HSBC named world's top bank
Created: Jul 15, 2008 11:00 AM
HSBC, which owns the Bank of Bermuda, has been labelled the top bank in the world.According to Banker Magazine HSBC topped the list because of its Tier 1 capital and profit before tax. It is the first time a non-US bank topped the list since 1999.The survey found that European bank profits accounted for 41 percent of the total profits, while US banks accounted for 14 percent and Asian banks 19 percent.
HSBC, which owns the Bank of Bermuda, has been labelled the top bank in the world.
According to Banker Magazine HSBC topped the list because of its Tier 1 capital and profit before tax. It is the first time a non-US bank topped the list since 1999.
The survey found that European bank profits accounted for 41 percent of the total profits, while US banks accounted for 14 percent and Asian banks 19 percent.
The news came on the heels of HSBC topping Forbes list of the world's largest companies.
