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Telegram：ukassignment021 By contrast, Bank of America, which is the largest bank in California and is present in many other US states, in 2002, bought a 25 percent stake in Santander-Serfin, Santander’s subsidiary, which has amalgamated Mexico’s oldest and third largest bank. If there is little reason to believe that HSBC benefits from cross-border demand or production effects, what is left as a source of advantage?
相比之下，2002年，美国银行收购了桑坦德银行25%的股份，该银行是加利福尼亚州最大的银行，在美国其他许多州都有分支机构。桑坦德的子公司合并了墨西哥最古老和第三大的银行。如果几乎没有理由相信汇丰从跨境需求或生产效应中受益，那么还有什么可以作为优势来源？
One candidate is what Kindleberger (1969) has called “surplus managerial resources.” When a bank such as HSBC can no longer grow at home, it may find itself with a management team that is underemployed in terms of the demands on its time. The bank may then choose to grow abroad when it can combine these surplus resources with what Berger et al. (2000) call a global advantage. Berger et al. argue that some US banks succeed in the competition with local banks elsewhere in the world simply by being better managed. In their survey of the literature on productivity, Bartelsman and Doms (2000) draw several stylized lessons, among them that firms differ in their productivity and that this difference may persist for years. Obviously, not all US banks necessarily partake of the advantage of better management and by contrast some non-US banks may. HSBC may simply be one of these. As Nachum et al. (2001) point out, the competitiveness of firms depends on the kind of assets that firms can transfer internally from country to country, but that are difficult to transfer from one firm to another, even within a country. Still, it is, unfortunately, extremely difficult to measure an intangible asset as subtle and hard to define as better management (Denrell, 2004), especially when, as recent events have shown, stock market performance or accounting measures are of doubtful reliability.
一个候选人是Kindleberger所说的“过剩管理资源”。当像汇丰这样的银行无法在国内发展时，它可能会发现自己的管理团队在时间需求方面就业不足。当该银行能够将这些剩余资源与伯杰等人所说的全球优势结合起来时，它可能会选择在海外发展。Berger等人认为，一些美国银行在与世界其他地方的本地银行的竞争中取得成功，仅仅是因为管理得更好。在对生产力文献的调查中得出了几个程式化的教训，其中包括企业生产力不同，这种差异可能会持续多年。显然，并非所有美国银行都有必要享受更好管理的优势，相比之下，一些非美国银行可能也有这样的优势。汇丰银行可能只是其中之一。正如Nachum等人所指出的那样，企业的竞争力取决于企业可以在国内从一个国家转移到另一个国家的资产类型，但这些资产很难从一个企业转移到另外一个企业，即使是在一个国家内。然而，不幸的是，很难像更好的管理那样对无形资产进行微妙和难以定义的计量，尤其是当最近的事件表明，股市表现或会计指标的可靠性令人怀疑时。
HSBC began its growth in North America by acquiring failed and weak banks. In effect, shareholders lacking a comparative advantage relative to HSBC, with respect to owning and governing given banks or branches (Lichtenberg and Siegel, 1987), sold them to HSBC. Generally, growth by acquisition is difficult to execute and as a strategy it is vulnerable to problems of over-reach due to managerial hubris (Roll, 1986; Baradwaj et al., 1992; Seth et al., 2000). Peek et al. (1999) found that generally the US subsidiaries of foreign banks have not done well. The poor performance of foreign bank subsidiaries was a result of the foreign banks acquiring poorly performing US banks and being unable to improve their performance sufficiently within the period that the authors examined. (One cannot arrive at strong conclusions from studies of the profitability of subsidiaries. Banks transfer profits across borders (Demirgüç-Kunt and Huizinga, 2001), and foreign banks may prefer to book some business from their headquarters (Peek and Rosengren, 2000).) Still, HSBC’s operations in the US and Canada are survivors of a winnowing process that saw other banks from Canada, Japan, the UK and the US sell their Canadian or US subsidiaries, in some cases to HSBC. As Mitchell and Shaver (2003) show with respect to firms in the US medical sector, firms differ in their ability to absorb and manage business on a continuing basis. They use the biological metaphor of predation and their evidence is consistent with the idea that some predators are better able to target desirable prey and better able to overpower the prey they target. HSBC appears to have found that it is one such successful predator. One may surmise that HSBC initially chose to acquire weak banks as much out of necessity as design. For any given size, a profitable bank will cost more than an unprofitable one, and to achieve its goal of diversifying, HSBC needed to acquire large banks. Now that HSBC is one of the world’s largest banks, whether one measures by market capitalization or total assets, it has more leeway.
