CRPD 2 Group5 1

CRPD 1,2
BUS 4476
Hongkong and Shanghai Banking Corporation- HSBC
(Strategic Management Case Analysis)
Group 5 –
Team Member Names
Ninh Do
Anh Nguyen
Giang Nguyen Thi Ngoc
Nhi Thuy Trinh
22/03/2021
“HSBC” Case Analysis Page 1 of 45

INTRODUCTION
HSBC was born from one simple idea – a local bank serving international needs. In March 1865,
HSBC opened its doors for business in Hong Kong, helping to finance trade between Europe and
Asia. HSBC is a British multinational financial group headquartered in London; it is one of the
world's largest banking and financial services organizations with branches worldwide.
BACKGROUND
Vision Statement
HSBC vision - Opening up a world of opportunity – explains why we exist. We're here to use
our unique expertise, capabilities, breadth, and perspectives to open up new kinds of
opportunities for our customers. We're bringing together the people, ideas, and capital that
nurtures progress and growth, helping to create a better world – for our customers, our people,
our investors, our communities, and the planet we all share [ CITATION HSB20 \l 1066 ].
Mission Statement
HSBC Mission - Throughout our history, we have been where the growth is, connecting
customers to opportunities. We enable businesses to thrive and prosper, helping people fulfill
their hopes and dreams and realize their ambitions. This is our role and purpose [ CITATION
HSB20 \l 1066 ].
Company History Summary
Hongkong and Shanghai Banking Corporation Limited was established in March 1865.
During the late 19th and 20th centuries, HSBC established a branch network mainly in China and
Southeast Asia and represented in the Indian subcontinent, Japan, Europe, and North America.
During World War II, HSBC was forced to close many branches.

In the 1950s, the bank diversified its business and expanded through mergers and joint ventures.
In the 1970s, the policy of expanding by acquiring subsidiaries worked.
During the 1980s, HSBC focused on new markets, such as Canada, Australia, and the USA.
HSBC Holdings plc's shares are listed on both the London and Hong Kong stock exchanges. The
1990s saw the expansion and consolidation of a series of banks in the HSBC Group worldwide.
Today, the HSBC Group is a unique worldwide chain
of banks and financial services.
Industry
The three main business segments for a bank are retail
banking, wholesale banking, and wealth management [ CITATION Del201 \l 1066 ]
 Retail banking or personal banking involves deposits, mortgages, loans, and credit cards.
 Wholesale banking is related to sales and trading and mergers and acquisitions.
 Wealth management generates revenue through retail brokerage services and asset
management.

Covid 19 did not have the same impact as the economic crisis of 2018, but it was also notable.
Banks suffer losses in all loans, especially credit loans, real estate loans, and small business
loans. Return on equity (RoE) of banks is expected to decline next year. Banks in North America
and Europe are not expected due to the heavy impact of the epidemic; APAC banks likely to get
close to their COVID-19 pre-COVID-19 average ROE of 9.2% by 2022. However, the pandemic
also opens up the digital development of the banking industry ( for example, the development of
Banking as a Service_BaaS platform) [CITATION Wha1 \l 1066 ]

Company Overview
HSBC Holdings plc is a British multinational investment bank and financial services holding
company. HSBC Holdings was established in 1991 as the parent company of The Hong Kong
and Shanghai Banking Corporation based in Hong Kong. It is counted among the world's largest
banks based on market capitalization, with a total market cap of 169.5 billion U.S. dollars in
2019. In 2018, HSBC reported almost 2.52 trillion U.S. dollars in assets, placing seventh in a
ranking of largest global banks based on purchases [CITATION htt \l 1066 ]
The bank serves about 54 million customers. The network covers 75 countries and regions in
Europe, Asia-Pacific, the Middle East, North Africa, North America, and Latin America, with
more than 6,300 offices worldwide.
HSBC's objective is to become the world's leading and most respected international bank. HSBC
aims to build long-term customer relationships worldwide by providing a consistent and high
quality service. They use the benefits of scale, financial strength, geographical reach, and
substantial brand value to achieve this.
The HSBC Group has a global presence, with a long history of more than 135 years in the
banking and finance sector, meeting the needs of all customers through 4 international business
divisions:
• Personal Financial Services and Asset Management Division.
• Business Financial Services Division.
• Global Banking Services and Capital Market Division.
• Global private banking sector.
In 2020, the bank announced that it would consolidate its Retail Banking & Wealth Management
arm with Global Private Banking to form Wealth & Personal Banking.

Direct competitors of HSBC are financial groups with a global network, competing with high-
quality products and services such as Citigroup and diversifying like Barclays. Because HSBC
applies many strategies, not only one method, this is entirely understandable because HSBC is a
local bank in the world, so it must use different techniques for different regions to bring the best
effect.
HSBC has a dual primary listing on the Hong Kong Stock Exchange and London Stock
Exchange and is a constituent of the Hang Seng Index and the FTSE 100 Index. As of 30
October 2020, it had a market capitalization of £66.1 billion [ CITATION HSB21 \l 1066 ].
STRATEGIC ANALYSIS
Internal and External Factors Analysis
SWOT Chart (Section Overview)

Strengths Weaknesses
1. The high amount of capital and cash 1. Declining market in the United States
reserves 2. Retail banking of HSBC is not prominent
2. The less dependent on government bailout 3. The employee welfare and financial
and had reserved the contingency amount scandal
3. Located across the world
4. High-quality services.
Opportunities Threats
1. Growing in emerging countries 1. Cyber threat and unauthorized access to
2. Accepting by developing countries Systems.
3. Promoting HSBC brand of being reliable 2. Regulatory changes in the legal system.
and safe 3. The significant deterioration in Global
Economic due to Covid-19.
The HSBC bank is one of the world's most well-organized financial institutions. HSBC has
offices worldwide, and as a global leader, it must consider all kinds of action plans and risk
mitigations.
Strengths (S):
 The capital and cash reserves of the HSBC bank are substantial, this is beneficial to the
bank in the event of a crisis or a credit default. The factor shown on apparent during the
2008 recession when HSBC was one of the least affected companies [CITATION HSB08
\l 1066 ].
 HSBC is less reliant on government bailouts and had set aside funds for contingencies.
Because the bank has branches worldwide, it can easily coordinate among them and gain

