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| Sunday, 30 June 2002 |
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Business |  |
| News Business Features Editorial
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HSBC celebrates 110 years in Sri Lanka by Charnika Munasinghe HSBC officially opened its doors in Sri Lanka on July 1, 1892, 27 years after its first offices were established in Hong Kong and Shanghai. Today HSBC has over 7,000 offices worldwide with 170,000 employees in 81 countries and territories and around 31 million customers around the globe. In Sri Lanka, the bank now operates 10 branches with a staff of over 750. On the eve of the impending celebrations of 110 years of the Hong Kong Shanghai Banking Corporation of Sri Lanka, Sarath Piyaratna, Deputy CEO spoke of the facilities offered to its customers. HSBC offers personal financial services, commercial banking, corporate banking and markets and private banking among other activities. Speaking of the parent company and how it was founded, he said that HSBC Holding plc is incorporated in England with its head office in London. Formerly known as the Hong Kong Bank, HSBC was established as an international brand name in 1999. The HSBC Group is one of the largest banking and financial service organisations in the world with established business in Europe and the Asia-Pacific region, the Americas, the Middle East and Africa. The start of HSBC in Sri Lanka Mr. Piyaratna said that HSBC set up agents in Sri Lanka as far back as 1882. During the 1884 coffee crisis, when the economy of Sri Lanka suffered a severe setback as coffee plantations throughout the country were almost totally destroyed by disease, HSBC realised the need for an international corporate bank. When prestigious banks were folding up in Sri Lanka, HSBC decided to step in and serve the banking needs of the country, he said. In the early 1920s, the bank purchased and began work on a land adjoining the Bank of Madras. HSBC moved into its new home at Sir Baron Jayathileka Mawatha, which it occupies even today, an impressive landmark in Colombo's architectural and business landscape. Judging by the 2001 results, HSBC has now become one of the most profitable banks in the country. It continues to expand and invest in technology and people. It has a significant presence in corporate banking and may play a lead role in treasury activities in the future. With a 42 per cent market share, HSBC is the market leader in credit cards and has a firm foothold in the personal finance services. Commenting on the Northern conflict which has been an impediment to the financial growth in the country and what measures the bank is taking to counter such situations, he said HSBC hopes to consolidate and grow all established business lines while also looking for new opportunities that will arise with the progress of the peace initiative. The bank has been committed to Sri Lanka even in the most difficult times and now that there are hopeful signs of improvement, HSBC feels placed to take advantage of the opportunities. Corporate banking service In possession of local and foreign currency lending capabilities, HSBC's commercial and corporate and industrial banking have a complete range of finance structures as well as a strong appetite for providing working capital and/or trading financing. The bank has also supported a large number of multinationals and domestic borrowers. With the stationing of the British Air Force in parts of Sri Lanka during the Second World War, HSBC was once more a hub of activity. During this time and until 1956, the Government of Ceylon kept a very substantial revenue account with the bank. HSBC gained ISO 9002 accreditation for trade services in 1999 from SGS Yarsely. HSBC is a pioneer in offing custody and clearing services and a market leader in foreign client custody portfolio. It is a forerunner in offering trustee services to unit trusts and debenture issues in this country and a market leader in unit trusts offering trustee services and clearing services and a leader in foreign unit trusts offering trustee services to 50 per cent of the unit trusts in Sri Lanka. Recently we introduced payments and cash management solutions to all sectors of commercial as well as corporate and institutional banking," he said. Mr. Piyaratna also explained the special service HSBC provides depending on the various needs of the customers. He said although HSBC has been popular as a corporate bank, it is now making a mark in personal financial services. Understanding the changing needs of customers according to their age and income level, the bank created 'premier', 'Power vantage' and 'E-saver' to cater to different market segments. The bank offers credit cards to those who do not even have an account with it. These credit cards are accepted in Sri Lanka and at over 17 million establishments the world over. The bank has also introduced Personal Investment Loan, Personal Investment Loan Plus and Home Loan. The most recent product launched to facilitate daily banking transactions has been personal Internet banking. Personal banking customers of HSBC Sri Lanka can transfer money or make payments within Sri Lanka or to overseas banks and also within their own accounts. HSBC's most recent innovation in the field of technology has been the establishment of the first Internet payment portal in Sri Lanka for local customers. Through this portal, smaller companies are able to present their products to an international market and receive payment via the Internet. In July 1980, HSBC became the first bank to computerise its operations in Sri Lanka. Another first in Sri Lanka was the installation of automated machines in June 1986, enabling round-the-clock banking. In 1991, the Colombo branch was connected to HSBC's global data network. With the introduction of Hexagon in the same year, the bank became the first in Sri Lanka to introduce electronic banking. This year HSBC trade services will offer its customers electronic DC advising - a quick and easy way for customers to receive a complete copy of their export documentary credits and amendments via e-mail or fax. This is said to be the first service of its kind to be offered here. The bank has also won many awards and has many achievements to its credit. This year HSBC was voted the best trade documentation bank by a customer poll in the Trade Finance magazine. HSBC Sri Lanka was viewed as a model sub-custodian bank. It was rated number one for courtesy and creating awareness in Sri Lanka by Global Custodian 2000 and also by Global Investor Services. Future goals About future goals, the Deputy CEO said: "HSBC strongly believes that the needs of today's society should not be fulfilled at the expense of future generations and is therefore deeply conscious of its responsibilities to the environment. In this sphere, HSBC has joined forces with the Department of Wild Life and is conducting an ongoing campaign to provide a cleaner environment and preserve the natural beauty of Horton Plains. Another important policy of HSBC is providing education for disadvantaged children". |
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