Findings †secondary research Essay

The Bank of China was established in 1912 and thus has a long history of experience in the Chinese banking industry. The bank gained velocity in 1994, after it assumed the role of a state owned commercial bank and in 2003. The liberalization of Chinese economy and the growth of the banking sector has seen rapid growth of Chinese banks into self sustaining institutions of profit despite state control. Bank of China has been quick to adapt to these changes and has thus benefited over the years. The overall business profile of the Bank of China involves, commercial to include corporate as well as retail banking. In addition it has engaged in treasury business as well as conducts financial institutions banking. The corporate banking segment provides financial services to customers with a view to provide them total solutions for all their financial requirements. (About Bank of China,. 2006). On the other hand retail banking is designed to provide customers personal banking services to include savings deposits, credit carts and to the high value customers wealth management business. The treasury business segment includes provision of facilities for currency trading, management of funds, secured debts, financing within and overseas and other ancillary fund management services. As a banking financial institution, the Bank of China provides clearing, lending between banks and custodian services to banks, brokerage houses, funds and insurance operators. The bank claims to be customer centered and has a rich experience of providing banking services, thereby establishing its credentials in the rapidly growing Chinese economy. It is thus providing a complete range of services for personal as well as business banking. HSBC as a prime component of the HSBC group has a vast experience and presence in the global banking industry. HSBC has enhanced its global presence over the years by dynamically adjusting to the growing challenge of fitting in global services in a local World with typical local needs. Thus it fashions itself as the Worlds local bank. HSBC provides a wide range of personal and business banking packages on a variety of platforms to provide value based services to the customer. These have been covered in detail in the previous chapter. To highlight the same a view of the wide range of business insurance packages that have been made available by the bank, to include virtually all the possible contingencies for which insurance is required by business such as small business for turnover less than ? 1 million or less than 10 employees, commercial packaged insurance, customer packaged insurance, business car insurance, keyman insurance for principals in the business should indicate the depth of services provided by it. The insurance package also covers share holders and partners, professional indemnity and trade credit. It is therefore evident that HSBC has been providing complete banking solutions for individuals as well as corporate. Questionnaire to Customers – Bank of China and HSBC The researcher prepared a questionnaire related to the study and 40 clients across a wide cross section of personal and corporate customers were requested to take part in it. These included 10 customers each from Bank of China and HSBC, London. The questionnaire is at Appendix. Multiple choices have been provided to the respondents to ease response as well as collation and analysis. Detailed findings on response to questionnaire are as given below.