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I wish HSBC was stronger in advisory, says Stuart Gulliver

Date: 30 Jun 2009

In the second of a two-part interview to celebrate Asiamoney's 20th anniversary, the chief executive of global banking and markets for HSBC Holdings talks about the Asian financial crisis, the impact of the Tiananmen Square massacre, and the bank’s burning ambitions in China and India. He also reveals his favourite Hong Kong restaurant and holiday spot in Asia.

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AM: What would you describe as the most significant external event in Asia in the past 20 years in terms of the influence each had on your Asian strategy?

Stuart Gulliver (pictured right), chief executive of global banking and markets, HSBC Holdings [SG]: The Asian crisis was clearly a defining moment for market development in the sense that it put further impetus behind the development of Asian bond markets. Those countries which survived the Asian crisis the best were those with the better developed fixed income markets. Singapore and Hong Kong came out better than other countries because they weren’t as reliant on their banks. The countries that were too dependent on their banks suffered massive economic losses after the collapses in GDP as their banks went bust. That’s what gave us possibly the most powerful catalyst for the further development of bond markets in the aftermath of the crisis....

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