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HSBC educates its customers

By Liu Jie (China Daily)
Updated: 2009-01-19 07:47

A man rides a bicycle past a billboard advertising HSBC in Shanghai. [China Daily]

HSBC Bank (China) Company Limited recently issued its 2008 corporate social responsibility (CSR) report that highlighted HSBC's continued efforts towards sustainable banking and consumer financial education.

President and CEO of HSBC China Richard Yorke said: "Difficult times are a test of character and commitment. In the current financial situation our report demonstrates that CSR is part of the bank's long-term commitment to China and to the sustainable development of the banking industry. Through this report we wish to share our experience and encourage increased adoption of best practices within the banking sector."

HSBC China's 2008 CSR report highlights the bank's CSR activities in a wide range of areas, including ethical banking, environmental protection, support of education and social development, and the well-being of the bank's staff.

HSBC has been publishing CSR reports on the Chinese mainland since 2006 and in April 2007 the Shanghai Banking Regulatory Bureau in Shanghai issued CSR guidelines encouraging financial institutions in the city to report their CSR performance.

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"In 2008, we launched many new CSR initiatives with the extensive support of our employees," said Yorke. "One initiative I wish to highlight is our consumer education program, under which we provide commercial-free information to consumers on how to manage their personal finances." He said he believed that public financial literacy not only helps individual consumers, but can also help support the sustainable growth of HSBC's financial sector.

HSBC China was the first foreign bank to initiate such a program in response to the opening of China's financial market.

It consists of a series of booklets and a public website to promote financial literacy. In 2008, HSBC China published two booklets, including Financial Planning, outlining different financial plans to meet an individual's needs at different stages in life, and Investment and Risks, introducing the characteristics and risks of different financial tools to help people understand and diversify risks.

The booklets are also available online to download.

Consumers visiting the website can access "Financial Kits", which guide them through the risks and benefits of different investment vehicles, such as savings, bonds, funds, stocks, foreign exchange and gold.

The website also provides answers to frequently asked questions about finance, such as how to diversity their portfolio in order to limit risks and provide safety for their financial goals, as well as definitions for some 100 commonly used financial terms, such as blue chips, options, inflation, commercial paper, mortgage, principal, cash flows and trust.

Practical tools including an expenditure calculator and a home mortgage loan calculator are also provided, to help consumers calculate their finances.