One of the initiatives that assisted HSBC in gaining increasing revenues was introduced in 2000s and called “managing for value”. 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. This acquisition and other initiatives contributed to a continuing improvement on the company’s performance, in which profits of shareholders grew from US $4,318 million in 1998 to US $6,239 million in 2002.
Another initiative that strongly consolidated HSBC was its initiative to adopt the unified brand using HSBC and its hexagon symbol nearly everywhere it operated. In 2000, the corporation launched Premier round the clock international sercices for the Group’s most valuable personal customers. Since 2002, the HSBC identity has carried the tagline of “The world’s local bank”, outlining the Group’s experience and understanding of the various markets and cultures. The adoption of the