Bermuda is home to ‘the world's best bank' according to Euromoney magazine's annual awards for excellence, which honoured Bank of Bermuda owner HSBC with several awards.

The magazine's editors decide on the winners, and , it was announced yesterday that amongst the awards given to HSBC were ‘best at treasury and risk management in Asia' for the seventh consecutive year and ‘best bank in the Middle East'.

Bank of Bermuda's head of corporate banking William Welton said: “This award underscores the fact that Bank of Bermuda is now not only part of ‘the world's local bank' but also part of ‘the world's best bank'.”

The magazine's editors cited HSBC's financial performance and its relationship-based approached to banking as elements that lead to the group being named the world's best bank.

The magazine said in its July issue: “HSBC is one of a tiny group of truly global banks and one that has produced good returns for its shareholders by getting the basics right. In truth, HSBC's reputation for cautious conservatism is overstated. “It wins Euromoney's best bank award this year after twelve months in which its senior management has shown substantial progress with two bold risks: the integration of US consumer finance group Household which it acquired in 2003 for $14.8 billion, and the build-up of its corporate, investment banking and markets business (CIBM), which is launched last year.”

The task of CIBM is to improve the bank as a strategic advisor on mergers and acquisitions and fundraising for corporations with which it already has strong lending and transaction services relationships.

Through joining the HSBC Group, Bank of Bermuda is able to offer clients a uniquely Bermuda-based corporate, investment banking and markets capability with truly global read and competitiveness, according to a Press release.

CIBM has committed over a half billion dollars of additional risk capital to the Bermuda insurance market along in the past few months that Bank of Bermuda has been a part of the group.