Hongkong and Shanghai Banking Corporation
Encyclopedia
The Hongkong and Shanghai Banking Corporation Limited is a prominent bank established and based in Hong Kong
since 1865 when Hong Kong was a colony of the British Empire
. It is the founding member of the HSBC
Group and since 1990 is now a wholly owned subsidiary
of HSBC Holdings plc. The company's business ranges from the traditional High Street roles of personal finance and commercial banking, to corporate and investment banking
, private banking and global banking. It is the largest bank in Hong Kong with branches and offices throughout the Asia Pacific region including other countries around the world.
HSBC is one of the oldest banking groups in the modern world. The bank is known locally simply as "The Bank", "Hongkong Bank" and "Lion Bank".
, local merchants felt the need for a bank to finance the growing trade between China
and Europe
(with traded products including opium
). They established the Hongkong and Shanghai Banking Company Limited in Hong Kong (March 1865) and Shanghai (one month later).
The founder, a Scotsman named Thomas Sutherland wanted a bank operating on "sound Scottish banking principles." Still, the original location of the bank was considered crucial and the founders chose Wardley House in Hong Kong since the construction was based on some of the best feng shui
in Colonial Hong Kong
. The bank
initially leased its premises for HK$500 a month in 1864.
After raising a capital stock of HK$5 million, the Hongkong and Shanghai Banking Company Ltd. opened its doors on 3 March 1865. It opened a branch in Shanghai
during April of that year, and started issuing locally denominated banknotes in both the Crown Colony and Shanghai soon afterwards. The bank was incorporated in Hong Kong by special dispensation from the British Treasury
in 1866, and under the Hongkong and Shanghai Bank Ordinance 1866, a new branch in Japan
was also established. The bank handled the first public loan in China in 1874, thereafter issuing most public loans.
. Notable events included being the first bank established in Thailand
, in 1888, where it printed the country's first banknotes; acting as banker for the Hong Kong government from the 1880s; and participating in the management of British colonial government accounts in China, Japan, Penang
and Singapore
. A period of expansion followed, with new branch offices opening in Bangkok
(1921), Manila
(1922) and Shanghai
(1923), and a new head office building in Hong Kong in 1935.
was appointed Chief Manager in 1943 and led the bank after the war. The head office moved back to Hong Kong in 1946. During the Japanese occupation the Bank's head office building was occupied as the headquarters of the Hong Kong Japanese military government.
became Chief Manager in 1953 and set about diversifying the business. His tenure came to an end in 1962 having established The Hong Kong and Shanghai Banking Corporation of California 1955 and having acquired The British Bank of the Middle East
and the Mercantile Bank (based in India) in Aug 1959. Turner was succeeded in 1962 by Jake Saunders
. In 1964 the Chief Managership was superseded as the top executive role in the bank by an Executive Chairmanship. Saunders took this role until retirement in 1972 and was succeeded as Chief Manager in 1964 by H.J. Shen
, the managing director of Maysun Trading Co. and the former head of the Central Trust of China, who became the first ethnic Chinese to be appointed to the position of Chief Manager of the bank. Under Saunders' tenure the bank continued to expand. 1965 saw the bank purchase a controlling interest in Hang Seng Bank
of Hong Kong, and 1972 the formation of a merchant banking arm, Wardley Limited.
In 1980, the Bank launched a hostile takeover bid for the Royal Bank of Scotland
, although the bid was blocked by the British government.
, acquired a 51% stake in Marine Midland Bank
, of the United States of America, and continued its expansion with the establishment of Hongkong Bank of Canada
in 1981 and HongkongBank of Australia Limited
in 1986. 1987, under the Chairmanship of William Purves, saw the bank's ownership of Marine Midland Bank increased to 100% and the acquisition of a 14.9% share in Midland Bank
in the United Kingdom
.
The present building in Hong Kong was designed by Sir Norman Foster
and was held as one of the most expensive and technologically advanced buildings in the world in 1986, costing HK$5.3 billion.
In 1991 HSBC Holdings plc was established to act as a parent company to the group; shares are currently traded on the London, Hong Kong, Paris, New York and Bermuda stock exchanges.
