October 07, 2009

The entire banking industry "owes the real world an apology", the chairman of HSBC has said.Stephen Green told BBC World Business Report that a change in culture was needed to improve the public's perception of bankers.He also said that London was secure as a major financial centre, but would lose market share as Asia developed.Last month, HSBC announced that its chief executive Michael Geoghan would move to Hong Kong from London.

But Mr Green said the bank's decision did not mean it was turning its back on London."Two-thirds of our business is in Asia. It's where we think the centre of gravity of the world's economy is shifting," he said. Mr Green, in Istanbul for the annual meetings of the World Bank and the International Monetary Fund, admitted the banking industry collectively owed the world an apology for the financial crisis."It also owes the real world a commitment to learn the lessons.