HSBC
Amid fierce competition, HSBC remained the most profitable bank in Hong Kong and maintained and grew its market share across key product segments while launching a variety of wealth management offerings.
In particular, it consolidated its leadership in insurance, structured products and pooled investment structures. Structured investment deposit turnover grew by 170%, the leading deposits market share remained at higher than 20%, and card receivables and cards issue businesses were significantly expanded.
HSBC launched more than 170 new investment funds to enhance product proposition, covering global, regional, single country, commodity and various sectors, and totalling 304 funds at the end of 2005.
Commercial banking had strong financial results. It devoted resources to growing SME business and has placed special emphasis on enhancing physical, electronic and online distribution channels.
“HSBC management’s vision for the group has always been consistent: we aim to be the world’s leading financial services company,” says chairman Vincent Cheng. “Leading means preferred, admired and dynamic, and being recognised for giving the customer a fair deal.
“In the coming year, we will continue with the rest of our 2004-08 strategic plan, Managing for Growth, meaning that we will concentrate on growing earnings over the long term at a rate that will place HSBC favourably when compared with its peer group. We will continue to invest in our delivery platforms, technology, people and brand to support the future value of HSBC as reflected in our comparative stock market rating and total shareholders’ return.”
