Wednesday, December 14, 2011
INTERNATIONAL bank Hong Kong Shanghai Banking Corp. (HSBC) said they are “cautiously optimistic” in their projections for 2012, citing effects of the economic problems of Europe and the Unites States on the global economy.
The bank, however, expects more growth to come from Asian markets such as the Philippines.
“We are still waiting for how these two would stabilize their respective economies, particularly the debt crisis in Europe. Although, there is already help being offered…we are seeing risks in terms of resolutions,” HSBC Philippines president and chief executive officer Tony Cripps said in a recent interview.
Cripps said that whatever resolutions would come out in solving Europe’s debt crisis, it would impact the global economy.
But, while on a “wait and see” stance, Cripps reported they are performing well in the Asian region and will focus on further growth in Asian countries like India, Indonesia, Malaysia, Singapore, Sri Lanka and the Philippines.
Cripps reported HSBC Philippines has been performing well this year despite external factors. He credited the bank’s good performance to product diversification and the country’s healthy banking sector.
“The robust growth of HSBC in the Philippines stemmed from the various products we are now offering in the market such as insurance, wealth management, and home loans.
Healthy population dynamics and the stable economy of the country also contributed to the bank’s over-all performance,” Cripps said.
In the past two years, HSBC has already been bullish in giving out home loans in Cebu with the surge of the real estate industry here, according to Debbie Dy Realiza, HSBC Philippines senior vice president and branch banking area head for Cebu and Davao.
“The bank recorded a 100 percent growth in home loans since we started offering it here,” Realiza said.
She reported the bulk of the home loans applications are for houses and lots, while other applications are for condominiums. Realiza said they expect an increase of home loan applications here with the growing property developments.
To strengthen further the bank’s presence in the Philippines, Cripps said HSBC will also invest heavily in electronic banking. The bank also plans to grow its business through more product diversification and aggressive promotions by 2012.
Published in the Sun.Star Cebu newspaper on December 15, 2011.
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