Hang Seng's Celebrity CNY Play Targets Q1 Deposit Competition
Hang Seng deploys Nicholas Tse across 18 districts with HK$1M lucky draw to defend deposits as digital banks double personal loan share to 7.6% in Q1 2025.
Hang Seng Bank launched a Chinese New Year campaign spanning all 18 Hong Kong districts in late January 2026, featuring celebrity ambassadors Nicholas Tse, Charlene Choi, and members of VIVA in a modernized "God of Wealth" activation tied to an HK$1 million (~US$128,000) lucky draw running through March 31.
The campaign includes district-specific messaging across locations including Central, Wan Chai, and Yau Ma Tei, with localized prosperity greetings such as "財運暢旺" (flourishing prosperity). Customers can enter the lucky draw by completing designated banking tasks, with prizes including 999.9 pure gold medals, according to campaign materials.
The timing aligns with Hong Kong's intensifying first-quarter deposit competition, as traditional banks face growing pressure from digital competitors.
Campaign Mechanics Target Q1 Deposit Growth
The promotion requires customers to complete "fortune missions" (banking transactions or deposit activities) between February 2 and March 31, 2026 to qualify for prize draws. The campaign builds on Hang Seng's previous God of Wealth modernization efforts from 2023 to 2024, which included collaborations with toy designer Tinbot and Secret Tour Hong Kong to attract younger customers through branch installations in Kowloon.
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MTR station activations complement the district-level celebrity appearances, creating multiple touchpoints during the peak CNY period when Hong Kong households traditionally reallocate savings.
Hang Seng's current and savings accounts reached 56.2% of total deposits by mid-2025, up from 49.5% in 2024, reflecting success in attracting low-cost deposits. The bank's affluent customer base grew approximately 10% annually over three years, with 76% of new affluent customers originating from mainland China, according to company financial reports.
Digital Banks Drive Traditional Players to Cultural Marketing
Hong Kong's retail banking sector recorded 15.8% year-over-year pre-tax profit growth in the first quarter of 2025, despite narrowing net interest margins of 1.51%. However, digital banks captured 7.6% of the personal loan market during the same period, doubling their share from the previous year.
Traditional banks including Hang Seng lost credit card market share to digital competitors, with their collective share dropping to 80.4% in Q4 2024 from 83.2% the prior quarter. This competitive pressure has pushed established players toward culturally-timed campaigns that take advantage of brand heritage and cross-border customer relationships.
"We see early signs of recovery in the capital markets and a gradual improvement in the residential property sector," said Diana Cesar, Executive Director and CEO of Hang Seng Bank, in a July 2025 statement.
Fee Income Becomes Strategic Priority
Hang Seng reported 34% year-over-year fee income growth in the first half of 2025, with fees reaching 31.6% of total revenue. This shift reflects Hong Kong banks' broader pivot toward transaction-based revenue as interest income growth slows.
The CNY campaign's lucky draw mechanics align with this strategy by encouraging multiple banking transactions rather than single-product sales. The district-specific approach particularly targets mainland Chinese customers familiar with cross-border banking during holiday periods, when remittances and wealth transfers typically increase.
The campaign runs through March 31, 2026, covering the extended CNY celebration period and the bank's first-quarter reporting cycle.
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