HSBC Bank Brazil is among the top 6 privately owned banks in Brazil by assets. The BSC was adopted to govern and communicate the strategy as well as to drive synergies between and customer cross-selling among the numerous acquisitions the bank had made. The process is coordinated by an Office of Strategy Management. In three years, revenue (in Brazilian Reals) grew 54% to BRL 8.5 billion, profits before taxes grew 83% to BRL 1.7 billion, and assets under management more than doubled. This year HSBC Group's CEO announced the use of the Balanced Scorecard across the organization in all countries. HSBC Brazil CEO Shaun Wallis said: "We are very proud to say that BSC in the HSBC Group began here in Brazil. We needed a tool that would allow us to manage our Strategy. For management, the implementation of the BSC has made all the difference to the success of our business.”