HSBC Private Banking partnered with AllBright to promote female entrepreneurship in Hong Kong.
A first for both parties in the area, they hosted a “pop-up” that included pitch courses, investor workshops and a Pitch Day. This followed successful events in the UK and the US over the last two years.
The event focused on coaching and mentoring female entrepreneurs. Furthermore, it provided expert advice and access to HSBC’s global connections.
HSBC Private Banking also undertook some research. Its She’s the Business survey revealed that Hong Kong has the highest proportion of gender balanced investor panels compared to other markets at 81%. However, 31% of female entrepreneurs stated that they have experience gender bias with securing capital. They also face long processes for securing capital and at average of 9.7 months.
Siew Meng Tan, regional head, HSBC Private Banking, Asia Pacific, said: “We are proud to work with AllBright to bring the Pitch Day Series to Hong Kong. The highly competitive entrepreneurial environment in Hong Kong has produced many successful female entrepreneurs. We believe the event has helped strengthen confidence in the female entrepreneur community, and represents a move in the right direction for the industry and investment landscape in Hong Kong.”
Debbie Wosskow OBE, co-founder of AllBright, added: “We are delighted to be partnering with HSBC Private Banking. They bring a wealth of business knowledge, global connections and decades of experience to AllBright’s Pitch Days – helping to achieve our joint ambition of supporting female entrepreneurs.”
The Retail Banking and Wealth Management division of HSBC reported an adjusted pre-tax profit of $1.7bn for the third quarter of 2019, a plunge of 18% compared to $2.07bn a year ago.
The unit’s net operating income remained nearly stable at $5.63bn.
Total operating expenses increased 7% to $3.49bn in 2019 Q3 from $3.27bn last year.
HSBC’s Global Private Banking business reported an adjusted pre-tax profit of $123m for the third quarter, a 32% jump compared to $93m a year earlier.