The strategy emphasized the Group's unique balance of business and earnings between the older, mature economies and the faster-growing emerging markets. For example, the acquisition of all of Lloyds TSB's onshore and offshore assets related to Brazil in 2003 was a strategic step previewed by this initiative. Following the expansion to emerging markets, HSBC has grown from 51 countries in 1991 to 79 in 2003. At the same time, the company was strengthening its presence in developed markets such as the US, Switzerland and Luxembourg through the acquisition of Republic New York Corporation and Safra Republic Holdings S.A. for US $9.85 billion. Through these and other acquisitions throughout 2000s, HSBC aimed at delivering wealth management in key financial centers around the world1.
A huge step towards gaining the eurozone market share came with the acquisition of Credit Commercial de France (CCF) in April 2000 for US $ 11 billion. By settling down in France, HSBC has got access to a personal, corporate, investment and private banking of all Europe in this way strengthening its presence in the developed countries. ...Show more