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.