Corporate banking 'saw businesses adapt during recession'

Commercial banking firm HSBC said businesses adapted better than expected during the recession.

Debt was reduced during the economic downturn and companies preserved cash well, head of commercial banking for HSBC Noel Quinn said.

’I wouldn’t say we are out of the woods yet as there is still a long road to recovery, but signs are reasonably positive,’ he stated, adding companies need to make more use of the strong technology support base the UK has to offer.

Other commercial banking firms may have also seen better-than-expected performances from entrepreneurs and businesses and given loans to firms that wanted to expand during the downturn by taking advantage of low costs.

A recent report from HSBC Commercial Banking found business leaders rate qualities such as innovation (44 per cent), entrepreneurialism (33 per cent) and adaptability (26 per cent) as essential to success.

Many firms adapted their business models during the recession, the bank added.ADNFCR-2318-ID-19795019-ADNFCR