So far so good in 2004, says HSBC chairman
(1 June 2004 – UK) The global chairman of the world’s second largest bank, HSBC, has said it performed beyond expectations across all geographic regions so far this year.
Sir John Bond told shareholders at the company’s annual general meeting that the bank’s overall performance had been improved by the recovery in Hong Kong and the US.
"In the first four months of this year our results across all our customer groups and all geographic regions were ahead of the same period in 2003," he said.
However, he warned that the hike in oil prices and US interest rates could adversely affect the economic outlook.
HSBC, which operates in 79 countries, made its largest acquisition in 2003, when it purchased Household in the US for US$14.8 billion. The bank said it did not intend making further acquisitions in the US in the near future despite being linked to other financial companies.
In further news, HSBC is set to buy a 20 percent stake in China’s Bank of Communications for some US$1 billion. A decision is due to be announced within the next fortnight and the bank is expected to face competition from JP Morgan.
"In the first four months of this year our results across all our customer groups and all geographic regions were ahead of the same period in 2003," he said.
However, he warned that the hike in oil prices and US interest rates could adversely affect the economic outlook.
HSBC, which operates in 79 countries, made its largest acquisition in 2003, when it purchased Household in the US for US$14.8 billion. The bank said it did not intend making further acquisitions in the US in the near future despite being linked to other financial companies.
In further news, HSBC is set to buy a 20 percent stake in China’s Bank of Communications for some US$1 billion. A decision is due to be announced within the next fortnight and the bank is expected to face competition from JP Morgan.
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