HSBC looks to grow in Ireland

THE head of the Irish operation of global banking giant HSBC has claimed the group is committed to this market and is looking to grow here, despite overall group profits falling by 18% to $19.9 billion (€15.8bn) for 2008.

HSBC issued its latest set of annual results yesterday. As well as the profit decline, they detailed a 45% rise in annual impairment charges — funds put aside to cover bad debts — to $25bn.

However, according to Simon Wainwright, HSBC’s chief executive in Ireland, the Irish operation suffered no bad debts last year and is well placed for further growth, particularly across its hedge fund division.