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Boom despite the Gloom
Simon Cooper, Deputy Chairman and CEO, HSBC Middle East & North Africa, discusses the past year and reinforcing its position as a leading international bank.
May 22, 2012 2:15 by kippreport
Simon Cooper has had a long association with HSBC bank, going back to 1989, and has served in several countries where the bank operates. He took over as Chief Executive Officer of HSBC Middle East and North Africa in May 2009. In an interview with TRENDS, he outlines the bank’s strategy in the region in view of the crisis that has gripped the global banking industry for the past four years.
How has the bank performed in the region in 2011?
In 2011, HSBC reinforced its position as the leading international bank in the MENA region, reporting US$1.5bn in profit before tax. In view of the social and political events that took place in MENA last year, this near-doubling of Profit Before Tax was a clear demonstration of the progress we have made.
Our Commercial Banking business grew its revenue faster than regional GDP, meaning we are winning market share and a greater share of our clients’ business in MENA. In Global Banking and Markets we maintained our status as the leading wholesale and investment bank. As well as being the leading bond, sukuk and project finance adviser, we helped government, financial, multinational and institutional clients to thrive in challenging circumstances.
In our Retail Banking and Wealth Management business, we continued to standardize our offering, so customers enjoy a more consistent experience wherever they bank with us, and there was further innovation to improve customer service, including the successful launch of mobile banking – a simple way for customers to bank “on the go”.