Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 34

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 34
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, revenue declined by 4% compared with 2023 on a constant currency basis. This was primarily due to the non-recurrence of a gain in 2023 on the acquisition of SVB UK. In GBM, constant currency revenue grew by 11% compared with 2023. Our strength in international connectivity is a key differentiator. We partner with our clients as they expand internationally. The reconfiguration of global supply chains plays to our strength in network business: in our 58 markets, we are well placed to help clients manage increased complexity. Transaction banking is a leading HSBC proposition. We ranked second by Global Payments Solutions (‘GPS’) revenue in the first three quarters of 2024 1 . We also facilitated over $850bn in trade 2 and have been ranked first in revenue for the last seven consecutive years 3 . We generated revenue of $26.3bn from transaction banking during 2024, which was broadly stable compared with 2023. We were ranked joint second in Global Foreign Exchange (‘GFX’) revenue 4 and second in APAC securities services in the first three quarters of 2024 5 . $850bn Trade volume facilitated 1 Source: Coalition Greenwich Competitor Analytics – 9M24. 2 HSBC internal management information, excluding Hang Seng, Malaysia and Germany. 3 Source: Coalition Greenwich Competitor Analytics – 9M24. 4 Source: Coalition Greenwich Competitor Analytics – 9M24. 5 Source: Coalition Greenwich Competitor Analytics – 9M24.

Performance across geographies Hong Kong We have the leading banking franchise in Hong Kong, with $575bn in customer deposits and market leadership in a number of product areas 6 . In 2024, reported revenue was $21.2bn, an increase of 6%. We welcomed 799,000 new-to-bank customers in WPB, with the rate of growth accelerating from 345,000 in the first half of 2024, to 454,000 in the second half. Our 2024 full year new-to-bank customers numbers grew by 66% compared with 2023. We also continued to solidify our leadership position and grow our WPB business. In our wholesale businesses, we focused on maintaining our leading position across multiple products. In trade finance, our market share was 29.2%, an increase of 3.5 percentage points from 2023 7 . UK HSBC UK has a top 3