HSBC wins The Bankers Best
Bank of the Year Award
HSBC Bank Malta p.l.c. has won the Bank of the Year Award
2003 for Malta. This is the first time that HSBC Malta has won the prestigious
award granted by the FT Business The Banker magazine.
On a global basis HSBC was awarded the Global Bank of the Year award
for the second consecutive year. HSBC also received other local Bank
of the Year awards for Asia-Pacific, Armenia, Egypt, Hong Kong and the
The Banker said, "A strong performance in 2002, especially on the
profits front, makes HSBC Malta the best bank on the island in the eyes
of the judges. HSBC Maltas performance last year amid a sluggish
European economy was quite an achievement. It boosted net profit by
34 per cent and lifted its return on equity to 16.64 per cent from 13.58
per cent the previous year. HSBCs cost-to-income ratio also improved
to 55.4 per cent in 2002 from 57.29 per cent in 2001."
After extensive assessments of the latest results and performance data
of the banks, all selections were made by the editorial team of The
"We also took account of the use of technology, innovation and
major strategic developments that impact on the banks long term
prospects and market positioning. The Bank of the Year Award acknowledges
both the quantitative and qualitative achievements of banks and represents
our best assessments of the best banks in 124 countries," said
the judges report.
HSBC Malta has 51 per cent share of the Maltese lending market and a
44 per cent share of the Maltese deposits, said "The Banker".
The Bank also has lead positions in asset management (a 45 per cent
share), life assurance (42 per cent), and home loans markets (52 per
cent). The success of these business lines is further assured by a high
degree of automation.
"It is encouraging to note that HSBC Malta is being recognised
for its achievements as it wants to lead by example, setting the highest
standards for the island in the areas of customer service, ethics and
business practice," said Mr Chris Hothersall, HSBC s Chief
Executive. "The adoption of strict loan classification standards
and tight credit control are regarded as best practice as they contribute
significantly to safeguarding the stability of the Maltese economy."