Egypt

HSBC Egypt

HSBC Egypt has emerged as the winner of the award owing to a strong performance in 2002, especially in Tier 1 capital and corporate lending growth.

During the year, the bank increased Tier 1 capital by 55.8%. It enlarged its corporate asset book by 40% due to a greater focus on project and corporate finance deals aimed at developing the country’s economy. It also established an investment banking unit.

Although net profits and ROE fell somewhat amid the difficult economic climate, HSBC Egypt improved its cost-to-income ratio to 40.4% last year from 46.2% the year before.

Meanwhile, the bank continued to enhance its already first-rate technology: it upgraded its 24/7 internet banking service; and it introduced techniques to make the credit approval process quicker and more efficient, and to improve management of credit card and loan risks.

HSBC Egypt chief executive Abdel Salam El Anwar said: “HSBC Egypt remains totally committed to its moral and professional obligations towards society, customers and staff as well as its strategic directives.”