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HSBC Bank (China)
Encyclopedia
HSBC Bank Company Limited was one of the first foreign banks to incorporate locally in mainland China
in 2007. It is part of the worldwide HSBC Group and is wholly owned by Hong Kong
-based The Hongkong and Shanghai Banking Corporation Limited.
HSBC having invested over USD5 billion in select mainland financial services entities and in the growth of its own operations, including a 19.90% stake in Bank of Communications
, a 16.8% stake in Ping An Insurance
, and an 8% stake in Bank of Shanghai
.
branch office on 3 April 1865, previous to other upstarts of HSBC, and indeed, as part of the historic English investment of Eastern Asian nations in the 19th century. Apart from the period 1941–1945, during which Japan forced HSBC and other foreign-invested banks to leave the local market, it has had a continuous presence in the city. HSBC was historically housed in one of the largest and most impressive buildings
on The Bund
, Shanghai's boulevard formerly known as the "Wall Street
of the Orient". In April 1955, HSBC handed over this office to the Communist government, and its activities were continued in rented premises. Its activities were mainly in inward remittances and export bills until the economic reforms of the late 1970s. Chinese authorities had offered to lease HSBC its old headquarters on The Bund in 1995 but the offer was turned down. In 2000, HSBC China moved into HSBC Tower across the river in the Pudong
area of Shanghai. In 2010, HSBC China's headquarters moved out of the HSBC Tower and moved into HSBC Building in Shanghai IFC.
announced on 24 December 2006 its approval for foreign banks to start their preparatory work for setting up local incorporations in mainland China. These foreign banks can launch the RMB retail business of below RMB1 million for Chinese domestic citizens after the inspection and confirmation by the relevant banking regulatory administration authorities. The Hongkong and Shanghai Banking Corporation was one of nine foreign banks to have applied for the incorporation. In 1 April 2007, the mainland China offices of The Hongkong and Shanghai Banking Corporation transferred to its subsidiary
HSBC Bank (China), and it started operations in 2 April. The registered capital and paid-up capital of HSBC Bank (China) is equivalent to RMB8 billion. However, The Hongkong and Shanghai Banking Corporation still has a branch in Shanghai, which conducts foreign currency wholesale banking
business.
Mainland China
Mainland China, the Chinese mainland or simply the mainland, is a geopolitical term that refers to the area under the jurisdiction of the People's Republic of China . According to the Taipei-based Mainland Affairs Council, the term excludes the PRC Special Administrative Regions of Hong Kong and...
in 2007. It is part of the worldwide HSBC Group and is wholly owned by Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
-based The Hongkong and Shanghai Banking Corporation Limited.
Chinese banking
In mainland China, HSBC has the largest services network among foreign banks. The bank offers a full range of services that cater to both middle-class individuals and to business-oriented individuals as well, from a robust network of 37 main branches, and 23 smaller branches.http://www.hsbcnet.com/hsbc/china/hsbc-in-chinaHSBC having invested over USD5 billion in select mainland financial services entities and in the growth of its own operations, including a 19.90% stake in Bank of Communications
Bank of Communications
Bank of Communications Limited , founded in 1908, is one of the largest banks in China.-Before 1949:The Bank of Communications was founded in 1908 and emerged as one of the first few major national and note-issuing banks in the early days of the Republic of China...
, a 16.8% stake in Ping An Insurance
Ping An Insurance
Ping An , full name Ping An Insurance Company of China, Ltd. is a holding company whose subsidiaries mainly deal with insurance and financial services. The company was founded in 1988 and has its headquarters in Shenzhen.-Business:...
, and an 8% stake in Bank of Shanghai
Bank of Shanghai
Bank of Shanghai is a bank based in Shanghai in the People's Republic of China.In September 1999 and December 2001, Bank of Shanghai received equity investments from International Finance Corporation, HSBC and Shanghai Commercial Bank in Hong Kong....
.
History
The Hongkong and Shanghai Banking Corporation established its ShanghaiShanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
branch office on 3 April 1865, previous to other upstarts of HSBC, and indeed, as part of the historic English investment of Eastern Asian nations in the 19th century. Apart from the period 1941–1945, during which Japan forced HSBC and other foreign-invested banks to leave the local market, it has had a continuous presence in the city. HSBC was historically housed in one of the largest and most impressive buildings
HSBC Building, Shanghai
The HSBC Building is a six-floor neo-classical building in the Bund area of Shanghai, China. It was the headquarters of the Shanghai branch of The Hongkong and Shanghai Banking Corporation from 1923 to 1955. The building is situated at number 12, the Bund. It is also known as the Municipal...
on The Bund
The Bund
The Bund is a waterfront area in central Shanghai, People's Republic of China. The area centres on a section of Zhongshan Road within the former Shanghai International Settlement, which runs along the western bank of the Huangpu River, facing Pudong, in the eastern part of Huangpu District...
, Shanghai's boulevard formerly known as the "Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
of the Orient". In April 1955, HSBC handed over this office to the Communist government, and its activities were continued in rented premises. Its activities were mainly in inward remittances and export bills until the economic reforms of the late 1970s. Chinese authorities had offered to lease HSBC its old headquarters on The Bund in 1995 but the offer was turned down. In 2000, HSBC China moved into HSBC Tower across the river in the Pudong
Pudong
Pudong |Bank]]") is an area of Shanghai, China, located along the east side of the Huangpu River, across from the historic city center of Shanghai in Puxi. Formerly a little-developed agricultural area linked only by ferries, Pudong has grown rapidly since the 1990s and emerged as China's financial...
area of Shanghai. In 2010, HSBC China's headquarters moved out of the HSBC Tower and moved into HSBC Building in Shanghai IFC.
Local incorporation
The China Banking Regulatory CommissionChina Banking Regulatory Commission
The China Banking Regulatory Commission is an agency of the People's Republic of China authorised by the State Council to regulate the banking sector of the PRC except the territories of Hong Kong and Macau, both of which are special administrative regions...
announced on 24 December 2006 its approval for foreign banks to start their preparatory work for setting up local incorporations in mainland China. These foreign banks can launch the RMB retail business of below RMB1 million for Chinese domestic citizens after the inspection and confirmation by the relevant banking regulatory administration authorities. The Hongkong and Shanghai Banking Corporation was one of nine foreign banks to have applied for the incorporation. In 1 April 2007, the mainland China offices of The Hongkong and Shanghai Banking Corporation transferred to its subsidiary
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
HSBC Bank (China), and it started operations in 2 April. The registered capital and paid-up capital of HSBC Bank (China) is equivalent to RMB8 billion. However, The Hongkong and Shanghai Banking Corporation still has a branch in Shanghai, which conducts foreign currency wholesale banking
Wholesale banking
Wholesale banking is the provision of services by banks to the likes of large corporate clients, mid-sized companies, real estate developers and investors, international trade finance...
business.
See also
- HSBC Group
- The Hongkong and Shanghai Banking Corporation
- HSBC Rural Bank