Euromoney Awards for Excellence 2009
HSBC and Credit Suisse win top honours in Euromoney Awards for Excellence; Ackermann receives Lifetime Achievement Award for Outstanding Contribution to Financial Markets
At a gala dinner in London, Wednesday July 8, Euromoney announced the winners of its Awards for Excellence – the most prestigious awards in the global banking industry.
The dinner also celebrated the 40th anniversary of Euromoney magazine, and was attended by over 400 leading bankers and investment bankers from around the world.
HSBC was awarded the title of best global bank.
"After a period in which banks suffered for putting too many eggs into too few baskets, one of the things that stands out at HSBC is the diversity of its business. It is a truly global bank," Euromoney said. "HSBC has adopted a clear policy of focusing expansion on emerging markets, and to place the bank in a position to focus on the international connectivity of those markets with the developed world. It is scoring a number of successes. The bank achieved almost full subscription to the rights issue. No other bank could have raised so much money in this way at that time. The market had made a judgment on HSBC."
"I would like to congratulate all the award winners, who have received these accolades and are managing through these unprecedented times not by chance but by sticking firmly to business and banking fundamentals," said Michael Geoghegan, group CEO of HSBC, collecting the award. "Conservativism, strong capital management and responsible practice have certainly been the core of HSBC since we were founded in 1865. In practice, this character is personified every day by our 300,000 plus staff around the world and it's on their behalf that I am delighted to accept the global bank of the year award for HSBC".
Credit Suisse was recognised for its emergence as one of the winners from the credit crunch with the title of best global investment bank.
“By concentrating on client-related business, the firm has been able to increase market share across all of its main businesses. In these post-credit crunch times, that sounds like the very model of a modern investment bank,” Euromoney said. “What is now becoming clear is that Credit Suisse took the pain in 2008 and is reaping the rewards in 2009. Its first-quarter 2009 earnings showed impressive momentum. The platform Credit Suisse now has stands it in very good stead for the years to come.”
Collecting the award Paul Calello, CEO of the Investment Bank at Credit Suisse said: "We are pleased to be recognised by Euromoney in such a challenging year for the industry. We owe the award to our clients and to our people around the world whose hard work have set us apart this year."
As part of Euromoney’s 40th anniversary celebrations Josef Ackermann, chairman of the management board and global executive committee at Deutsche Bank, received an award for his outstanding contribution to financial services.
Presenting the award to Dr Ackermann, Padraic Fallon, chairman of Euromoney Institutional Investor, said: “Josef Ackermann has established himself as one of the leading bank chief executives of his generation through his stewardship of Deutsche Bank over the past seven years. In addition, he has been a thoughtful and powerful spokesman on behalf of the banking industry as a whole as chairman of the Institute of International Finance. At a time when finance faced its greatest crisis, and desperately needed leadership, Dr Ackermann provided it.”
Accepting the award, Dr Ackermann gave a speech on the continuing challenges facing the banking industry. He said: “Let's be honest about the mistakes the industry made, the lessons learned, and the remedies which are necessary. Let's not shy away from making hard choices. In the past few weeks, some parts of the financial markets have stabilised, and we've seen speculation that our industry will soon be back to 'business as usual'. Let me say clearly: there are lessons from this crisis which we cannot afford to ignore."
The July issue also includes in-depth features on HSBC, including an interview with its chairman Stephen Green; and on Credit Suisse, which features interviews with Brady Dougan and Paul Calello, respectively group chief executive and chief executive of the investment bank at Credit Suisse.
ABOUT EUROMONEY AWARDS FOR EXCELLENCE
Since 1992 Euromoney, the world’s leading financial markets magazine, has singled out the outstanding institutions in finance.
Over the years, the Awards for Excellence have evolved with the markets they cover. They now incorporate 25 global awards for banking and capital markets; and awards for the best banks and securities houses in almost 100 countries around the world.
All the awards have one central theme – they recognise institutions and individuals that demonstrate leadership, innovation, and momentum in the markets in which they excel.
Banks are invited to submit their credentials for the awards which, after analysis and interview, are decided by a committee of senior Euromoney journalists chaired by the magazine’s editor, Clive Horwood.
ACCESSING EUROMONEY’S AWARDS FOR EXCELLENCE
Members of the media wanting access to the Awards for Excellence results should contact Maria Godden-Dowle, marketing executive for Euromoney, at firstname.lastname@example.org or +44 207 779 8716.
Non-subscribers wishing to access the results through Euromoney’s website should call our hotline on +44 207 779 8999. For immediate access, subscribe now.