Awards for Excellence 2012: Best Emerging Markets Bank

Awards for Excellence 2012

Best Emerging Markets Bank: HSBC

Also nominated: Citi and Standard Chartered

Over the past year, HSBC has embarked on a dramatic shift in strategy. The group’s 19th-century roots in Asia, widespread international presence and universal banking capabilities in growth markets have buttressed its top line in recent years, compensating for its faltering European and north American units.

And yet, over the past year, HSBC has exited or downsized retail banking in key competitive emerging markets, including Russia, Chile and Poland, to cut costs and help the group edge towards its return on equity target of 12% to 15%.