Credit Card operations in US have been sold to Capital One, and await regulatory approvals, with the transfer expected to complete Q2 or Q3, 2012.
Under the HSBC brand, the bank maintains a network of around 220 branches throughout the Hong Kong SAR, from which it offers a wide range of financial products and services. For some time in the late 1980s and early 1990s, the bank was known by the name HongkongBank in its native city, although it now trades as HSBC. During that period, it also adopted the idiosyncratic practice of calling its ATMs
Electronic Teller Card (ETC) machines.
area on Hong Kong Island
. The HSBC Hong Kong headquarters building
was also home to HSBC Holdings plc's headquarters until the latter firm's move to 8 Canada Square, London
to meet the requirements of the UK regulatory authorities after the acquisition of the Midland Bank in 1992. It was designed by British architect Lord
Norman Foster
, and was the most expensive building in the world based on usable floor area at the time it was built.
s for Hong Kong - the other two being the Bank of China (Hong Kong)
and Standard Chartered Bank (Hong Kong)
. Of the total notes in circulation measured by value, HSBC is the most prolific issuer, its notes representing 67.7% of those in issue. Hong Kong is unusual in that it is one of the few countries or territories where commercial banks are still permitted to issue their own banknotes.
for stock prices in Hong Kong is named after the Hang Seng Bank.
.
Operations of the group in the Asia Pacific are under this subsidiary, and it forms the regional headquarters for Asia Pacific. This means that it is responsible for entities such as HSBC Bank Australia Limited, Hang Seng Bank Limited, HSBC Bank (China) Company Limited, HSBC Bank Malaysia Berhad (since 2009), HSBC Bank (Vietnam) Limited, HSBC Bank (Taiwan) Limited and HSBC Insurance (Asia-Pacific) Holdings Limited, and the management of stakes in Bank of Communications
(19.9%), Barrowgate Limited (24.64%) and Industrial Bank
. But excluding the majority of the HSBC’s Private Banking business in Asia Pacific.
, it also has branches in the cities of Chittagong
and Sylhet
. The bank also has a good number of ATM booths in the cities present, it also has booths in most five star hotels.
HSBC Bangladesh is rated ‘AAA’ in the Long-term and ST-1 rating in the Short-term, which are the highest level of ratings for any bank or financial institution in Bangladesh.
HSBC Bangladesh offers a comprehensive range of financial services such as commercial banking, consumer banking, payments and cash management, trade services, treasury, and custody and clearing. The bank also offers offshore banking in the Export Processing Zones, this is only limited to investors in the EPZs. A special service called NRB Services is also available for non resident Bangladeshis, this service allows consumers to maintain accounts in US Dollars, Pound Sterling and Euros. People using this service can freely remit money from Bangladesh to any part of the world and can access their money from any HSBC booth around the world.
HSBC Bangladesh has a help center which operates on a daily basics. It is one of the very few banks in the country to offer day night banking.
HSBC's global Islamic banking system called Amanah is available in Bangladesh. There is a special branch dedicated just for this service. Under this service customers can also avail debit and credit cards.
HSBC established its Shanghai
branch office on 3 March 1865 and has had a continuous presence in the city since then, except during the Japanese Occupation. Until the economic reforms of the late 1970s, its activities were mainly in inward remittances and export bills, however its activities now span a wider range.
On 6 August 2004, HSBC announced that it would pay USD 1.75 billion for a 19.9% stake in Shanghai-based Bank of Communications. At the time of the announcement, Bank of Communications
was China's fifth-largest bank and the investment by HSBC was eight times bigger than any previous foreign investment in a Chinese bank. The industry considered this move, giving HSBC a lead in the race to grab pieces of mainland China's banking market. A year earlier, HSBC had joined with Hong Kong's Shanghai Commercial Bank
to purchase an 11% stake in Bank of Shanghai
(HSBC paid USD 62.6 million for an 8% stake) and USD 733 million for a 10% stake in Ping An Insurance
.
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.
