retail and small to medium-sized enterprises (SMEs). Founded in 1933, Hang Seng is one of Hong Kong’s largest listed companies. The bank’s services span retail banking, wealth management, and commercial banking, making it a trusted choice for personal finance solutions.

Hang Seng’s most distinctive offering is its Hang Seng Index (HSI), which has become one of Asia’s most widely followed stock market indices. This strong local identity, coupled with its customer-first approach, has allowed Hang Seng to maintain a solid customer base in Hong Kong, particularly among individuals seeking personal loans, savings accounts, and mortgages. Its reputation for quality service has led to high levels of customer loyalty.

Standard Chartered Hong Kong

Standard Chartered Hong Kong holds a unique position as a bank that merges local expertise with a broad international presence. With over 150 years of history in the city, Standard Chartered is a household name in Hong Kong’s banking industry. The bank offers an array of services, including corporate banking, retail banking, and wealth management, catering to both local and multinational clients.

One of the key strengths of Standard Chartered is its focus on corporate and institutional banking, serving clients across the Asia-Pacific region and beyond. Its global footprint, combined with its deep understanding of local markets, enables the bank to offer tailored financial solutions that address the complex needs of large corporations and high-net-worth individuals.

Citibank Hong Kong

Citibank Hong Kong, the local arm of U.S.-based Citigroup, has been a fixture in the city since 1902. It is known for its focus on international banking services, making it particularly popular among expatriates, multinational corporations, and high-net-worth individuals seeking global financial services.

Citibank offers a wide range of services, including retail banking, wealth management, and investment banking. Its global reach allows it to offer clients seamless cross-border banking services, which are especially valued in a city as internationally connected as Hong Kong. The bank has also been a key player in driving innovation in the financial sector, particularly in areas such as digital banking and fintech partnerships.

List of bank institutions in Hong Kong

List of bank institutions in Hong Kong

Restricted License Banks

Incorporated in Hong Kong

Allied Banking Corporation (Hong Kong) Limited

Bank of America Securities Asia Limited

Bank of China International Limited

Bank of Shanghai (Hong Kong) Limited

Citicorp International Limited

Goldman Sachs Asia Bank Limited

Habib Bank Zurich (Hong Kong) Limited

JP. Morgan Securities (Asia Pacific) Limited

KDB Asia Limited

Orix Asia Limited

Incorporated outside Hong Kong

Euroclear Bank

Kasikornbank Public Company Limited

Korea Development Bank

Bank Mandiri (Persero) TBK

Siam Commercial Bank Public Company Limited

Licensed Banks

Incorporated in Hong Kong

Airstar Bank Limited
Ant Bank (Hong Kong) Limited
Bank of China (Hong Kong) Limited
Bank of Communications (Hong Kong) Limited
Bank of East Asia, Limited (the)
China Citic Bank International Limited
China Construction Bank (Asia) Corporation Limited
Chiyu Banking Corporation Limited
Chong Hing Bank Limited
Citibank (Hong Kong) Limited
CMB Wing Lung Bank Limited
Dah Sing Bank, Limited
Dbs Bank (Hong Kong) Limited
Fubon Bank (Hong Kong) Limited
Fusion Bank Limited
Hang Seng Bank, Limited
Hongkong and Shanghai Banking Corporation Limited (the)
Industrial and Commercial Bank of China (Asia) Limited
Livi Bank Limited
Morgan Stanley Bank Asia Limited   
Mox Bank Limited
Nanyang Commercial Bank, Limited
OCBC Bank (Hong Kong) Limited
Ping an OneConnect Bank (Hong Kong) Limited
Public Bank (Hong Kong) Limited
Shanghai Commercial Bank Limited
Standard Chartered Bank (Hong Kong) Limited
Tai Sang Bank Limited
Tai Yau Bank, Limited
Welab Bank Limited
ZA Bank Limited

Incorporated outside Hong Kong

Agricultural Bank of China Limited

Australia and New Zealand Banking Group Limited

Banco Bilbao Vizcaya Argentaria S.A.

Banco Santander, S.A.

Bangkok Bank Public Company Limited

Bank J. Safra Sarasin AG

Also Known as:

Banque J. Safra Sarasin SA

Banca J. Safra Sarasin SA

Bank J. Safra Sarasin Ltd

Bank Julius Baer & Co. Ltd.

Bank of America, National Association

Bank of China Limited

Bank of Communications Co., Ltd.

Bank of Dongguan Co., Ltd.

Bank of India

Bank of Montreal

Bank of New York Mellon (the)

Bank of Nova Scotia (the)

Bank of Singapore Limited

Bank of Taiwan

Bank Sinopac

Banque Pictet & Cie SA

Barclays Bank PLC

BDO Unibank, INC.    

Also Known as:

BDO

BDO Unibank

BDO De Oro

Banco De Oro Unibank

BDO Banco De Oro

BNP Paribas

Ca Indosuez (Switzerland) Sa

Canadian Imperial Bank of Commerce

Cathay Bank

Cathay United Bank Company, Limited

Chang Hwa Commercial Bank, Ltd.

Chiba Bank, Ltd. (the)

China Bohai Bank Co., Ltd.

