17 September 2003

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HSBC wins The Banker’s 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 Philippines.
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 Malta’s 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. HSBC’s 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 Banker.
"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."

Copyright © Newsworks Ltd. Malta.
Editor: Saviour Balzan
The Malta Financial & Business Times, Newsworks Ltd, Vjal ir-Rihan, San Gwann
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