Financing Drummond in Colombia: Is HSBC Risking Sustainability Goals?

Founded in 1865 to finance trade between Europe and Asia, HSBC was one of the largest banking and financial services organizations in the world, with headquarters in London, UK. The bank managed its products and services through four global businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. As of March 2016, the bank served more than 47 million customers through its worldwide network of 6,000 offices in 71 countries and territories. HSBC was the sixth largest bank in the world, with assets amounting to US$ 2,595.67 billion as of March 2016 (See Exhibit I for Largest Global Banks by Assets). Though the bank’s reported pre-tax profit before adjustments was US$ 6,106 million during the first quarter of 2016, down by 14% compared to the corresponding quarter of 2015 , the bank performed better amid challenging marketing conditions. HSBC recorded a net income of US$ 4,535 million in the first quarter of 2016, down by US$ 1,157million in 2015 ... ....