a global advantage in terms of faster transactions and process deployment [ CITATION
Fin201 \l 1066 ].
 Customer risk is diversified across nations due to globalization, and a single country's
economy does not drive the bank's growth.
 The service offered by HSBC is thought to be of high quality.
Weaknesses (W)
 Because of a common portfolio across countries, the market in the United States is
declining [ CITATION Law21 \l 1066 ].
 In comparison to other banks, HSBC does not have a strong retail banking division. This
is more restricted to the high-end market and customer base.
 Fire the employees, financial scandal, and association with subprime markets in the US
during the crisis [ CITATION Buz20 \l 1066 ].
Opportunities (O)
 In emerging markets, HSBC's high capital net worth and funds will have the chance to
expand. It may make it difficult for new banks to enter the market.
 HSBC is regarded as a global bank with the potential to expand into developing
countries. HSBC should promote its reputation as a trustworthy and safe bank, increasing
customer confidence in their investment decisions (HSBC’ sustainable finance sector)
Threats (T):
 Cyber threat and unauthorized access to systems because of technology development
[CITATION Ann21 \l 1066 ]
 Changes in the country's regulatory environment will affect the portfolio and forecasts.

 Global recession and scandals impact HSBC's risk calculation, and the bank may lose
more value at risk as a result [ CITATION Ris21 \l 1066 ]
 The significant deterioration in Global Economic due to Covid-19 make customer and
investors more carefully when making decisions. [ CITATION Uni20 \l 1066 ]
After creating a SWOT analysis about company, HSBC should keep its differentiation strategy in
place. With its brand value and financing, it is expanding in developed countries will be a right
direction for the company. Moreover, HSBC should care about risk mitigation and internal
controls are required to avoid any operational / credit risk and failure because technology has
been changed every minute and everything now developed based on technology. Last but not
least, HSBC should maintain the high level of service that is currently being offered in the
market.
External Environment: Industry Analysis
Threat of New Entrants: Low
The baking industry maintains its high barrier for new entrants to join. According to the FDIC,
from 1997 to 2002, the banking industry witnessed a peak of 215 new banks opened annually.
However, the average number of banks exit the industry recorded roughly 253 each year. The
reduction resulted by merging processes and bank failures as there are six criteria a bank needed
to outstand to survive in such an intensive industry (Adamkasi, 2017). The banking industry
requires high product differentiation presented the brand image and customer loyalty. Due to
many competitors, each organization needs to differentiate and outstand its products to meet its
demands (Adamkasi, 2019). To be on the top of customers' banking list, such a bank should
develop their products with cheaper fees, up-to-date information, and high-security policies.
High capital requirements created a barrier as the industry required significant financial

resources to compete and invest in unrecoverable sectors such as advertising and in-depth
research. The banking industry requires money and time investment in researching to develop
one product that meets the bank's culture, objectives, and goals (Indiatsy, et al., 2014). The
switching cost will be low due to intensive competition in the banking industry. Banks welcome
customers with free or low-fee services when they switch from one bank to another (Kim, 2014).
They try to create the most attractive offer that forms the customers' switching incentive. Existed
banks create strong brand images and close partnerships with distributors that make access to
distribution channels for new entrants difficult yet possible. The last criteria to discuss in
entering the banking industry is high-cost disadvantages. Achieving economic of scales in the
banking sector is very difficult. The already established banks earn advantages independent of
economies of scale. Such a situation resulted from the ability to access raw materials, proprietary
products, and, most importantly, government subsidies (Indiatsy, et al., 2014).
Bargaining Power of Suppliers: High
The banking suppliers consisted of four sectors: customer deposits, mortgages and loans,
mortgage-banked securities, and loans from other financial institutions (Adamkasi, 2017).
Suppliers of banks included individual customers and organizational customers such as trade
unions for labor force supply, Automated Vending Machine suppliers, IT consultants, marketing
agents (Indiatsy, et al., 2014). Foreign Money Center Banks companies have the incentive to
purchase raw material from diverse suppliers. In the banking industry, the raw material is unique,
which illustrates the sector's importance toward the supplier group. Different banks have
different sectors of fundraising among their suppliers. Central banks raised its fund through
individual customers' deposits and long-term wholesale debt. Regional banks increased their
capital through deposits called "offshore funding" (Kim, 2014). Due to the small number of

deposits, foreign banks raised funds through its offshore capital market. The depositors have the
power to select the high-deposit rate banks to form their accounts. Consequently, major banks
offered a high deposit rate, which created commercial banks' threats through its net interest
margin reduction. The higher supplier bargaining power is, the lowers the overall profitability of
Foreign Money Center Banks becomes (HSBC Holdings plc Porter Five Forces Analysis, 2020).
Bargaining Power of Buyers: High
Buyers of banking services are individual clients, institutions, organized groups, Non-
Governmental firms, and Organizations (Indiatsy, et al., 2014). The end-customer for a bank can
be an individual or a firm. The clients don't directly threaten the banking industry, but the
banking players' significant concerns are the low switching cost available between banks. But if
one client uses all forms of services in one specific bank, such as savings, checking, mortgage,
the bank switching process will face a considerable hassle (Adamkasi, 2019). To persuade clients
to switch to their bank, they will frequently lower the exchange cost, although most individuals
still lean toward staying with their current bank (Adamkasi, 2017). The smaller and more capable
the client base is, the higher the clients' bartering control and the higher their capacity to look for
expanding discounts and offers. Moreover, maintaining customers' satisfaction is costly because
they have multiple switching options when they find unsatisfactory products and services (Kim,
2014)
Threat of Substitutes: moderate
Due to its financial characteristic, the banking industry keeps its advantage over the deposits or
withdrawals sector. However, other services such as insurances, securities, and mutual funds
witnessed similar non-financial competitors' offers (Adamkasi, 2017). NBFCs- Non-Banking
Financial Companies- have increased various services that create undeveloped services by

traditional banks. Moreover, these non-banking companies attract customers with lower interest
rate payments, which even lower a traditional bank loan. Another threat for the industry is the
digital payment method. Such an online payment offers various choices that meet customers'
needs. However, most banks now develop their Online banking system provided faster, cheaper
transactions. Some global popular online payment methods are PayPal, AliPay, ApplePay,
GooglePay, local E-wallets. The substitute industry is experiencing high profits (Indiatsy, et al.,
2014). With the effective and efficient characteristics, online payment methods record numerous
transactions and new users per day due to the low switching cost. Yet, the security factor is a
significant concern for online users (Smith, 2008).
Industry Rivalry: high
Despite high industry entry barrỉer, the banking industry witnessed the intensity of rivalry
through various factors. The significant competitive offers are lower financing, higher rates,
investment services, and greater conveniences level. Too many players process with the same
size, apply similar strategies. Banks now run for the title of the best and fastest service bank that
meets customers’ demands. However, such a race created a lower ROA (Return on Assets) for
banks specifically and low market growth rates generally (Adamkasi, 2017). The whole industry
is competitions of big and small players. While major banks compete on the interest rate, the
smaller ones lower costs that fit the organizations’ size. Consequently, other banks lower their
prices, which recorded lower revenues and lower profits in general. The banking industry
witnesses the merging and acquisition trends. Such a trend illustrates a high dominated
characteristic of the industry (Kim, 2014). With a large number of predominant players, the exit
barriers are incredibly high.If the rivalry among the existing players in an industry is intense then
it will drive down prices and decrease the overall profitability of the industry (Indiatsy, et al.,

