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2008 final results - private bank highlights

10 March 2009

HSBC made a profit of $1,447 million before tax on its private banking activities in the year ending 31 December 2008. This represented a fall of 4 per cent as clients moved progressively to a more conservative investment stance in the turbulent markets. This reduction in risk had a positive impact on net interest income which increased 34% on the previous year to US$1.6 billion. The main driver for this was an increase in customer deposit balances in Switzerland, the UK and Hong Kong as customers chose HSBC for its strength when switching from investment securities to cash deposits.

As at 31 December 2008, HSBC Private Bank managed US$352 billion for its clients.

Other highlights for HSBC Private Bank included:

  • The results of the Euromoney 2009 Private Banking Survey which placed HSBC Private Bank second overall in the Global Private Bank category, up from third in 2008. HSBC Private Bank was also awarded ‘Best Private Bank in Asia’ and ‘Best Private Bank in the Middle East’. At the International Wealth Management Summit, HSBC won ‘Outstanding Global Private Banker’ awarded to the Global CEO of HSBC Private Bank, and ‘Outstanding Private Bank’ in the Middle East.
  • The launch of a fresh image campaign in 2009, including the aim to be ‘The world’s private bank’ in alignment with the Group’s recognised global brand strategy. The launch was combined with a targeted advertising and marketing campaign.
  • The formal opening of offices in Guangzhou, Shanghai and Beijing as part of the launch of Private Banking operations in mainland China. Preparations were also made for a launch of domestic operations in Russia in 2009.

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