HSBC has reportedly announced plans to target the online channel in its bid to become the best business banking player in the world.

According to the Reuters news agency, HSBC is hoping to raise revenues of GBP1 billion in internet revenues through its commercial banking unit by 2008.

We are uniquely positioned to capitalize on the growth of trade flow, entrepreneurial activity and the projected boom in self-employed people, Reuters quotes Michael Smith, head of HSBC’s commercial banking arm, as saying.

The operation, which caters for SMEs, saw profits up by 22% in 2005.