2014). Major banks tend to prefer to acquire or merge with other banks than to spend money
marketing and advertising. The evolution of this industry shows trends in merging and
acquisition. This trend shows the willingness of existing players to dominate the market
(Adamkasi, 2019).
Therefore, the banking industry is a promising yet challenging industry for any new entrants. The
existed banks take advantage of the brand image, partnerships, and in-depth market researches.
The high requirements on financial resources, product differentiation, and cost disadvantages
contributed to a high entry barrier for the industry. High supplier and buyer bargaining power
illustrate the profit challenges for the banking industry. The merging and acquisition trends open
opportunities for new entrants to join the industry under one big firm's protection. One
significant concern for banks is the high-profit substitute sector: Online payment.
External Environment: Strategic Group (Major Competitors)
Major Competitor #1: Citibank
Overview
Citibank is one of the largest banks in America. The Bank offers an extremely diverse service
system to both individual and corporate customers. With a diversified development plan, good
service, and many customers, Citibank has become one of the most successful banks in the world
financial and banking market today, the largest credit card issuer in the world. Citibank's banking
development experience is Citibank provides customers with a system of personal financial
mortgage services, personal loans, credit cards, deposit and investment accounts, life insurance
and management fund; Banking transaction services, investment management, investment loans,
construction products, and lending organization. These services meet the comprehensive
financial needs of corporate customers, financial institutions, and government institutions. In

addition, Citibank also focuses on international business and has been very successful in
providing foreign exchange and derivative trading services by leveraging its global network and
its employees. Very in-depth knowledge of this field to create favorable conditions for customers.
Strengths:
Citibank has a strong brand name and a good financial position (MBA Skool Team, 2020a).
Founded in the early years of the 19th century, experiencing 200 years of ups and downs with
many changes of name, merger, crisis ... Citigroup from a local bank has risen to 4,600 global
branches, holding about The $ 300 billion raised with Citi card product, one of the credit cards
with the strongest brand value and usage in the world. Half of Citi's revenue comes from
business operations in markets outside the US, of which a large portion comes from retail
operations.
Citibank provides an extensive portfolio for the customers (MBA Skool Team, 2020a). CitiBank
always creates a very different approach to customers compared to its competitors. New services
are created based on understanding customers 'needs, so Citibank designed creative, flexible, and
completely tailored services to customers' needs. Citibank increased the number of automatic
distribution channels, developed online transaction systems to help customers with favorable
conditions for transactions with Citibank such as Mobile banking, Internet banking, Contract
center ... This has brought the possibility of providing unsurpassed service without hefty capital
costs.
Through the list of online banking facilities, Citibank's e-banking can see that this bank has
exploited the most modern information technology facilities today to develop different services
types. Besides, Citibank has always focused on ensuring customer information safety and
confidentiality in the transaction process. Because of the pioneer in applying modern banking

technology, Citibank can meet customers' maximum needs, overcome the limitations of the
network of branches and transaction offices, maximize customer transaction time while
minimizing personnel costs, and renting locations ...
Weaknesses:
Huge volume: Serving more than 200 million customer accounts in more than 100 countries,
Citibank is now one of the largest retail banks in the world. Citibank thrives in the major
financial markets of the world and stretches from China, Malaysia, Korea, and India in the Asia
Pacific region, Poland and Russia in Europe, to Mexico, Brazil, Colombia, Argentina, and
Panama in Latin America. This becomes a barrier in the management of a branch system. It leads
Citibank to get entangled in many cases of fraud by employees, affecting the reputation and loss
of revenue of the business (Bhasin, 2019a) .
High investment in sustainability: Citibank has been active in several sustainability programs,
and their ten-year sustainability progress plan has been allocated a budget of 100 billion dollars.
With the world in recession, this might not be a long-term sustainable project (Bhasin, 2019a).
Objectives:
Citibank's objective is to be a trusted partner to clients by responsibly offering financial services
that help growth and economic progress, become a global bank - an organization connecting
millions of people across hundreds of countries and cities. Its main functions are to protect
properties, lend money, make payments, and access capital markets on behalf of clients (Mission
& Value Proposition - About Us | Citi, 2015) .
Strategies:
Citibank integrates citizenship into its core business and collaborates with partners to extend its
scope and scale, allowing for societal development. Citibank's citizenship activities are handled

in an organized, strategic manner, with stakeholders kept updated and active, and progress is
assessed (Citigroup, 2015).
Major Competitor #2: Standard Chartered Bank
Overview:
Standard Chartered is one of the leading international corporations in the banking sector, with
approximately 80,000 employees (MBA Skool Team, 2020b) and 150 years of experience
operating in some of the world's most dynamic markets. The bank's customers are individuals,
businesses, and organizations that drive trade, investment, and prosperity in Asia, the Middle
East, and Africa. Tradition and values of the bank are expressed through the slogan "Here for
good".
Strengths:
Standard Chartered has a strong brand reputation through its strong brand presence, high-quality
service, and sound financial strength. It is the proud sponsor of one of the world's most famous
football clubs, Liverpool. It also has a global program called Goal, which aims to empower girls
and women through sport and life-skills training, thereby fostering long-term growth and
development. Standard Chartered is the only international brand with a presence in all ten
ASEAN markets. It is proud of its diverse people, culture, and global network, contributing to
developing a unique understanding of different regions and their varying needs (Bhasin, 2019b).
Standard Chartered also focuses on emerging markets. The bank focuses on developing local
markets in Africa, Asia, and the Middle East to identify growth opportunities and help businesses
achieve their financial goals. It provides differentiated financial products and services that are
tailored to the needs of a variety of markets (Bhasin, 2019b).
Weaknesses:

Standard Chartered's earnings are heavily reliant on Asia, which accounts for two-thirds of its
revenue and most of its profit. Southeast and South Asia contributed nearly 27% of revenue but
only 14% of profit, owing to high bad loan losses (Bhasin, 2019b).
Interest rates are falling in the United States due to weak productivity growth. Low investment
and slowing overall development also hurt its investment in some countries like the United
Kingdom, Germany, and Spain. Weak demand, rising taxes, a lack of reform, soaring oil prices,
and other issues confront developed economies. Profits from these developed economies are
meager without new investments and growth opportunities (Bhasin, 2019b).
Objectives:
Standard Chartered Bank would like to be proactive because its products and services have such
characteristics that its customers can expect of SCB before they can start to exceed customer
expectations. The vision of Standard Chartered Bank is TO BUILD A WORLD-CLASS BANK.
They also have the following vision in addition to this (Mostafiz, 2014).
 Be trusted and respected throughout the world.
 To provide services that our customers enjoy continuously.
 To respect and integrity for each customer.
Strategies:
- Focusing on digital banking: With an expected number of more than 75.7 million Internet users
and 48.6 million people accessing the Internet via mobile devices by 2023 just in Vietnam, invest
in digital banking platforms and Data analysis is one of Standard Chartered's strategic focuses to
provide superior banking experiences.
- Development with the community: In addition to building a sustainable business, Standard
Chartered also actively contributes to the development of the community through programs

aimed at solving problems hindering development. social and economic development (Standard
Chartered, 2019).
Internal analysis: Strengths and Weaknesses
APPENDIX A: SWOT MATRIX AND IEF /EFE MATRICES
SWOT MATRIX
Strengths Importance Rating Score

1. The high amount of capital and cash reserves 0.2 2 0.4
2. The less dependent on government bailout and had 0.1 2 0.2
reserved the contingency amount

3. Located across the world 0.15 1 0.15
4. High-quality services 0.2 3 0.6
Weaknesses Importance Rating Score
1. Declining market in the United States 0.1 2 0.2
2. Retail banking of HSBC is not prominent 0.05 1 0.05
3. The employee welfare and financial scandal 0.2 3 0.6
Opportunities Importance Rating Score
1. Growing in emerging countries 0.15 1 0.15
2. Accepting by developing countries 0.2 2 0.4
3. Promoting HSBC brand of being reliable and safe 0.2 2 0.4
Threats Importance Rating Score
1. Cyber threat and unauthorized access to 0.25 3 0.75
Systems.
2. Regulatory changes in the legal system. 0.1 2 0.2
3. The significant deterioration in Global Economic due to 0.1 2 0.2
Covid-19.
IFE /EFE Matrices
EFE Matrix
Key External Factors Weight Rating Weighted
Score
Opportunities
1. Growing in emerging countries 0.15 1 0.15
2. Accepting by developing countries 0.2 2 0.4

3. Promoting HSBC brand of being reliable and safe 0.2 2 0.4
Threats
1. Cyber threat and unauthorized access to Systems. 0.25 3 0.75
2. Regulatory changes in the legal system. 0.1 2 0.2
3. The significant deterioration in Global Economic due to 0.1 2 0.2
Covid-19.
Totals 1.00
IFE Matrix
Key Internal Factors Weight Rating Weighted
Score
Strengths
1. The high amount of capital and cash reserves 0.2 2 0.4
2. The less dependent on government bailout and had 0.1 2 0.2
reserved the contingency amount
3. Located across the world 0.15 1 0.15
4. High-quality services 0.2 3 0.6

Weaknesses
1. Declining market in the United States 0.1 2 0.2
2. Retail banking of HSBC is not prominent 0.05 1 0.05
3. The employee welfare and financial scandal 0.2 3 0.6
Totals 1.00
CORPORATE-LEVEL STRATEGY
Corporate Strategy Theory
Origin
According to Richard Rumelt, compared to other management techniques such as generic
strategies and portfolio business models, corporate strategy is a relatively new concept. B.H.
Liddell Hart and Bruce Henderson (founders of Boston Consulting Group) started researching
market strategies during WWII. The principle of the corporate strategy was established during
the 1970s, according to academics.
SWOT Analysis
SWOT analysis may be used to assess a business policy's viability. According to academic
scholars, SWOT analysis alone cannot resolve any of the details of corporate strategy.
Corporate plans should be focused on profitably positioning businesses in competitive and
changing market conditions.

Strategic Business Unit Core Competency
Competition Competition focuses on Competition between
product portfolio businesses.

Corporate Structure Business portfolio is measured Rivals would find it difficult to
in terms of market penetration mimic the corporate structure.

Resource Allocation A stepwise approach is used to The resources are committed
assign capital to business units. to ensuring the company's
long-term viability.
[ CITATION Pra85 \l 1066 ]
Porter on Corporate Strategy
Companies with many businesses around the world, according to Michael Porter, must handle
strategic synergy. Corporate strategy requires the transfer of employee skills and the sharing of
such value chain operations. Porter proposes three metrics to evaluate a company's business
strategy: the attraction test, the cost of entry test, and the better off test [ CITATION May97 \l
1066 ].
HSBC- Corporate Strategy
Businesses use corporate strategy to accomplish their goals and priorities. Internal and external
evaluation approaches are used to examine the goal of organizational strategy. In the foreign
market, HSBC uses a sector diversification strategy as part of its global policy. Focusing on our
strengths, digitizing at scale to transform our organizational model for the future, energizing our
innovation business, and promoting the transition to a net-zero global economy are the four key
areas on which HSBC focuses. The financial highlights of the group (see Appendix A) show that
they are in a tough position as a result of several issues, like Covid-19.