China Citic Bank Corporation Limited

China Construction Bank Corporation

China Development Bank

China Everbright Bank Co., Ltd.

China Guangfa Bank Co., Ltd.

China Merchants Bank Co., Ltd.

China Minsheng Banking Corp., Ltd.

China Zheshang Bank Co., Ltd.

Chugoku Bank, Ltd (the)

Cimb Bank Berhad

Citibank, N.A.

Commonwealth Bank of Australia

Coöperatieve Rabobank U.A.

Credit Agricole Corporate and Investment Bank

Credit Industriel Et Commercial

Credit Suisse AG

CTBC Bank Co., Ltd.

DBS Bank Ltd.

Deutsche Bank Aktiengesellschaft

DZ Bank AG Deutsche Zentral-genossenschaftsbank, Frankfurt Am Main

E.Sun Commercial Bank, Ltd.

East West Bank

EFG Bank AG

Also Known as:

EFG Bank SA

EFG Bank Ltd

Erste Group Bank AG

Far Eastern International Bank

First Abu Dhabi Bank PJSC

First Commercial Bank, Ltd.

Hachijuni Bank, Ltd. (the)

HDFC Bank Limited

Hong Leong Bank Berhad

HSBC Bank PLC

HSBC Bank USA, National Association

Hua Nan Commercial Bank, Ltd.

Hua Xia Bank Co., Limited

Icici Bank Limited

Indian Overseas Bank

Industrial and Commercial Bank of China Limited

Industrial Bank Co., Ltd.

Industrial Bank of Korea

Ing Bank N.V.

Intesa San Paolo SPA

JPMorgan Chase Bank, National Association

KBC Bank N.v.

KEB Hana Bank

Kookmin Bank

Land Bank of Taiwan Co., Ltd.

LGT Bank AG   

Also Known as:

LGT Bank Ltd.

LGT Bank SA

Malayan Banking Berhad

Mashreq Bank - Public Shareholding Company

Also Known as:

Mashreqbank PSC

Mega International Commercial Bank Co., Ltd.

Melli Bank PLC

Mitsubishi UFJ Trust and Banking Corporation

Mizuho Bank, Ltd.

MUFG Bank, Ltd.

National Australia Bank Limited

National Bank of Pakistan

Natixis

Nonghyup Bank

O-bank Co., Ltd.

Oversea-Chinese Banking Corporation Limited

Philippine National Bank

Ping An Bank Co., Ltd.

Bank Negara Indonesia (Persero) Tbk.

Qatar National Bank (Q.P.S.C)

Royal Bank of Canada

Shanghai Commercial & Savings Bank, Ltd. (the)

Shanghai Pudong Development Bank Co., Ltd.

Shiga Bank, Ltd. (the)

Shinhan Bank

Shizuoka Bank, Ltd. (the)

Skandinaviska Enskilda Banken Ab

Societe Generale

Standard Chartered Bank

State Bank of India

State Street Bank and Trust Company

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Trust Bank, Limited

Taipei Fubon Commercial Bank Co., Ltd.

Taishin International Bank Co., Ltd

Taiwan Business Bank, Ltd.

Taiwan Cooperative Bank, Ltd.

Taiwan Shin Kong Commercial Bank Co., Ltd.

Toronto-Dominion Bank

UBS AG

UCO Bank

Unicredit Bank AG

Union Bancaire Privée, UBP SA

Also Known as:

United Private Bank, UBP Ltd

Union Bank of India

United Overseas Bank Ltd.

Wells Fargo Bank, National Association

Woori Bank

Yuanta Commercial Bank Co., Ltd

Deposit-taking Companies

Incorporated in Hong Kong

Bcom Finance (Hong Kong) Limited

BPI International Finance Limited

Chau's Brothers Finance Company Limited

Chong Hing Finance Limited

Commonwealth Finance Corporation Limited

Corporate Finance (D.t.c.) Limited

Fubon Credit (Hong Kong) Limited

KEB Hana Global Finance Limited

Kexim Asia Limited

Public Finance Limited

Vietnam Finance Company Limited

Woori Global Markets Asia Limited

Virtual banks in Hong Kong

In addition to traditional banks, another emerging option is virtual banks, which have no physical branches and focus on digital services. This concept is still very new to Hong Kong, and as of May 31, 2023, the HKMA only granted eight licenses for virtual banking.

Virtual Banks Incorporated in Hong Kong

Airstar Bank Limited

Ant Bank (Hong Kong) Limited

Fusion Bank Limited

Livi Bank Limited

Mox Bank Limited

Ping An OneConnect Bank (Hong Kong) Limited

WeLab Bank Limited

ZA Bank Limited

 

CHANGE SECTION

How can we help?

Hi there!

Let me show you how I can be of assistance.

I can help you find and connect with an advisor, get guidance, search resources, or share feedback about this site.

Please select what you’d like to do:

Typing...
How can we help?

Hi there!

Our contact personel in Italy is:

profile Alberto Vettoretti

Please select what you’d like to do:

Typing...
Let us help you advance in Asia

Typing...
Speak to an expert!

Please share a few details about what guidance you seek. We can have a suitable advisor contact you within one business day.

Security Check
Back to top