Global banks are living in a tough environment. Yet amid the uncertainty, is holding steady.

Based in London, HSBC is Europe’s biggest bank by assets. But don’t let that fool you. After spending several years positioning itself to focus its strategy on Asia, that region now generates most of its business. And the strategy, so far, is paying off.

In fact, few global banks possess the geographic advantage HSBC enjoys. Founded in Hong Kong and Shanghai in the 19th century, the institution developed deep relationships across Asian financial markets long before many Western competitors entered the region.

Those historical ties now support HSBC’s current approach. Several years ago, the company exited retail banking in the United…