Cross-border bank claims and liabilities in Asia and the Pacific region remain highly concentrated to few counterparties. Such high concentration exposes economies to financial risks and may lead to less efficient financial intermediation. Consequently, assessing the determinants and impacts of Asia’s cross-border banking concentration is relevant in designing appropriate policies, amidst vulnerabilities associated to Covid-19 pandemic and in support of regional financial cooperation. This paper addresses these topics. It considers which factors are relevant in explaining the region’s high cross-border bank concentration using Herfindahl-Hirschman Index; and examines bank concentration impacts on the region’s banking sector performance and financial stability measures.