The Banker magazine has named HSBC Global Bank of the Year for the second consecutive year, due to "another strong financial performance and far-sighted acquisitions", the magazine said.
HSBC received a total of seven awards at the 2003 awards ceremony held in London on 9 September. As well as the global award, HSBC was named Bank of the Year Asia-Pacific and Best Bank in Hong Kong (both also for the second year running), and won further 'Best Bank' awards in the Philippines, Malta, Egypt and Armenia.
Strategic acquisitions by HSBC, in particular of Household International in the US, and improvements in investment banking, contributed to The Banker's decision to award the Global Bank of the Year title to HSBC for the second year running. "HSBC took a major (and good value) step forward in its aim of becoming the world's leading financial services organisation. It bought US consumer finance and cards group Household International at only 1.7 times book value," the magazine said. "This acquisition fulfilled a number of goals including cutting the group's cost-income ratio, spearheading its moves into other markets and giving it the US exposure it had been looking for."
The acquisition of GF Bital in Mexico was identified as a good strategic fit with Household. "Together, they can target the Mexican-US remittances market and the large immigrant Mexican population in the US." The acquisition of a 10% stake in China's third largest insurer, Ping An was, said the magazine, "typical of HSBC - a bold move at a good price, but without too much risk."
The magazine also noted the "major improvements to [HSBC's] investment banking business" that had seen the Group "climbing up the mergers and acquisitions league tables to join the top 10".
Group Chairman, Sir John Bond, said: "We are delighted to have won this award for the second year running. We hope it reflects the continued progress that HSBC has made during the last 12 months. It is a tribute to my talented and hard-working colleagues. Above all, perhaps, it is recognition of the loyalty and support of almost 100 million customers whom we serve worldwide. We never forget that our success depends on their success."
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© Press Release 2005
