Our growth strategy is delivering, AGM hears

We’re clear on our core strengths – and we’re investing to develop our competitive advantages further and deliver sustainable growth, Group Chairman Brendan Nelson told our Annual General Meeting in London today.

“2025 was a very good year for the Group,” Brendan said at the AGM – his first as Group Chairman.

“That positive momentum continues. Indeed, our first quarter results, which were announced on Tuesday this week, provided further evidence that our growth strategy is delivering.”

Brendan told shareholders we have an “entirely attainable ambition to be the most trusted bank globally, putting customers at the heart of everything we do” – and said he felt privileged to be part of this “remarkable institution”.

He added: “HSBC’s founders sought to establish a bank that would facilitate local and international trade.

“By not losing sight of that foundational objective and by remaining true to our purpose and values, we have focused on what matters most – our customers – moving forward together through these most complex of times.”

A significant milestone

He described our US$13.7 billion investment in the privatisation of Hang Seng Bank as another significant milestone in our history, adding that “we have brought together two seminal institutions that have served Hong Kong for generations”.

Brendan also highlighted that we had returned US$18.9 billion to shareholders in 2025 through share buybacks and dividends. He noted that dividends paid last year – together with a more than 49% increase in the share price – delivered a total shareholder return for the year of more than 57%.

“We will continue to focus on the execution of our strategy, navigating the continuing global geopolitical and macroeconomic uncertainty,” he said.

“As the international bank with the longest and deepest heritage in the Middle East, with roots going back 135 years, our thoughts are with all those who are affected [by the conflict].”

On the issue of sustainability, Brendan said that supporting our customers’ transition is “one of the most significant roles we can play in the global transition to net zero”.

He said that we’re aiming to provide and facilitate between US$750 billion and US$1 trillion of sustainable finance and investment by 2030. In 2025, we provided and facilitated US$102 billion, “a record annual high for HSBC”.

Brendan said these investments brought our cumulative total to US$496 billion since January 2020, putting us on track to meet our target by 2030.

An interconnected global economy

Brendan handed over to Group CEO Georges Elhedery, who began by reflecting that, since the last AGM “the world has become more uncertain” and the recent conflict in the Middle East is “a reminder that we live in a more shock-prone, interconnected global economy”.

However, he added that our experience in the Middle East gives us belief that the years ahead will bring “renewed stability, growth, and prosperity” for the region.

Click to display more information about image

Group CEO Georges Elhedery also addressed the AGM

Georges also talked about how AI is reinventing customer experience and said new forms of finance are also reinventing how money moves through the system, adding that “demand for globally connected financial services is increasing”.

“Asia is central to this,” Georges said. “It is driving 60% of global growth and 40% of global trade… that is why we have taken decisive action to position HSBC to capture these structural growth opportunities.

“Our strategy is working. The results are clear in our financial performance… We performed. We transformed. And we continued to invest for growth,” he said.

“In 2025, each business performed well, growing both revenue and deposits.”

Georges added that we are “driving real momentum in the business, which is reflected in our first quarter performance”.

Fifteen resolutions backed by the Board were passed by shareholders at the AGM. Two further shareholder-requisitioned resolutions, relating to the UK pension scheme, were defeated, in line with the Board’s recommendation.

Discover more about this year’s AGM, including the full voting results and Brendan’s and Georges’s statements in full.