HSBC has opened its first branch in Astana, the capital of Kazakhstan, increasing its presence in Central Asia's biggest economy. The new branch offers a full range of retail and commercial banking products and services as well as foreign exchange and capital markets expertise. This is the first of three branches scheduled to be opened in the country this year, with plans for a second branch in the city of Atyrau already well underway. Over the medium term, HSBC aims to build a network of branches in major cities across Kazakhstan.

Simen Munter, CEO, HSBC Bank Kazakhstan, said: "We believe that HSBC, with its network in 84 countries and territories, has a compelling advantage over local institutions and one which we aim to maximise by offering our banking services to customers across Kazakhstan."

Tony Mahoney, group general manager, international, HSBC Bank plc, added: "As Kazakhstan develops, so will appetite for increasingly sophisticated banking products and services. This is something that HSBC as a leading international bank is very well placed to provide."

Kazakhstan has a population of around 15 million and is the ninth largest country in the world. It has become an important growth market in recent years, fuelled by free market policies and a supportive environment for foreign investment, as well as a wealth of natural resources.

HSBC began operations in Kazakhstan on December 31, 1998. It currently employs over 130 people and offers the full range of products and services including: time deposit and savings accounts, personal and corporate loans, mortgages, foreign exchange, remittances, documentary credits, guarantees and cash management.

Meanwhile, HSBC has jumped from the third to world's top bank according to the latest edition of the annual The Banker magazine. In a survey of the world's top1,000 banks carried out by this influential publication, HSBC is the first non-US company to lead the survey since 1999 and tops the rankings by virtue of its Tier 1 capital and profit before tax, which last year reached a new high.

The survey found that European bank profits remained flat at 41 per cent of the total. US banks now account for just 14 per cent of aggregate Top 1,000 pre-tax profits, down from 24 per cent last year, while Asian banks rose to 19 per cent from 12 per cent.

In April, HSBC also topped the Forbes 2,000 list of world's largest companies. HSBC was the first non-US company to do so, having delivered 26 per cent growth in annual revenue and 31 per cent in net income over the past five years.