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Sir John Bond hails another year of sustained progress for HSBC
26 May 2006
2005 was another year of sustained progress for HSBC, said Sir John Bond, Group Chairman of HSBC Holdings, at the Group’s Annual General Meeting in London.
Sir John, who retires after eight years as Chairman, and 45 years’ service with HSBC, said the Group’s all-round performance during the last three years has brought impressive returns for shareholders.
“Our results for 2005 reflect our success in increasing revenues and improving productivity, in line with our Managing for Growth strategic plan,” Sir John added.
HSBC’s earnings remain well diversified both geographically and by customer group, said Sir John. The Group has continued to invest in the future of the business, focusing on two key areas:
“One of them, the development of our personal financial services business in Asia, has attracted relatively little attention,” he added.
“However, our progress has been encouraging. For example, in 2005 we expanded our card base in the region to 10.3 million, adding 2.1 million cards during the year.
“The other, which has attracted a good deal of comment, is the development of our Corporate, Investment Banking and Markets business.
“We remain firmly committed to our five-year strategic plan for CIBM. We are on track and gaining momentum in the areas of investment.
“Cost growth peaked during 2005 and there is clear evidence of positive client response to our expanded product capabilities. We have won a number of important new mandates and improved our position in various league tables, particularly for international bond issuance.”
In his last address to HSBC’s shareholders, Sir John gave credit to the “talents and dedication” of the Group’s 284,000 employees, saying: “It is the human fabric and the character of HSBC which sets it apart from its competitors. Our people are our brand.”
Concluding his address, Sir John said: “I, too, retire at the conclusion of today’s meeting. It has been an immense privilege and a pleasure to serve HSBC for the last 45 years, and as your Chairman for the last eight.
“Today, Stephen Green will succeed me as Group Chairman and Michael Geoghegan will succeed Stephen as Group Chief Executive. Management continuity is a hallmark of HSBC and today’s succession will be seamless. I hope you will join me in congratulating Stephen and Michael on their appointments. They are supremely well qualified to take HSBC forward and they will work tirelessly in the long-term interests of our shareholders.”
Click on the link on the right hand side of this page for Sir John Bond’s full address.
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