HSBC in Egypt has increased customers’ deposits by 15.6 percent in last 12 months Egypt’s HSBC Bank has been named Bank of the Year 2012 by The Banker Magazine. The international financial institution is renowned for winning such awards showcasing standards of excellence in the banking industry. Despite the economic challenges witnessed by Egypt in 2012, HSBC managed to increase the first tranche of the core capital by 15.4 percent and customers’ deposits by 15.6 percent, in addition to its market quota in the fields of import and export.
Chairperson of HSBC in Egypt, Andrew Long said he was delighted with the prize, describing it as evidence that the bank has strong administration and good policies in managing risks. "The positive achievements reflect the successful strategy adopted by our administration to manage both the international and Egyptian markets." He described Egypt as "one of the most important markets in the world."
HSBC has won several awards for its work in the Middle East in recent months. It was names best bank for foreign investment in Egypt by international institution of finance EMEA and also obtained the best bank for international trade in the Middle East award from Global Trade Review.
Long said HSBC's loyal customers are the reason behind the company's success. He also praised staff members around the world for doing a "great job."