CEO to CEO: A Conversation with Steve Hughes, CEO of HSBC Australia & New Zealand
Tuesday, 12 May 2026
April Palmerlee Steve Hughes
In this CEO-to-CEO conversation with AmCham’s April Palmerlee, Steve Hughes, CEO of HSBC Australia & New Zealand, discusses international expansion, the Australia–US business corridor, digital transformation in banking, and leading through global volatility.
April Palmerlee (AP): Steve, welcome to the AmCham community. You’ve stepped into the country CEO role at a time when global conditions are anything but simple. What appealed to you most about taking on this role right now?
Thank you, it’s great to have the opportunity to work more closely with AmCham in my role as CEO. It’s a privilege to lead HSBC Australia and New Zealand and my priority is to grow the business and double down on our position as the leading international bank here.
This predominately means supporting our Australian customers and clients to expand offshore, and to support international corporates and financial institutions, including those in the US, to invest and operate in Australia and New Zealand.
Success is as simple as making the lives of our clients’ easier – whether that’s setting up in new markets, navigating trade complexities, or facilitating funding for growth initiatives, our entire purpose is to support international expansion.
HSBC has been in Australia for over 60 years and throughout this time we have supported clients during many periods of volatility. This time is no different and we’re keeping close to clients and customers to ensure they feel supported through this period.
AP: You’ve spent much of your career in international and wholesale banking. How does that global lens influence the way you think about leading HSBC here?
I have been with HSBC for over a decade, most recently leading the Corporate and Institutional business, and I have seen the growing strength and impact of our international proposition. For clients with global operations or offshore growth ambitions, the combination of our local expertise and network in over 50 markets is powerful.
AP: From a US business perspective, why does Australia continue to resonate as a market and investment destination?
Australia continues to be a compelling market for business growth opportunities and offers strategic positioning for further expansion in the Asia-Pacific region – and we’ve seen the number of US clients active in Australia increase significantly over the last five years.
The strength of the Australia-US corridor is underpinned by robust capital markets and institutional trust, compatible legal and regulatory frameworks, and free trade agreements. Our internal data shows that the US corridor remains the largest by number of Australian corporates active in the corridor, primarily driven by the technology and innovation sector.
AP: Digital transformation continues to feature heavily in CEO conversations. What are you hearing from clients right now?
Tokenisation is emerging into the mainstream infrastructure of the financial system, and it brings with it incredible potential to reshape how our clients move money, hold assets and settle their transactions over the next decade.
This was a key theme at the HSBC Global Investment Summit that I recently attended in Hong Kong, where we discussed how advances in key areas – like digital assets, currencies and AI – are turning financial innovation into real-world capabilities.
AP: As HSBC continues to engage with AmCham in 2026, what do you see as the value of being part of this community?
HSBC has been a member of AmCham for many years and has gained a great deal of value from the partnership. The Australia-US corridor remains extremely important for HSBC in Australia particularly for our Innovation Banking and global corporate clients, where we see significant engagement. Working with AmCham enables us to foster new connections that further support activity in this important corridor.
AP: Finally, on a more personal note, how do you like to switch off outside of work?
I am a regular ocean swimmer and I’m in the water most mornings. I am also a huge fan of skiing - I love Japan and the Hakuba Valley and recently had a great trip to Courmayuer and Cervinia in Italy.