HSBC
With its extensive network in 21 countries in the Asia-Pacific region (including Japan), recent acquisitions in China and continued profit growth, HSBC maintains its mantle as Asia’s premier banking institution. While the region’s role in HSBC’s global operations has lessened as a result of the Household purchase in the US, total assets in Asia-Pacific continue to grow, rising 15.2% in 2003 to $296bn. Profits from the region are also increasing, up 5% to $5.2bn. Meanwhile, HSBC has recently agreed to buy 19.9% of China’s fifth largest bank, Bank of Communications, which emphasises its role as the largest foreign bank in mainland China. The bank has also agreed to acquire an interest in UTI Bank in India and believes that China and India, where it is well-placed, will become increasingly important to the global economy. “HSBC has built up a unique international franchise, well balanced in terms of customer groups, geographic spread and product capabilities,” says David Eldon, chairman of The Hong Kong and Shanghai Banking Corporation. “Our challenge here in Asia is to ensure that we build on the potential of this franchise to the maximum. And with the regional economy recovering, we have seen each of our customer group businesses – personal financial services, commercial banking, private banking, and corporate, investment banking and markets – demonstrate significantly improved performances.”
