by Maria Regina Aguilar
The wait is over - the "world's local bank" has finally set up shop in Cebu.
The Hongkong and Shanghai Banking Corporation (HSBC's 21st branch in the country was inaugurated last Friday, June 18, at the ground floor of Taft Ayala Building at the Cebu Business Park.
HSBC chief executive officer Warner Manning cited Cebu's "entrepreneurial group of people and the excellent transport industry" as among the company's reasons for setting up business here.
HSBC's only branch in Cebu features a 24-hour banking kiosk that would allow customers to make withdrawals, deposits, and credit card payments.
ACCESSIBLE
Manning described this location as "very accessible."
Built according to global branch design standards, he said the new branch would service a growing number of account holders and credit card customers in Cebu.
The company focuses on corporate and credit card services being the product revenue driver of the bank, Manning said.
It also houses a Premier Centre, an exclusive banking area for HSBC's most valued customers.
Manning said that HSBC Premier is a total wealth management package designed to bring customers personalized service, an extensive range of investment instruments, recognition in other HSBC offices worldwide, and a suite of rewards.
HSBC has 21 branches all over the country. It started with only six branches three years ago.
Manning, however, revealed plans of expanding more branches in the province "depending on how the business will go."
He added that HSBC is the only foreign bank with the largest number of branches in the country. Its close competitor has only six branches, Manning said.
SCS PROGRAM
Its regionally driven Supply Chain Solutions (SCS) program, he said, provides faster end-to-end servicing of cross border transactions of exporters with certain large multinational buyers.
Trade customers will also benefit from its Electronic Documentary Credit (DC) Advising (EDCA), and Hexagon DC Issuing services to expedite their internal processes.
HSBC is one of the world's largest banking and financial services groups with over 9,500 offices in 79 countries and territories and assets of over US$1,034 billion as of December last year.
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