HSBC Bank Bermuda Named “Best Bank”
HSBC Bank Bermuda was just named Best Bank in Bermuda (2011) by Global Finance magazine. According to Joseph D. Giarraputo, the magazine’s publisher, “We recognize these banks for their outstanding accomplishments.” It seems like customers at HSBC Bermuda Bank were extremely satisfied with the service received.
Of course, such a recognition delighted executives at the bank. The bank’s CEO, Philip Butterfield said, “In 2008 and 2009 Global Finance awarded us the country award for the World’s Best Consumer Internet Bank. This year’s elevation to Best Bank in Bermuda is a testament to our commitment to better serve the needs of our clients and the jurisdiction in tandem with HSBC’s global network.” As well, the bank’s “innovative solutions” are very different to those of other banks, illustrating its “strength and stability as a financial institution and highlight our global connectivity.”
How About Bermuda’s People
That’s all very well and good but what about the average man in the street of Bermuda? Not so great. While HSBC enjoys all the compliments in Bermuda, your average Bermudan himself is having trouble making loan repayments and mortgage payments due to the impact of the economic crisis. Indeed, figures released by the Bermuda Monetary Authority show a “sharp increase in non-performing loans” in the last quarter of 2010.
Challenging Job Market
This might also be due to the challenges being encountered in the job market right now, with a staggering loss of 2,000 jobs over the last two years with more redundancies due this year. This has “battered the community’s purchasing power.” In addition, even with the adjustment made for inflation, retail sales volume have plummeted over the last 33 months according to figures released by the Department of Statistics’ Retail Sales Index.
So while HSBC is impressing its clients, some of these may be experiencing monetary problems. It is a tough time for Bermuda but at least large financial institutions are continuing to prove stable. Let’s hope that this will stand the country in good stead for its economic recovery and that soon enough people will be getting jobs and be in a position to pay their mortgages again.
Sorry, comments are closed for this post.