External Analysis
PESTLE and Porter's five force analysis were used to evaluate HSBC's organizational strategy in
external environment research.
DESTEP
DEMOGRAPHIC CHANGES
The financial administration workforce is getting younger as baby boomers leave. Consumer
online and smartphone experiences such as Facebook, Twitter, Google, YouTube, and LinkedIn
are raising the bar for younger staff users. They also handle their personal finances with non-
bank smartphone applications such as Mint, Account Tracker, Tink, and Boomerang. Younger
employees are accustomed to intuitive, simple-to-use technological solutions available from
everywhere. They demand more from treasury technology than Excel spreadsheets to streamline,
digitize, and automate financial reporting processes across treasury finance. This is particularly
important in the case of payments, one of the most exciting fields of Fintech.
Following the Money: External Forces Affecting Global Transaction Flows (2016) discusses how
the growing impact of digital natives must be considered when considering the future of cross-
border payments. The belief, for example, that using mobile devices for purchases and details
would be “frictionless” and instantaneous at any time of day would only grow. There are
significant differences from the experiences of today's cross-border payment consumers
[ CITATION Sus16 \l 1066 ].
Around the same time, as digital resources became more widely available, there was a growing
lack of trust in conventional banks. They battled with regulatory reforms and a declining return
on equity.
Economical

For most of 2020, the Covid-19 outbreak dominated the economic landscape. In 2021, the virus
and its economic effects are predicted to remain dominant. The pandemic intensified a trade and
regulatory climate that was becoming increasingly fractured.
Because of Asia's strategic importance, especially in terms of profitability and growth prospects,
the financial effect of geopolitical risks on the Group is amplified.
Social
HSBC adjusts its market strategy in response to a country's social and cultural trends. In China,
for example, the company has modified the architecture of its business unit to reflect Chinese
culture.
Technological
Many major banks are called universal banks because they have a global footprint. According to
the Financial Times, “(a) universal bank is a financial services conglomerate that combines retail,
wholesale, and investment banking services under one roof and reaps synergies from them.” The
idea is that they will benefit from economies of scale in information technologies and access to
finance to serve businesses and retail consumers all over the world."
Fintech companies will cherry-pick small segments for their services rather than serving the
scope of corporate customers' treasury management needs. Fintech companies excel in using
technologies and have a unique user experience. Fintechs will create innovative value
propositions at a lower cost than conventional growth models thanks to newer technology such
as the internet, cloud, tablet, big data, and artificial intelligence.
Capabilities that were once out of scope for smaller corporate customers due to expense or
difficulty are now more available by non-bank financial solutions. These organizations are not as

sophisticated as their larger counterparts, but they will benefit from increased automation and
convergence made possible by the proliferation of streamlined Fintech devices.
Environmental
Thomson Reuters surveyed compliance professionals from more than 300 financial services
firms. 69% of firms expect regulators to publish even more information in the coming year.
Rising regulatory compliance costs commanding a larger share of finite technology budgets.
Evolving regulatory requirements place additional requirements on launching products and
services with heightened KYC, AML, and due diligence requirements. Regulators are taking a
stricter stance on outsourcing and the use of third-party technology. The FCA is making it clear
that the regulated firm retains full accountability for the outsourcing service provider.
As banks face increased scrutiny in their use of third-party financial technology, Fintech firms
benefit from an almost complete lack of regulation. Regulators are working on frameworks that
will strike the appropriate balance between encouraging innovation and ensuring financial
stability and consumer protection.
In July 2016, the European Commission issued a call for tender, offering up to €350,000 for a
study to better understand the Fintech sector and its players. The study also encompasses the role
of EU policymaking/regulation and specific policy and regulatory issues. In July 2016, the Dutch
government announced it would open a new campus to develop blockchain to attract banks and
financial institutions. The South Korean Financial Services Commission (FSC) is planning an
"Open Fintech Financial Platform."
In May 2016, the UK's Competition & Markets Authority provisionally decided to require the
largest retail banks in Great Britain and Northern Ireland to develop an open API banking

standard. Customers who give consent will be able to share their own transaction data with
intermediaries.
Payment Services Directive 2 (PSD2) establishes two new types of payment service providers
(PSPs) PSD2 requires banks to open access to account information to Account Information
Service Providers (AISPs) PISP solutions offered by banks and Fintechs will allow corporates to
initiate internal transfers and external payments.
PSD2 also brings new regulatory oversight of these non-bank providers. European Banking
Authority established minimum requirements for the security of Internet payments. These
include governance, risk assessment, incident monitoring, and reporting.
New EU-wide cybersecurity rules adopted by the European Council in May 2016 establish
security obligations for operators of essential services. Certain providers must adopt risk
management practices and report major IT security incidents.
Cybersecurity is especially troubling for corporate customers, with growing scams targeted
specifically at businesses. FBI: Cybercriminals sent requests for $3.1 billion in fraud.
Political
In general, the political conditions in countries where HSBC does business, such as China, the
United States, Brazil, and the United Kingdom, are stable. Furthermore, both of the
aforementioned countries have a sound banking and financial services infrastructure in place.
The company's accounting division adheres to GAAP rules when doing business in the North
American market. In addition, the organization follows the International Financial Reporting
Standards (IFRS) for accounting purposes.

PORTER’s Five Forces
Bargaining Power of Buyers
Savings, money deposits, insurance, and currency exchange are common functions for customers
who use banking services [ CITATION Abl04 \l 1066 ]. The financial sector is replaced by
several players globally, while the domestic market remains unchanged. This situation raises
customers' switching opportunities, and the surprising thing is that the switching cost isn't high
enough to deter buyers from switching to a new service provider. After analyzing such a
situation, it is possible to assume that the bargaining power of the buyers is considerable. The
cost of switching service providers is not prohibitively high enough to deter consumers from
doing so. It is possible to infer the buyers' bargaining after an analysis of such a situation.
Bargaining Power of Suppliers
Customers are not discouraged from switching service providers because the switching cost is
not prohibitively costly. It is possible to conclude the buyers' bargaining power after examining
such a situation.
Threat of New Entrant
Since several countries have now entered the World Trade Organization, HSBC's "shenanigan
trade barriers" have been removed. Small businesses have found it easier to enter the global
banking industry after HSBC removed trade barriers [ CITATION Tur09 \l 1066 ]. Since regional
players find it difficult to compete with large global companies like HSBC due to capital
constraints (financial, technological, human resource, and information technology), it can be
inferred that the threats of new entrants are moderate.

Threat of Substitute Products
Banking replacements include investment banks, non-banking financial institutions, depository
companies, and para banking services. HSBC faces competition from small businesses that have
experience providing investment finance services to local customers. For the bank, the danger of
substitute goods is genuine.
Intensity of competition
Entry-exit barriers, competitive preferences, degree of differentiation, market costs, switching
goals, and opportunity costs all affect competition concentration. A significant number of
financial service providers and mid-level rivals complement the global banking industry. As a
result, the level of competition in the industry is likely to be high.
Factors Threat of Threat of Bargaining Bargaining Existing
new substitutes power of Power of Rivalry
Entrants products buyers Suppliers

Level of
Impact
High Medium Low
Internal Analysis
Based on the internal climate, value chain analysis and SWOT analysis can be used to assess
HSBC's corporate strategy.

