HSBC ranked as top ethical bank

16 January 2007

The UK-based multinational bank HSBC has come top of a recent survey into ethical business practices in the banking industry.

In the second annual ethical reputation rankings published by Covalence, a Geneva-based consultancy, HSBC was ranked as the best-performing bank overall, and came sixth across all sectors.

It also won the 'best ethical quote', 'best ethical quote progress' and the 'best reported performance' categories.

Commenting on the report, Francis Sullivan, HSBC's advisor on the environment, said that it was important for the bank to convey the image of ethical practice and corporate responsibility.

"The Covalence report is an important barometer of how multinationals are perceived in the ethical field and HSBC is delighted to have been recognized in this way."

The research examined more than 200 multinational corporations across ten different sectors, with performance being evaluated over a five-year period.

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