The Banker Global Awards show that major banks are not only continuing to produce record profits and move into new markets but there is also a slow resurgence in cross-border mergers and acquisitions in most regions, including Europe.
GLOBAL BANK:
HSBC
Following a series of earlier acquisitions in the US and Mexico and the part acquisitions in 2004 of China’s Bank of Communications and Ping An Insurance, HSBC continued to successfully integrate and expand its network that spans 77 countries and territories. In Argentina, Indonesia, the Middle East and Turkey, the bank achieved growth of pre-tax profits of 50% or more, growth exceeding 20% in Mexico and Brazil and a five-fold increase in mainland China.
In 2005, following a 37% increase in profits to $17.6bn in 2004, HSBC continued to progress with interim profits up 5% to $10.6bn backed by further expansion in China, growing investment banking revenues and selective disposals.
For the foreseeable future the bank believes the main drivers of economic growth will continue to be NAFTA, led by the US, and Asia, with China of increasing importance. Given its more balanced network geographically and strong presence in growing emerging markets worldwide, HSBC has been well placed to take advantage of the opportunities available and also grow for the future.
HSBC group chairman Sir John Bond added: “We are delighted to have won the Global Bank of the Year Award for the fourth year running. HSBC has made further progress during the last 12 months as we have worked to serve the best interests of our customers and shareholders. The award honours the talents and dedication of my colleagues around the world.”
WESTERN EUROPE: GRUPO SANTANDER
CENTRAL AND EASTERN EUROPE: UNICREDIT
MIDDLE EAST: NATIONAL BANK OF KUWAIT
THE EMERGING MARKETS: RAIFFEISEN INTERNATIONAL
