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Awards for Excellence 1999: Asia

Awards for Excellence 1999


Best bank: HSBC

Highly commended: Citigroup

Best securities firm: Merrill Lynch

Highly commended: Jardine Fleming

Best at transaction services: HSBC

Best at treasury: HSBC

Best at trade finance: HSBC

Best local debt underwriting: HSBC

Best equity brokerage: Warburg Dillon Read

Best at cross-border capital raising: Citigroup

Best M&A firm: ING Barings

For the third year running HSBC wins the best bank in Asia award. In the past this has been a battle-royal between Citi and HSBC - this year was no different. Although HSBC has had to face up to high levels of provisioning, Citibank also lost ground, because clients have been carefully watching how its integration with Travelers is going. Some complained that Citi staff were leaving because of uncertainties created by the merger.

HSBC's cautious provisioning, however, was in line with its characteristic Scottish conservatism and it appears likely that it will be written back over the long term. A propitious aspect of the provisioning is that it indicates that HSBC is the most solidly established and broadly based international bank in Asia - it doesn't just lend to top-tier multinationals; clients know it will be there in good times and bad.

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