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HSBC Bank of Costa Rica increased its profits during 2008 and is strengthening its local operations here, where it employs 1050 people.
The banking group’s global strategy is to continue expanding in the emerging markets of the Middle East, Asia and Latin America, where growth and profits remain solid.
On March 2, 2009 in its annual report, HSBC Holdings, the parent company of one of the world’s largest banking and financial services companies published an overall profit of $9.307 million and the group’s assets increased by 7% during 2008. The banks 2008 profits reflect a 62% drop from 2007, however given the global downturn these profits remain stellar.
In contrast to its global strength, citing a significant deterioration in the US employment and economic outlook, HSBC North America posted losses of $15.5 billion including a $10.6 billion loss in its Personal Financial Services business, which will no longer issue new loans through its HFC and Beneficial financial units, eliminating 6100 jobs.
According to the Banker, http://www.thebanker.com, the leading global financial publication since 1926 and Global Finance, http://www.gfmag.com/index.php?idPage=1018, HSBC is one of the top banks in the world.
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