HSBC wins Global Bank of the Year award

HSBC, winner of the Global Bank of the Year Award for 2002, has been described as "one of the best run banks in the world" by The Banker magazine in its 2002 Award Classifications. The awards assess growth and performance over the past year in terms of capital, assets and return on equity, and how to use technology in tandem with the bank's structure and strategy.

Summarising HSBC's success, The Banker said: "When markets turn down investors plump for HSBC and its shares trade at a premium to other banks. Why? Because it is one of the best run organisations in the world and the bank's down-to-earth style prevent management getting carried away in a froth of bull market excess."

The magazine highlighted the group's resilience in turbulent times and praised HSBC's "tight management approach".

HSBC Group finance director, Douglas Flint, received the global award on behalf of HSBC.

HSBC Bank Malta plc CEO Chris Hothersall said HSBC is wholly customer-driven both locally in Malta and around the world. Such awards recognise the hard work and commitment of our local staff both in Malta and the rest of the world, he said.