Hsbc Case Essay

HSBC is known as the Worlds topical anaesthetic bank. Originally called the HongKong and Shanghai pious platitudeing connection Limited, HSBC was established in 1865 to finance the growing trade between chinaware and the unify Kingdom. HSBC is now the second largest bank in the world, serving c million customers through 9,500 branches in 79 countries. The company is organized by care line (personal monetary services customer finance commercial-grade banking corporate investment banking and markets private banking), as well as by goegraphic segment (Asia-Pacific, U. K. /Eurozone, North America/NAFTA, South America, Middle East).Despite run(a) in 79 different countries, the bank works hard to entertain a local feel and local knowledge in from all(prenominal) one area. HSBCs fundamental operating strategy is to remain windup to its customers. As HSBC chairman Sir John Bond say in November 2003, Our position as the worlds local bank enables us to approach from each one co untry uniquely, blending local knowledge with a worldwide operating platform. For example, consider HSBCs local marketing efforts in sunrise(prenominal) York City. To prove to jaded New Yorkers that the London-based financial behemoth was the worlds local bank. HSBC held a New York Citys Most versed Cabbie contest. The winning cabbie gets paid to drive full-time for HSBC for the year, and HSBC customers win, too. Any customer present an HSBC bankcard, checkbook, or bank statement can get a take over ride in the HSBC-branded Bankcab. The campaign demonstrates HSBCs local knowledge. In straddle to make New Yorkers believe youre local, you have to act local, said Renegade Marketing Groups CEO Drew Neisser. crossways the world in Hong Kong, HSBC undertook a different campaign.In the region transfer hard by the Severe Acute Respiratory Syndrome (SARS) outbreak, HSBC launched a course of study to revitalize the local economy. HSBC plowed back interest payments to customers who wor ked in industries about alter by SARS (cinemas, hotels, restaurants, and travel agencies). The program eased its customers financial burden. The bank also promoted Hong Kongs commercial sector by oblation discounts and rebates for customers who use an HSBC credit card when shopping and dining out, to help businesses affected by the downturn. More than 1,500 local merchants participated in the promotion.In addition to local marketing, HSBC does niche marketing. For example, it found a little-known product area that was growing at 125 percent a year pet insurance. In celestial latitude 2003 it announced that it will distribute nationwide per insurance through its HSBC amends agency, making the insurance available to its depositors. HSBC also segments demographically. In the United states, the Bank will target the immigrant population, particularly Hispanics, now that it has acquired Bital in Mexico, where many migrants to the United States deposit money.Overall, the bank has been consciously pulling together its worldwide business under a single global brand with the Worlds local bank slogan. The aim is to link its international size with close relationships in each of the countries in which it operates. The company spends $600 million annually on global marketing and will likely consolidate and use less ad agencies. HSBC will decide who gets the account by giving each agency a brand-strategy exercise. Agencies will be vying for the account by improving on HSBCs number 37 global brand be