HSBC Global Bank of the Year
The Banker, 18 September 2002
The Banker magazine has named HSBC Global Bank of the Year in its 2002 annual awards, describing the Group as "one of the best run organisations in the world".
HSBC was also named Bank of the Year Asia-Pacific at an awards ceremony held in London on 3 September, and received 'best bank' awards in two country categories: Hong Kong and Malaysia.
The annual awards assess banks' growth and performance over the year in terms of tier one capital, assets and return on equity. They also consider how banks use technology and how well each bank's structure and strategy will equip them for future developments.
Summarising HSBC's success, The Banker writes:
"When markets turn down investors plump for HSBC and its shares trade at a premium to other bank. Why? Because it is one of the best run organisations in the world and the bank's down to earth style prevent management getting carried away in a froth of bull market excess. HSBC never pays too much for any acquisition, has a better track record than most in not lending excessively to troubled corporate giants and is less dependent than rivals on investment banking revenues. That's why HSBC is deservedly The Banker's Global Bank of the Year."
The magazine highlighted the Group's resilience in turbulent times and praised HSBC's "tight management approach".
Group Finance Director, Douglas Flint, received the global award on behalf of HSBC. He said: "It's an honour to accept this award on behalf of the many talented colleagues who have contributed to HSBC's success. We have seen some turbulent times over the last year, but our strategy of diversification, and our reputation for caution and thrift, continue to pay dividends. Thank you for this vote of confidence."
HSBC was also the recipient of the award for Asia-Pacific Bank of the Year as, according to The Banker, "HSBC continues to be prominent in Asia and a strategic leader.
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