SWOT Analysis
Strength Weakness
The bank has a strong global presence and a Asset quality has deteriorated over time, and the
well-developed international network. With a bank's profit margin has shrunk dramatically in
strong international network, the company can recent years. As a result of weak's performance
spot global trends and change its service mix in their strategic business units, the company's
accordingly. The company's diverse revenue market capitalization has plummeted.
mix helped them to reduce their cash flow Inadequate organizational security has also
volatility. The bank's solid financial position strengthened the confidentiality of current
assisted them in implementing a corporate clients' worries.
growth plan.
Opportunities Threat
HSBC has the ability to improve its fund Due to the strict regulatory structures of
managers to increase overall enterprise value. In developing countries such as China and India,
Latin America, Asia Pacific (where demand is the bank could face difficulties in the future
growing at a rate of 23 percent per year), and (governed by the Reserve Bank of India). Due
other developing countries, the bank has the

to market rivalry dynamics in retail deposits,
ability to expand its operations. They must
the bank's borrowing costs will soon increase.
focus on low-interest mortgages as the next big
Financial snafus, such as the sovereign debt
thing to increase market share and revenue.
crisis and Europe's banking woes, could put
HSBC in jeopardy.

Value Chain Analysis of HSBC
Inbound Logistics
Since their assistance is needed to obtain, stock, and deliver the product, it is important to
cultivate close relationships with vendors. If inbound logistics are not thoroughly examined,
HSBC can face various challenges during the product development process. From raw materials
to finished products, in-bound logistics research necessitates a company's attention at any point
of the process. Retrieving raw materials, storing inputs, and internally shipping raw materials and
components to begin manufacturing are examples of inbound logistics.
Operations
HSBC continues to invest in the resiliency and long-term viability of our IT systems. HSBC has
started putting our organizational improvement plans into action. HSBC plans to securely
manage the restructuring risks, which include execution, operational, governance, reputational,
behavioral, and financial risks. This follows a hiatus on numerous elements in the first half of
2020 to ensure our continued stable activity and to assist our people and communities through a
period of drastic transformation.
Outbound Logistics
HSBC will evaluate and improve outbound logistics to find new sources of competitive
advantage and meet its business growth goals. When HSBC's provided goods are perishable and
need fast delivery to the end customer, it should place a premium on its outbound value chain
activities. Customer satisfaction is maximized when outbound activities are handled in a timely
and cost-effective manner and product delivery processes harm quality.

Marketing and Sales
HSBC would stress the advantages and distinguishing features of its marketed products to
convince customers that its price is superior to competitors. In this case, salespeople and
marketers are critical. HSBC needs to avoid making false claims about product functionality that
the development department can't deliver on. The marketing funnel technique can be used to
coordinate a company's marketing efforts.
After sales service
HSBC's pre-sale and post-sale offerings will play a critical role in building customer loyalty.
Post-sale services are as essential to modern consumers as marketing and promotional activities.
In today's technologically advanced age, the influence of negative e-WOM due to poor
customer service cannot be underestimated. The company must review its service operations to
avoid tarnishing the brand's name. Make the most of it as a tool for spreading positivity.
Core Competency of HSBC
The resources of a company are the assets that it owns or regulates. Competencies are the skills
and abilities that a company must have to deploy such services effectively. Core resources are
essential for maintaining a competitive advantage and cannot be duplicated or purchased by
anyone—one of the most simple concepts I've ever seen.
Physical resources, financial resources, human resources, and intellectual resources are the four
main categories in which HSBC's capital is divided.
The operating principles and fundamental business ideas of HSBC expand on the bank's core
competencies. Customer experience management, internal process management, and human
resource management are all aspects of customer experience management.

HSBC's experience enables the bank to maximize its distribution network by delivering the right
product to the right customer at the lowest possible cost. In both developed and emerging
markets, the bank's brand name helps it stand out from the competition. The cost of maintaining
and developing the HSBC brand is expected to be at least USD 100 million. To mimic, a rival
will need access to a diverse consumer database as well as superior expertise.
One of HSBC's most valuable assets is its extensive financial base. It is the world's sixth-largest
bank by market capitalization. During the financial crisis, it was also one of the few international
banks that did not need government assistance. HSBC completed a rights issue in 2020, resulting
in a USD 12,488 million increase in shareholder value. To date, this has been Covid 19's most
promising rights issue. The broad financial base of HSBC and its ability to raise additional
capital provides growth opportunities.
Five Filter Frameworks
The bank uses five filter mechanisms to measure portfolio profitability in each area to mobilize
capital efficiently. HSBC uses five filters to determine the competitive significance of a service
portfolio for a given country: economic advantage, connectivity, profit margin, cost-
effectiveness, and liquidity. In the last two years, the company has made 19 disposals to sharpen
its portfolio. HSBC's retail banking operations in China, Russia, Poland, and Thailand were
closed due to low profitability. By 2022, the company's disposition strategy would have helped
reduce gross risk-weighted assets by at least $100 billion.

Sustainable Savings
HSBC cost-cutting efforts resulted in a decrease of $1.4 billion, of which $1.0 billion was
attributed to the company's expenses to achieve the program. The UK bank levy was $0.2 billion
lower than in 2019.
Rumelt Strategy Analysis
The model proposed by Rumelt in 1980 can be used to evaluate HSBC's corporate strategy. The
Rumelt model looks at consistency, coherence, feasibility, and advantage regarding business
policy. The corporate strategy of the bank can be evaluated in the following ways.
Consistency
The part of HSBC's business plan that deals with continuity are uncertain. The bank adjusts its
market strategy in light of the five-filter scheme. The strategy employed in the Asian market
differs from that employed in the East European market. The disposal strategy of HSBC lends
credence to the notion that corporate business models vary.
Consonance
The company uses five filter structures to create a strategy for a specific nation. Following the
Tsunami, for example, HSBC adopted a corporate social responsibility strategy for the South
Asian market to boost public trust in the business. HSBC has opened over 100 branches to
address the needs of a densely populated region.
Feasibility
HSBC uses financial, human resources, information technology, and a well-organized value
chain to implement business strategies for a particular country. The bank manages its resources
by the circumstances, and in some cases, it uses a retrenchment strategy to restructure the
portfolio.

