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Article Excerpt
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, sub-branches and other sales points are included), and 55,000 employees.
In June 2009, HSBC ranked fifth among banking groups in Latin America, behind Brazil's Itau-Unibanco and Bradesco, and Spain's Santander and BBVA banks.
Work in progress
In view of such scale it might be expected that the integration of all the...
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