, established in October 1853 in Bombay (now Mumbai
). HSBC is now one of the fastest growing foreign banks in India, both in domestic banking and support operations for worldwide operations (see Group Service Centres).
in 1884. Having been able to restart its operations after the Second World War
, it was again forced to close in mid-1960s, however the Bank was granted a new banking licence in 1968 its operations have grown to make it one of the largest foreign banks operating in Indonesia.
in 1866, followed by branches in other trading ports such as Osaka
, Kobe
and Nagasaki. It was heavily involved in the early development of Japan's current monetary system, and consulted with the government regarding fiscal policy, currency
printing and related matters.
HSBC does not currently conduct ordinary retail banking in Japan, but conducts investment banking in Tokyo
and Osaka
. Since 2007 it has expanded its HSBC Premier private banking services for the "Mass affluent
" market or high net worth individual
clients. HSBC Premier currently has 7 Premier branches in Japan including centers in the Hiroo, Akasaka
, Marunouchi
(flagship), Ginza
, Yokohama
, Ikebukuro
, areas of Tokyo and one in Kobe
.
are as a branch of The Hongkong and Shanghai Banking Corporation, which first gained a licence from the Reserve Bank of New Zealand
on 22 July 1987. Today HSBC offers a range of financial products from a network of 9 offices.
dates back more than 130 years with the establishment of their first branch in Binondo, Manila
in 1876. In its early years of operation, HSBC serviced the booming Philippine sugar industry. At the turn of the century, it financed railways that connected provincial towns across Luzon to Manila. During the American regime, HSBC was called to advise on Philippine currency reform. Its current headquarters are in Fort Bonifacio
. Today, HSBC Philippines operates in key Philippine cities such as Cebu
and Davao
. It has ended Citibank
and Standard Chartered's duopoly on international banking in the Philippines.
, The Hongkong and Shanghai Banking Corporation Limited operates as a full service bank with its headquarters in Collyer Quay
. It opened its doors in December 1877. Today, HSBC's flagship office remains at the original Collyer Quay site where its first branch was opened. Its main office is located at Mapletree Business City in Pasir Panjang, Harbourfront.
HSBC Singapore is a Qualifying Full Bank with 11 branches incorporating 5 HSBC Premier Centres and 33 Automated Teller Machines in Singapore and offers a comprehensive range of financial services including commercial banking, investment and private banking, insurance, forfaiting
and trustee services, and securities and capital markets services.
n market, currently operating from a network of 11 branches, the first having been opened in Jemulpo in 1897 .
Sri Lanka on 1 July 1892, just 27 years after it began operating in Hong Kong and Shanghai.
dates back to 1885 when The Hongkong and Shanghai Banking Corporation appointed an agent in Tamsui. A full service branch was established in Taipei
in 1984. The bank now has a network of 8 branches (Hyperlink to service channel) island-wide, including Taipei, Chien Kuo, Pan Chiao
, Tien Mu, Taoyuan
, Taichung
, Tainan
, and Kaohsiung
. In 2007, The Hongkong and Shanghai Banking Corporation acquired The Chinese Bank in Taiwan. The acquisition made HSBC's nation-wide branch network increase to 47.
in 1888, becoming the first commercial bank in the country. HSBC has made significant contributions to the establishment of solid foundations for Thailand’s financial and banking sectors. For example, in 1889 HSBC issued the first banknotes in Thailand. HSBC also issued the first foreign loan to the Thai government for its railroad construction project. HSBC's main branch office in Thailand is situated in Bangkok on Rama IV Road opposite Lumpini Park. In 2011, Phase 2 of the new Financial Sector Master Plan allowed foreign banks to open up to two branches in the Kingdom of Thailand in preparation for full retail operations. Accordingly, a second branch was opened on Thonglor (Sukhumvit 55) in early 2011.
On 29 December 2005, HSBC acquired 10% share capital of Vietnam Technological and Commercial Joint Stock Bank (Techcombank), one of the largest joint stock commercial banks in Vietnam by equity. In July 2007, HSBC became the first foreign bank to increase its stake in Techcombank to 15%. In September 2008, HSBC completed the increase of its stake in Techcombank to 20%, became the first foreign bank in Vietnam to hold a 20% interest in a domestic bank.
