Many banks make bold claims about being global players. Few qualify. But with more than 5,000 offices in 80 countries, spread across the Americas, the Middle East, Africa, Europe and Asia, HSBC is in the First division of globalization. As a bank that started life in Hong Kong in the 19th century it is not surprising that its long-established expertise and strong foundation in the developing world should stand it in good stead for this award.
HSBC receives the award, however, not for its glorious history but because of the continual build-up and exploitation of its emerging market presence. One of HSBC's greatest qualities is that it has never stood still and never rested on its laurels.
The push for comprehensive coverage has come in different phases, and as recently as 1997 HSBC launched a major assault on Latin America with its acquisition of Bamerindus in Brazil and the Roberts Group in Argentina. The results of this strategy are now starting to come through, particularly in Brazil where turning around a bank as large as Bamerindus has required time and patience.
HSBC's spiritual home is of course Asia and, even though this year it lost its title as best regional bank to Citibank, the bank retains a formidable presence there that it continues to develop.