Perspectives - Anthony Davies, Barclays Bank PLC Hong Kong

In select issues of Britain in Hong Kong, the Chamber checks in with one of its Sterling Members to get a fresh perspective on local businesses, and a peek into the personalities of our captains of industry.

How is business?

While we have seen our industry faced with numerous challenges over the past year, our business has been strong in the region. The global economic and geopolitical environment has presented markets with many challenges, but also opportunities. Many of those are in Asia Pacific, where growth is likely to be faster compared to other parts of the world. When it comes to Hong Kong, we have had our own set of unique challenges here, but by remaining focused and disciplined, it has been a very profitable market and a sizeable revenue contributor to our regional performance. We have ambitious plans for Barclays in Hong Kong and Asia Pacific and need to leverage our global strength, as we are now the sixth largest global investment bank.

You're celebrating 50 years in Hong Kong this year. Why is this anniversary significant and what are the bank's plans for the future?

It’s funny, when you talk about a 50th anniversary for a bank that has been around for over 300 years, it sometimes doesn’t sound like a big milestone! But we are extremely proud of our history in Hong Kong and all the work that we have done here. We are looking forward to celebrating this anniversary as it provides us with a great opportunity to showcase who we are, while reflecting on where we have come from, where we are today and where we want to be. I’m really excited about bringing our clients and colleagues together in celebration of our 50th.

What is the bank's vision and business strategy for Asia-Pacific?

Over the next three years we plan to grow our regional revenue contribution to global. We want to increase our market share in Asia Pacific, and we plan to do this by broadening and deepening our platform, both by location and by product. Hong Kong is one of our major hubs and will be instrumental in executing this plan. I firmly believe that Hong Kong will continue to be the centre for cross border capital flows with mainland China and that we will see accelerated growth with all the various connect schemes.

ESG is also a key area of focus for our team in the region. ESG is critically important to Barclays as a firm, to the industry and beyond. We have internal and external Net Zero targets set for 2030 and 2050 respectively. These plans are critically important, and we continue to embed them into our organisation. We are a leader in this space within the industry in the UK and are growing our ESG capabilities for Asia Pacific in Hong Kong.

What are Barclays' core strengths in Hong Kong?

The way we run our Corporate and Investment Bank business in Hong Kong is very focused. We are not trying to be everything, but instead choose to focus on what we are good at. We plan to continue to go deeper into businesses that we are currently in, creating greater depth. Focusing on this diverse mix of businesses will help us navigate through the challenges that markets are currently having to digest e.g. inflation, interest rate hikes, recessions etc.

What, to your mind, has been the most crucial element in the success of the business over the years?

We have always created a focused plan for our model and executed it with the right use of capital and discipline. We also invest in our people, recruiting and retaining the best people who understand and believe in what we are building. Last but not least, we continue to invest in technology, a critical component for any business but especially so in the modern world of banking.

What are the challenges and opportunities you see in Asia Pacific and Hong Kong?

Hong Kong is unique and has its own particular set of opportunities and challenges. Hong Kong remains the international financial centre of the region for the foreseeable future – serving as a gateway connecting mainland China and the world – capitalising on Chinese and global opportunities. We have a strong local reserve and robust banking system which allows the city to adapt and evolve.

The rest of Asia Pacific has got its own opportunities: we have a mature business in Japan, which is a more established market, a growing business in Singapore/Southeast Asia and Australia, and a very well-established business in India with a big footprint and a long history.

How does the British Chamber of Commerce add value to your businesss?

As an active member of the General Committee myself, I am consistently impressed by the phenomenal job the British Chamber of Commerce does. They have always done great work in helping to raise the profile of British businesses in Hong Kong. Throughout the pandemic, they have ensured that members are kept updated on the latest developments and have also been very active in presenting the views and concerns of the business community.

PERSONAL

How long have you been in Hong Kong?

I first moved to Hong Kong in 1988 and I’ve lived here for 25 years in total. I moved to Indonesia in 1991 and returned to Hong Kong a few years later. Hong Kong is a very special place, unique in so many ways, and I feel very lucky to have spent the majority of my career working and living here.

What is your favourite (non-professional) occupation?

I’m not sure I would call them occupations! But here in Hong Kong, I do a lot of sailing, very average golfing, trail running (more hiking these days) and music. I thought learning the guitar would be easier than it is! And if out of Hong Kong, I do love my skiing.

What is your favourite thing to do in Hong Kong?

I think you have to appreciate the outdoors, its right on our doorstep. Stunning trails, fabulous beaches – I used to do a lot of competitive trail running, which took me to all corners of Hong Kong and there are some hidden gems out there. I also like being on the water. We are surrounded by it, so getting out on it is very much a favourite.

About Barclays in Hong Kong

Since its establishment in Hong Kong in 1972, Barclays has been actively involved in the market. Over the past five decades, Barclays has evolved from a retail bank and a jointly-owned merchant bank, to its current role as a Corporate and Investment Bank. In this time, Barclays has helped to finance some of Hong Kong’s biggest infrastructure projects, hosted the first-ever Premier League Barclays Asia Trophy pre-season tournament, and sponsored events for a variety of causes. 2022 marks the 50th anniversary of Barclays’ presence in Hong Kong, and they are looking forward to many more ahead.

About Barclays

Barclays is a consumer and wholesale bank, supporting individuals and small businesses through our consumer banking services, and larger businesses and institutions through our corporate and investment banking services. Our Corporate and Investment Bank is comprised of the Investment Banking, International Corporate Banking, Global Markets and Research businesses; it provides money managers, financial institutions, governments, supranational organisations and corporate clients with services and advice for their funding, financing, strategic and risk management needs. For further information about Barclays, please visit our website https://home.barclays/.