Advantage
Depending on the depth and scope of its Value Chain Analysis, HSBC will gain a competitive
advantage from one or both sources. There are two forms of competitive advantage sources:
expense and distinction. HSBC can either take advantage of cost advantages through operations,
marketing, and other relevant value chain activities, or it can set a clear differentiation basis
through human capital, technology, infrastructure, service, and other relevant activities. The
following sections of the article discuss how HSBC should configure primary and/or secondary
value Chain operations to meet cost and differentiation goals.
Appendix A

BUSINESS-LEVEL STRATEGY
Services
According to HSBC Holding Plc Strategy report 2020, HSBC has many advantages in terms of
capital, technology, management skills and especially providing international banking products
and services and excellent online support products and services, including: Business financial
services, Banking and financial services for multinational corporations, Foreign exchange and
capital market services, Payment and currency management, Personal financial services, and
Securities services.
The target owner is businesses, multinational corporations (as cited in HSBC website) , HSBC's
banking is highly competitive, thanks to the following factors:
 The competition in service quality is based on technology platforms that provide stable
and timely service.
 There is a linkage between banks in issuing new cards and exploiting new services to
create favorable conditions for customers to use the card.

 Online banking products and services are diversified in types, new products, high quality
of services and convenience, oriented according to customer needs; Information security
issues meet the requirement.
 Having a specific marketing strategy in retail banking, a team of professional staff in
retail banking marketing, a high percentage of individual customers accessing and using
banking services (McKinsey & Company,2020).
 Diversified and highly efficient distribution channels, transaction methods, and remote
provision of information technology-based services are popular[ CITATION McK20 \l
1066 ].
For HSBC, technology is one of the factors affecting the bank's development. The technology
change allows the bank to change its operations and develop new products and services,
providing a complete range of products and services: card services, ATMs, allowing customers to
access the market—24/24-hour deposit accounts, electronic money transfers, payment machines,
etc.
Technology helps banks to have better customer governance policies, more accessible access to
customers through electronic means: phone, website, messaging, social network, etc. Technology
makes banking increase costs but can help the bank to create higher-quality and more profitable
products and services[CITATION New20 \l 1066 ] .HSBC stands toward an opportunity of
gaining benefit through the FinTech arena. Such a venture would change the operational banking
criteria and challenging the regulatory structure. FinTech innovations with cost-effective features
have become a competitive segment for banking institutions. The features are found in crowd-
funding, mobile payments, distributed ledgers, peer-to-peer lending, and the online marketplace
lending sector. Banks can establish FinTech through organizations or strategic collaborations,

adventure financing, creating in-house capacities, and acquisitions. FinTech could bring about
cost investment funds for banks confronting edge pressures from low loan fees. They likewise
can help extend intermediation administrations to the underserved (GlobalData, 2020).
In 2015, HSBC embarked on a multi-year journey to make it simpler, better and faster for
customers to do business with the company, and easier for HSBC to serve their needs more
effectively. The vision to create a seamless cross channel customer experience that created a
distinctive customer experience to delight customers has fast become a reality. The feature
HSBC emphasized includes providing enhanced security features for customers through
biometrics, such as Voice and Touch ID; 24/7 LiveChat, which provides customers real-time
online chat support to solve any digital banking issues anytime, anywhere; Apple Pay, Android
and Samsung Pay; and LiveSign, so customers can view and accept any product application or
important information via email anytime, anywhere (Business Wire 2018).
Strategies
In 2015, HSBC had a network covering 65 countries and territories with more than 3900 offices
worldwide (HSBC, 2015). HSBC operations are divided into six main business areas: Europe,
Hong Kong, the rest of Asia Pacific, Middle East and North Africa, North America, Latin
America; serving approximately 54 million customers with more than 250,000 employees
worldwide
For HSBC, the company's business-grade strategy is an action plan to use resources and
differentiated capabilities to gain a competitive edge over competitors in the market. According
to HSBC Holding Plc Strategy report 2020, to attract stomers who are always oriented to its
products, HSBC applies many strategies rather than a single strategy. This is entirely
understandable because HSBC is the local bank of the world, so it has to apply different

strategies for different regions to bring the best results. HSBC’s business is based on geographic
criteria into five main business areas in the world: Europe, Asia – Pacific, The Middle East and
North Africa, North America, and Latin .
HSBC makes a difference in quality and responds well to customers through understanding the
local culture and the convenience of technology[ CITATION PWC20 \l 1066 ] .Besides,
strengthening the brand strategy on a global scale also increases brand loyalty.
1. European market
a. Market
The European economy has been in a constant state of instability recently. Countries have
officially adopted austerity policy, drastically cutting government spending, which leads to a
decrease in personal spending. When the linkage in the banking system is loose, money flows out
of the most affected countries, weakening the financial system and inhibiting lending and
investment. The eurozone crisis has shown that when many banks cannot mobilize capital
themselves, even the Government cannot afford to bail out. Ireland and Spain are two countries
that had to seek international help to rescue the banking system
b. Demand
Demand for banking and financial services in Europe is slowing down[ CITATION Eur20 \l
1066 ] .Growth for the UK market as a whole is still relatively limited. However, the need for
consumer credit in the UK in recent years has increased slightly.
c. Strategy
In the EU, HSBC segments its customers and improves distribution to serve the segments better.
It is developing the Asset Management Division through the Premier service package and several

other high-end products and services in the EU[ CITATION HSB19 \l 1066 ]. HSBC is gradually
reducing operations in inefficient places, selling its banking network in France for $ 3.2 billion
due to changes in the market that cause interest rates to drop too low, which will adversely affect
the long-term.I n Germany, focus on businesses with vast international connections, taking
advantage of economic dynamics here [ CITATION Fin \l 1066 ]
2. Asia - Pacific
a. Market
Asia is a potential market with the shift of Asia's economic role in the world economy since the
20th century. India has emerged as a potential market with the second largest population in the
world. The high-income class has grown steadily over the years. China is a rapidly growing
economy with an annual GDP of more than 10% (National Academy of Sciences,2021). Here,
people have a relatively high income and want to join the upper class with a Western lifestyle.
Besides, corporate tax in Hong Kong is also low, and banking supervision regulations are less
than in other regions.
b. Demand
The demand for international payment services in Asia is on the rise from the growth of
international trade. This is a potential market with a large population, high-income class
constantly increasing over the years, with rapid growth. This creates a strong demand for
banking services, especially retail banking services for individual consumers and SMEs.
c. Strategy
With its position as a global bank in Asia, HSBC maintains its leading role in the region through
strong growth in key markets, such as in the open China market. Wide. Chinese expansion

