HSBC
The successful integration of a major savings bank in Manila plus a respectable performance in 2002 have won the award for HSBC in the Philippines.
Having announced the acquisition of the savings bank in 2000, HSBC successfully completed its integration last year. As a result, it commands a network of 21 retail branches on the islands, the largest of any foreign bank. Between the savings bank and its traditional focus on high net-worth clients, HSBC can meet the full financial needs of a broad range of personal banking customers.
HSBC, which has been in the Philippines market since 1875, also demonstrated its considerable expertise on capital markets last year, managing the islands’ biggest bond issues, including those for the Philippine government and Globe.
In terms of performance, the bank’s net profit dipped a little in last year’s tough banking environment. However, it maintained a respectable ROE of 19.36% and its efficiency was enviable due to a cost-to-income ratio of only 26.82%.
Last year also marked the introduction of mobile phone banking along with HSBC’s popular internet banking. Sophisticated technology enables mobile phone users to receive text messages regarding transactions on their account as the transactions are made.
