Mindshare has held HSBC for 13 years, having successfully defended the account most recently in 2013, and the loss is a blow to parent company WPP, which is searching for a chief executive to replace Sir Martin Sorrell.
PHD is understood to have beaten Mindshare and Dentsu Aegis Network in a three-way contest.
Industry sources said agency groups have been told about the outcome of the review. ID Comms advised on the pitch.
Leanne Cutts, group head of marketing at HSBC, said: "As part of our commitment to the ongoing development of HSBC’s media and marketing arrangements, we periodically evaluate all marketing service suppliers to ensure we maintain the best working relationships to support our strategic goals.
"We have selected PHD as our preferred media planning and buying supplier as they demonstrated strong strategic skills and advanced digital transformation capabilities.
"In a complex media and communications marketplace, PHD's overall approach stood out as being forward-thinking, yet straightforward and pragmatic."
None of the agency groups would comment and referred inquiries to HSBC.
HSBC's key markets include the UK, US, China and the Middle East.
The bank appointed Cutts, a former senior Mondelez International executive, as group head of marketing last year.
HSBC began the review several months before Sorrell quit as chief executive on 14 April.
WPP has had a close relationship with HSBC, which uses J Walter Thompson for creative duties as well as Publicis Groupe's Saatchi & Saatchi.
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