HSBC Holdings has unseated Citibank to be named best bank in the world, as well as winning a number of other awards handed out by Euromoney magazine. In its annual awards for excellence among the world's banks, the London-based group won the top award mainly because it was the world's most profitable bank. Citibank was the winner in 1995 and 1996. 'Operating in a competitive market, the world's most profitable bank is by definition also one of the best-managed,' the magazine said. HSBC, which in 1996 achieved a return on equity of 19.93 per cent, was also named best bank in Asia, best domestic bank in Hong Kong and best foreign bank in China, Canada, Malaysia and Singapore. HSBC Investment Bank was named securities firm in Hong Kong. HSBC makes more money in Asia than any of its rivals, earning US$3.15 billion from its 230 offices in 19 countries, the magazine said. In Hong Kong, the bank controls more deposits than any other bank and is dominant in the syndicated loan market, arranging US$12.1 billion last year. Citibank was runner-up in the best bank category, recording a return on equity of 18.28 per cent last year.