And they both are eyeing the possibilities of Internet banking on a global scale. This is an ambitious strategy for a farflung group that doesn't have the same level of integration as Citigroup. Citigroup is well ahead of HSBC in asset management and insurance, while they both are chasing retail customers from Buenos Aires to Bombay, analysts say. It's the possibilities of a global retail network that most intrigue Bond. That's the attraction of Republic Bank, which finance wizard Edmund Safra turned into a low-profile but lucrative private banking machine.
Technology plays a role here.
HSBC was the first institution to offer online banking in Britain. Still, analysts say HSBC's technology lags that of Citigroup, which allows customers to do more over computers and phones. To get more high-end accounts, HSBC must improve its name recognition around the globe. It could take years for HSBC to become more of a household name, and it may never be able to rival Citi on that score. Nevertheless, Bond is determined to finish the job that Purves started of turning HSBC into a top-performing, truly global bank.