Thu, Mar 04, 2004 - Page 10 News List

HSBC earns NT$2.6 billion in Taiwan

By Joyce Huang  /  STAFF REPORTER

British-based global banking giant Hongkong and Shanghai Banking Corp (HSBC) said yesterday that it earned NT$2.6 billion in pre-tax profit in Taiwan last year, up 5 percent from a year earlier.

"Half of our revenues were made from consumer businesses," the bank's Taiwan CEO, Paul Leech, told a press conference.

Leech said he was optimistic about the bank's performance this year, adding that the credit-card, mortgage and wealth management businesses would continue outperforming other companies here.

To manage further growth, Leech said that HSBC Taiwan had an "aggressive growth plan for 2004," with major business focusing on consumer banking, corporate banking and treasury business.

In order to achieve that goal, the bank is considering recruiting executives to fill senior positions at the Taiwan unit, he said. The bank has eight branches here with about 1,600 employees.

Stressing the importance of the greater China market, of which Taiwan is at the heart, Leech added that China was expected to play a very strong and positive part to the bank's future revenue growth.

"As the largest foreign bank in China, the HSBC has its unique capabilities of facilitating cross-strait financial services," Leech said.

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