HSBC Bank Australia has unveiled a business banking strategy to expand its presence in the small-to-medium enterprise (SME) banking space in Australia.
HSBC Business will target Australia’s internationally-oriented SMEs with a transactional banking offering and a range of international products and services including foreign exchange, trade finance and payments and cash management.
Paulo Maia, CEO of HSBC Bank Australia, said: “The SME market is already a key focus for HSBC globally. With three million business banking customers in 64 markets, HSBC is one of the largest international SME banks in the world. Now we have the opportunity to bring HSBC’s global business banking expertise to SMEs in Australia.”
“HSBC is in an unparalleled position to support Australia’s increasingly international population and its growing business links with the emerging markets of Asia.
“HSBC’s expansion plans in Australia will focus on business areas where HSBC’s global scale and international connectivity can benefit its customers – HSBC Business is one of these areas.”
Noel McNamara, head of commercial banking at HSBC Australia, said: “HSBC Business will compete with local banks for the business of SMEs with international businesses or cross-border needs.
“Around 14% of Australian SMEs are exporting¹ and this will only increase as global trade continues to grow. Around 19% of Australian SME exporters are exporting to ASEAN countries and 14% of them are trading with China. As the leading international bank in the Asia, HSBC is perfectly placed to help these SMEs with their international banking needs.
“Our international and mass affluent HSBC Premier customer base is growing at a rate of more than 50% per year. One-in-five new-to-bank HSBC Premier customers run their own business and one-in-three of them already banks with HSBC in more than one country.”