CI banks 'to benefit from predicted global growth'

Tuesday 21 December 2021

A senior figure in the Channel Islands finance sector says that local firms should be able to benefit from the double-digit revenue growth that global business leaders are expecting next year.

HSBC's Head of Commercial Banking across the islands says the promise of new markets can support business’ growth plans, with internationalism and sustainability set to feature strongly.

Responding to new research data compiled by HSBC, Aline Ayotte says the double-digit growth forecast will help to offset damage from short-term supply chain disruption by pushing into new markets to reach more customers - and she says island businesses can both capitalise and support that shift.

HSBC's ‘Navigator: Voice of Business’ survey polled more than 7,350 businesses from 14 global markets. Ms Ayotte says the results found that businesses are firmly back in growth mode despite concerns about sourcing and logistics, rising inflation and fresh waves of covid-19 infections.

“Our findings show that global businesses are firmly back in growth mode," says Ms Ayotte, "leaders are optimistic in their outlooks for the year ahead, and the majority are targeting high levels of growth set to push them beyond pre-pandemic levels. International expansion sits at the heart of this growth: businesses have resisted temptations to scale back their operations during the volatility and are increasingly recognising that taking a global view can push their business to new levels.

“As centres that are naturally outward looking, the Channel Islands and Isle of Man look well placed in this context, both in terms of pursuing their own international growth strategies and in supporting the global ambitions of others too.”

Supply chain disruption was highlighted as an increasing challenge by the survey results while it also showed that sustainability has moved even further up the agenda.

Pictured: Aline Ayotte, Head of Commercial Banking for HSBC across the Channel Islands.