The private banking division of HSBC, the UK-listed bank, said today that its pre-tax profit for 2009 was $1.1 billion, a year-on-year fall of 21 per cent.
The private banking division of HSBC, the UK-listed bank, said today that its pre-tax profit for 2009 was $1.1 billion, a year-on-year fall of 21 per cent.
Client assets, as at 1 January this year, stood at $352 billion, a fall of 16 per cent from a year before, and HSBC logged net outflows from the private bank of $7 billion, it said in a statement.
The cost/efficiency ratio was 60.5 per cent at the end of last year, up from 58.3 per cent.
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Last year, HSBC said that its group chief executive, Michael Geoghegan, would be headquartered in Hong Kong, to reflect the bank’s increasing focus on Asia as a source for future growth. He made the shift at the start of February. (HSBC’s corporate HQ remains in London, however).
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