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Article: Access all areas.(HSBC USA Inc.)(Company overview)
- Article from:
- The Banker
- Article date:
- November 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jane Monahan
It has not been on many people's radar screens but in the past five years the contribution of HSBC's banks in Latin America to the world's third biggest banking group's pre-tax profits has soared from 2.3% of the total in 2004 to "an annual average of 10% today", says Emilson Alonso, group managing director and head of HSBC Latin America since June 2008.
When viewed over a longer period, HSBC's expansion in Latin America is, if anything, even more striking. Starting with fewer than 10 offices a little over a decade ago, the UK-based bank now has a presence in 14 countries with 2500 branches (or 4000 distribution points if offices, ...