|
HSBC’s
CEO for Asia Pacific reiterates bank’s commitment
to Sri Lanka, SMEs
By
Nizla Naizer
HSBC yesterday, reiterated its commitment
to Sri Lanka by expanding its micro financing network
to include the Small and Medium Enterprise (SME) sector
through an expanded internet banking service and by
introducing its debit cards to the market.
CEO for HSBC, Sri Lanka and Maldives, Nick A. Nicolaou
pointed out that they are focussing on using internet
technology to reach rural SMEs and assist them with
micro financing projects. He said that they are aiming
at introducing ‘world class products’ like
debit cards and internet banking services aimed at SMEs
and informal business groups.
HSBC’s CEO for the Asia Pacific Region, Sandy Flockhart
on his first visit to the island, said at a media briefing
yesterday that he was very impressed with the progress
made by HSBC here in the last three years, and that
he hopes for a more ‘organic’ growth for the
organisation.
When asked about the challenges faced in Sri Lanka,
Flockhart stated that Sri Lanka’s economy has been
growing positively and that they expect that to continue
despite the rising inflation. “The size and footprint
of the bank will be determined based on the country’s
growth,” he said, “We will aim at a more organic
growth for the organisation either by having more 3rd
party outlets or more branches or more direct banking
facilities in the future. Flockhart said that Asia is
a most exciting place in its present economic environment.
Due to the industriousness of the people and the contribution
of the large economies of India and China, Asia has
been performing quite well during the first half of
the year.
“We can feel a bit of a slow down for the second
half as there is no de-linkage of Asia from what’s
happening in the rest of the world,” he said adding
that they do expect the recovery to begin more strongly
in early 2009. HSBC’s pre-tax profit was up 20%
year-on-year to US$ 6.7 billion in the first half of
2008, despite the difficult economic conditions particularly
in the US, and turbulent international financial markets.
HSBC, which has had a presence in the country for over
116 years, is the largest foreign bank in the country.
Mr. Flockhart reiterated their objectives by saying,
“our intention in Sri Lanka is to become the banker
of choice in providing international banking services
to both the personal and corporate segments, through
our unrivalled global network and our growing domestic
franchise.” Speaking on HSBC’s contribution
to Sri Lanka, Flockhart mentioned how there have been
contributions made to Sri Lanka’s infrastructural
developments by financing several power, road and port
facility projects.
|
|
