A new report covering North Carolina and the Southeast from British bank HSBC ties internationalization to higher profit margins in the region.
But it also shows that the Southeast lags every region except Texas, interestingly, for the percentage of companies with international operations. North Carolina also has the lowest percentage of jobs in the region tied to exports.
I asked Rick Lavina, executive vice president for Southeast corporate banking at HSBC based in Miami, whether it was internationalization itself that led to profits, or the fact that international companies were more likely to be large, established companies.
COMMUNITYONE PLEDGES PROFITABILITY: The Asheboro bank says it has taken the steps it needs to be "profitable on a sustained basis" starting in the third quarter, as CEO Brian Simpson put it in a conference call with analysts Monday.
The bank lost $3.2 million in continuing operations in the second quarter, but CFO David Nielsen called it the best performance in four years. The loss was smaller year-over-year, and merger expenses from combining with Bank of Granite should now be gone.
Profitability will be driven by expected improvement in net interest margin, post-merger cost-cutting, branch closings from late June, and further improvement in the bad loan book, Simpson said.
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