Word: banke
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Dates: during 2000-2009
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...expressed little or no confidence named the recession, concerns about too much government spending or interference, weak government oversight of the capital markets, the volatility in the U.S. stock market, bank failures, corporate greed, job losses, and the home foreclosure crisis as their top concerns...
Megabank HSBC has been as much a part of Hong Kong history as Victoria Harbor, high tea at the Peninsula Hotel and martial-arts movies. Founded in 1865 as the Hongkong and Shanghai Banking Corporation, HSBC backed some of city's most important businessmen, including tycoon Li Ka-shing, and remains Hong Kong's No. 1 bank. But for much of the past 20 years, HSBC has expended a lot of its energy striving to be more than an Asian institution. With major acquisitions in the U.K., the U.S. and elsewhere, HSBC grew into one of the world's largest...
...realized home is where the heart - and the money - is. On Sept. 25, HSBC announced that its chief executive, Michael Geoghegan, will relocate his office back to Hong Kong in February, 2010. The decision is yet another sign of the growing economic influence of Asia. Calling Asia the bank's "strategically most important region," HSBC said in a statement that Geoghegan's move "further positions the Group for the shift in the world's center of economic gravity from West to East." (See 10 big recession surprises...
...Meanwhile, HSBC's Asia businesses continue to thrive. In the first half of 2009, its regional operations notched a pretax profit of $4.5 billion, more than half of it coming from Hong Kong alone. The bank is also continuing to expand in Asia. In China, where HSBC already has the largest branch network of any foreign bank, it is considering an initial public offering of stock on the Shanghai exchange. In May, HSBC completed its acquisition of Bank Ekonomi in Indonesia, almost doubling its number of outlets in that country...
...HSBC isn't completely turning its back on the West. Green, the chairman, will remain in London, as will HSBC's official world headquarters. Yet HSBC's return to Asia is still an important signal of where the bank and the world economy believes it will find new growth. "The self-styled 'world's local bank' is realizing some locales are more important than others," noted an editorial in the South China Morning Post, Hong Kong's largest English-language newspaper. "It has taken an extraordinary financial crisis for the bank to see that its future lies where its roots...