includes Mainland China, Taiwan, Hong Kong Special Economic Zone, and Macau[ CITATION
Isi21 \l 1066 ]. HSBC currently has business relationships with 60% of China's top 100
companies investing abroad, tend to expanding its network of offices specializing in Chinese
companies in more than 14 markets in global (according to China as an Opportunity for HSBC-
HSBC Group). HSBC is focusing on expanding its operations at a faster rate in the fast-growing
markets in the region (according to Asean HSBC’s website).
HSBC has opened its first financial technology (fintech) innovation lab in Asia-Pacific, which
will initially focus on solutions in payments and trade and supply chains. Located at HSBCas
Singapore offices in Collyer Quay, a key focus of the lab will be to support the development of
digital and mobile banking projects with application potential in ASEAN (Association of
Southeast Asian Nations) (Trade Finance, 2015).
3. The Middle East and North Africa
a. Market
Over the years, Africa's economic, social, and investment climate have radically changed,
contributing to the development of investment capital. Economic indicators show an optimistic
trend to promote sustainable economic growth in the coming years. Despite political instability,
Africa's economy still achieved a higher growth rate than many other continents
globally[ CITATION Del21 \l 1066 ] .HSBC wants to become the leading international bank
connecting the Middle East and North Africa with the rest of the world, capturing growth
opportunities in this potential region
b. Demand

Targeting both individual and corporate customers because this is a very potential market with a
large population.
c. Strategy
The company implement Acquisition of retail and commercial banking by Lloyds Banking
Group in Arab, and carry out the campaign "Customer-centric"(Investor Presentation HSBC
Middle East & North Africa Region, 2021).
4. North America
a. Market
The region's economy is still suffering from deep and prolonged recessions. There is such a vast
disparity between the current state of affairs and the prosperity these economies would most
likely have achieved had the crisis not unfolded.
b. Demand
The demand for banking services in the US is entering a period of saturation due to the
development of too many financial and banking institutions.
c. Strategy
HSBC decided to close most branches in the US, only keep the credit card business[ CITATION
HSB211 \l 1066 ] .Along with that, the company reallocating capital through the credit card
business investment, and ineffective activities reduction [ CITATION HSB211 \l 1066 ].
5. Latin
a. Market

 Latin America is also one of the emerging economies, which is becoming a potential
growth region with stable revenue over the years, contributing significantly to the group's
overall development [ CITATION McK20 \l 1066 ].
b. Demand
With a large population, this is a market that offers opportunities in the retail banking sector.
Demand for personal financial services continues to grow strongly, such as credit cards,
mortgages, and personal loans.
c. Strategy
HSBC concentrates in places of growth such as Brazil, Mexico, Argentina (HSBC, 2012). By
expanding the network in Brazil, combined with outstanding customer service, it has helped
HSBC grow 39% compared with the average of the market here is 23%. HSBC Brazil Bank
continues to expand and develop its leading position in retail banking through the acquisitions of
CrediMatone Bank, Value. The acquisition of Banistmo Bank with 1.3 million existing customers
strengthened HSBC's operations in this area (HSBC Brazil).

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Hongkong and Shanghai Banking Corporation- HSBC

(Strategic Management Case Analysis)

Team Member Names

Giang Nguyen Thi Ngoc

Nhi Thuy Trinh

“HSBC” Case Analysis Page 1 of 45

Company History Summary

“HSBC” Case Analysis Page 2 of 45

In the 1970s, the policy of expanding by acquiring subsidiaries worked.

Today, the HSBC Group is a unique worldwide chain

of banks and financial services.

The three main business segments for a bank are retail

banking, wholesale banking, and wealth management [ CITATION Del201 \l 1066 ]

“HSBC” Case Analysis Page 3 of 45

Banking as a Service_BaaS platform) [CITATION Wha1 \l 1066 ]

“HSBC” Case Analysis Page 4 of 45

ranking of largest global banks based on purchases [CITATION htt \l 1066 ]

more than 6,300 offices worldwide.

substantial brand value to achieve this.

• Personal Financial Services and Asset Management Division.

• Business Financial Services Division.

• Global Banking Services and Capital Market Division.

• Global private banking sector.

“HSBC” Case Analysis Page 5 of 45

Internal and External Factors Analysis

SWOT Chart (Section Overview)

“HSBC” Case Analysis Page 6 of 45

reserves 2. Retail banking of HSBC is not prominent

and had reserved the contingency amount scandal

3. Located across the world

1. Growing in emerging countries 1. Cyber threat and unauthorized access to

2. Accepting by developing countries Systems.

and safe 3. The significant deterioration in Global

Economic due to Covid-19.

“HSBC” Case Analysis Page 7 of 45

economy does not drive the bank's growth.

 The service offered by HSBC is thought to be of high quality.

declining [ CITATION Law21 \l 1066 ].

is more restricted to the high-end market and customer base.

during the crisis [ CITATION Buz20 \l 1066 ].

customer confidence in their investment decisions (HSBC’ sustainable finance sector)

 Cyber threat and unauthorized access to systems because of technology development

[CITATION Ann21 \l 1066 ]

“HSBC” Case Analysis Page 8 of 45

more value at risk as a result [ CITATION Ris21 \l 1066 ]

investors more carefully when making decisions. [ CITATION Uni20 \l 1066 ]

External Environment: Industry Analysis

Threat of New Entrants: Low

“HSBC” Case Analysis Page 9 of 45

products, and, most importantly, government subsidies (Indiatsy, et al., 2014).

Bargaining Power of Suppliers: High

“HSBC” Case Analysis Page 10 of 45

Bargaining Power of Buyers: High

Threat of Substitutes: moderate

witnessed similar non-financial competitors' offers (Adamkasi, 2017). NBFCs- Non-Banking

“HSBC” Case Analysis Page 11 of 45

significant concern for online users (Smith, 2008).

Industry Rivalry: high

“HSBC” Case Analysis Page 12 of 45

External Environment: Strategic Group (Major Competitors)

Major Competitor #1: Citibank