汇丰银行通过收购倒闭和实力较弱的银行开始了其在北美的增长。实际上，相对于汇丰银行而言，在拥有和管理特定银行或分行方面缺乏相对优势的股东将其出售给了汇丰银行。一般来说，通过收购实现增长很难执行，而且作为一种战略，由于管理层的傲慢，它很容易出现过度扩张的问题。Peek等人发现，外资银行的美国子公司总体表现不佳。外资银行子公司表现不佳是因为外资银行收购了表现不佳的美国银行，并且无法在作者研究的时期内充分改善其表现。从对子公司盈利能力的研究中无法得出强有力的结论。银行跨境转移利润，外资银行可能更愿意从其总部预订一些业务不过，汇丰在美国和加拿大的业务是一个筛选过程的幸存者，加拿大、日本、英国和美国的其他银行将其加拿大或美国子公司出售给了汇丰。就美国医疗行业的公司所表明的那样，公司在持续吸收和管理业务的能力上有所不同。他们使用了捕食的生物学隐喻，他们的证据与以下观点一致：一些捕食者能够更好地瞄准理想的猎物，并且能够更好地制服他们瞄准的猎物。汇丰似乎已经发现自己就是这样一个成功的掠夺者。有人可能会猜测，汇丰最初选择收购实力较弱的银行，既是出于必要，也是出于设计。对于任何给定的规模，一家盈利的银行将比一家不盈利的银行花费更多，为了实现其多元化的目标，汇丰银行需要收购大型银行。现在汇丰银行是世界上最大的银行之一，无论是以市值还是总资产衡量，它都有了更多的回旋余地。
Conclusion 结论
Assuming that there is a positive relationship between marketing spend and market share, marketing activities, if well-targetted should have a incremental impact on market share. However, this does not always seem to hold true within the “big four” banks. Barclays and HSBC both developed their market share by 1% between 1995 and 2000, in spite of greatly varied levels of investment in marketing. Lloyds TSB market share fell by 2% although the bank spent significantly more than either Barclays or HSBC while NatWest and RBS have both declined by 4% despite having a collective expenditure of more than double Barclays. This perhaps, at least partly, explains why HSBC has adopted a highly acquisitive strategy, realising that, although the core brand is strong, customer recognition may have saturated, therefore integrating both fresh brands into subsidiaries in tandem with launching new, retail-focussed services, keeps the proposition fresh.
假设营销支出和市场份额之间存在正相关关系，营销活动如果目标明确，应该会对市场份额产生增量影响。然而，在“四大”银行内部，这似乎并不总是成立的。1995年至2000年间，巴克莱银行和汇丰银行的市场份额均增长了1%，尽管在营销方面的投资水平差异很大。劳埃德TSB的市场份额下降了2%，尽管该银行的支出明显高于巴克莱银行或汇丰银行，而纳特韦斯特银行和苏格兰皇家银行的总支出是巴克莱银行的两倍多，但均下降了4%。这或许至少在一定程度上解释了为什么汇丰采取了高度收购战略，认识到尽管核心品牌很强大，但客户认可度可能已经饱和，因此在推出以零售为重点的新服务的同时，将这两个新品牌整合到子公司，保持了这一主张的新鲜感。
Recommendations 建议
With the disproportionate focus on retail banking, HSBC has yet not come over as a major player in investment banking. However, with the wave of recent milestone deals during over the last three years, the bank is beginning to emerged as an investment banking brand. HSBC played a central role in two of Europe’s biggest-ever merger and acquisition deals i.e. Mittal Steel’s hostile bid for France’s Arcelor and German utility company E.On’s offering for Spanish rival Endesa. However, the development in the direction of investment banking requires some acceleration as the retail ban king sector continues to be heavily impacted by the sub-prime mortgage fallout and credit tightness. The bank has been planning to further enhance its business in the UK by investing £400m in retail and commercial distribution network and setting up 500 new ATMs, 250 new Express terminals, however this is has not yet materialised and may be badly-timed if implemented within the year.
HSBC has considered the Asian region as its major focus area and it can expect a bigger share from the Asia-Pacific region in the future. In early 2007, Asia-Pacific, the Americas (including South America) and Europe each contributed one third in HSBC group’s overall bottom line.
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Term paper范文通过研究给出建议：由于过度关注零售银行业务，汇丰尚未成为投行业务的主要参与者。然而，随着过去三年来一波里程碑式的交易，该行开始成为一个投资银行品牌。汇丰银行在欧洲有史以来最大的两家并购交易中发挥了核心作用，即米塔尔钢铁公司对法国阿赛洛公司的恶意收购和德国公用事业公司e.On对西班牙竞争对手Endesa的要约。然而，随着零售业继续受到次级抵押贷款影响和信贷紧缩的严重影响，投资银行业的发展需要一些加速。该行一直计划通过在零售和商业分销网络上投资4亿英镑，建立500台新的自动取款机和250个新的快递终端，进一步加强其在英国的业务。然而Termpaper写作范文中提出这一计划尚未实现，如果在今年内实施，可能会出现时机不佳的情况。
汇丰银行已将亚洲地区视为其主要关注领域，预计未来将在亚太地区占据更大份额。2007年初，亚太地区、美洲（包括南美）和欧洲各占汇丰集团总利润的三分之一。本站提供各国各专业Term paper写作指导服务，如有需要可咨询本平台。