HSBC 2013 Annual Report Download - page 4

Download and view the complete annual report

Please find page 4 of the 2013 HSBC annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 127

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127

Message from the President and Chief Executive Officer
HSBC BANK CANADA
2
My first year leading HSBC Canada has been eventful,
educational and highly fulfilling. As I have criss-crossed
the country, I have come to learn and appreciate so much
about Canada and the great people in our business. I was
also privileged to meet many of our customers and see
the wonderful ways we have supported them in fulfilling
their hopes, dreams and ambitions. I am very proud
that, together, we are working to support the local and
national economy.
Canada is one of HSBC Group’s priority growth
markets. We are very well positioned for 2014 and have
aspirations for organic growth right across our global
business lines. And at a time when more and more
Canadian individuals and businesses have their own
global aspirations, we are the leading international bank
operating in Canada with unmatched global connectivity.
In 2013, the team in Canada worked extremely hard
and we have much to be proud of. We are moving forward
under new structures, a more sustainable cost base and
with a strategy that is aligned with the HSBC Group
across all businesses and functions. None of this would
have been possible without a strong team of dedicated
and hardworking colleagues.
Over the past few years, we have restructured our
Retail Banking and Wealth Management business to
make it easier and more efficient for our customers
to bank with us. This year, we launched an enhanced
mobile and internet banking platform and improved our
proposition for clients that are new to Canada. In 2013,
customers deposited 12% more with us and, as shown
by our improved customer recommendation index, more
customers also said they would recommend HSBC to
friends and family. In DALBAR’s 2013 rankings of
online brokerage firms, HSBC InvestDirect received the
DALBAR Service Award for the second year in a row.
We appreciate this support and plan to give customers
more reasons to bank with us in 2014.
In Commercial Banking, we have refocused on those
companies that we are best placed to help achieve their
business goals – those with an international focus. We
introduced specially trained International Relationship
Managers, launched renminbi products and services,
and mid-year, launched a $1 billion international growth
loan program for small and medium-sized enterprises.
Customer response has exceeded our expectations, so
we have since added another $1 billion to the program.
Deposits from commercial customers grew 8.4% and our
revenues from global sources increased. Finally, HSBC
has been consistently selected by Euromoney as the
Best Domestic Cash Management Provider and HSBC
Canada is now one of the recognized countries.
In 2013, our Global Banking and Markets team
launched project and export financing in Canada and
moved to a single platform to more efficiently help
customers connect with opportunities. We supported the
first Canadian renminbi-denominated bond issue for the
Government of British Columbia, increasing their sources
of financing and grew our business with subsidiaries
of multinational businesses. Finally, we continued to
improve the standing of our foreign exchange capability,
moving up another spot in Euromoney’s industry
rankings. We look forward to further leveraging our
differentiated expertise for our customers in 2014.
We have accomplished a tremendous amount in
2013, but our challenges included a sluggish Canadian
economy. Over the next two years, we expect it to keep
pace with US economic growth at best. With interest
rates expected to stay low in 2014, we see business
investment and exports having a larger impact on the
Canadian economy while consumer spending and
housing carry less of a burden. That said, the rebalancing
toward business investment and exports has been choppy,
and is not yet firmly entrenched.
Throughout our history we have been where the
growth is, connecting customers to opportunities. We
enable businesses to thrive and economies to prosper,
helping people fulfil their hopes and dreams and realize
their ambitions. This is our role and purpose.
As the leading international bank in Canada, we are
looking ahead to 2014 and beyond with great optimism
and excitement to best serve our retail, commercial and
institutional clients.
Paulo Maia
President and Chief Executive Officer
HSBC Bank Canada
Vancouver, Canada
21 February 2014