In September 2007, HSBC acquired 10% share capital of Bao Viet Holdings, becoming the sole foreign strategic partner of Vietnam’s leading insurance company. In October 2009, HSBC signed an agreement to increase its shareholding in Bao Viet Holdings to 18% from 10% for VND1.88 trillion (approximately US$105.3 million).
On 1 January 2009, HSBC started operating its locally incorporated entity and became the first foreign bank to incorporate in Vietnam, after gaining approval from the State Bank of Vietnam (SBV) to set up a Wholly Foreign-Owned Bank (WFOB) in Vietnam in September 2008.
Although the Hong Kong Government changed the official spelling of "Hongkong" to Hong Kong", by the instructions of the Secretary of State for the Colonies
, on 3 September 1926, HSBC uses the older Hongkong, as the bank's name was conceived before the official declaration of the modern two-word name, and it was decided to retain the single word spelling in the Bank's name: Hongkong.
The famous English humorist P. G. Wodehouse
was a junior employee at the Bank's London office in Lombard Street from 1900 to 1902, and used the bank as an inspiration for some of his early work, especially his 1910 novel Psmith in the City.
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...
since 1865 when Hong Kong was a colony of the British Empire
British Empire
The British Empire comprised the dominions, colonies, protectorates, mandates and other territories ruled or administered by the United Kingdom. It originated with the overseas colonies and trading posts established by England in the late 16th and early 17th centuries. At its height, it was the...
. It is the founding member of the HSBC
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
Group and since 1990 is now a wholly owned 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...
of HSBC Holdings plc. The company's business ranges from the traditional High Street roles of personal finance and commercial banking, to corporate and investment banking
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
, private banking and global banking. It is the largest bank in Hong Kong with branches and offices throughout the Asia Pacific region including other countries around the world.
HSBC is one of the oldest banking groups in the modern world. The bank is known locally simply as "The Bank", "Hongkong Bank" and "Lion Bank".
Foundation
After the British established Hong Kong as a colony in the aftermath of the First Opium WarFirst Opium War
The First Anglo-Chinese War , known popularly as the First Opium War or simply the Opium War, was fought between the United Kingdom and the Qing Dynasty of China over their conflicting viewpoints on diplomatic relations, trade, and the administration of justice...
, local merchants felt the need for a bank to finance the growing trade between China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
and Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
(with traded products including opium
Opium
Opium is the dried latex obtained from the opium poppy . Opium contains up to 12% morphine, an alkaloid, which is frequently processed chemically to produce heroin for the illegal drug trade. The latex also includes codeine and non-narcotic alkaloids such as papaverine, thebaine and noscapine...
). They established the Hongkong and Shanghai Banking Company Limited in Hong Kong (March 1865) and Shanghai (one month later).
The founder, a Scotsman named Thomas Sutherland wanted a bank operating on "sound Scottish banking principles." Still, the original location of the bank was considered crucial and the founders chose Wardley House in Hong Kong since the construction was based on some of the best feng shui
Feng shui
Feng shui ' is a Chinese system of geomancy believed to use the laws of both Heaven and Earth to help one improve life by receiving positive qi. The original designation for the discipline is Kan Yu ....
in Colonial Hong Kong
Colonial Hong Kong
In the 19th century the British, Dutch, French, Indians and Americans saw Imperial China as the world's largest untapped market. In 1840 the British Empire launched their first and one of the most aggressive expeditionary forces to claim the territory that would later be known as Hong Kong.In a few...
. The bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
initially leased its premises for HK$500 a month in 1864.
After raising a capital stock of HK$5 million, the Hongkong and Shanghai Banking Company Ltd. opened its doors on 3 March 1865. It opened a branch in Shanghai
Shanghai
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...
during April of that year, and started issuing locally denominated banknotes in both the Crown Colony and Shanghai soon afterwards. The bank was incorporated in Hong Kong by special dispensation from the British Treasury
HM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...
in 1866, and under the Hongkong and Shanghai Bank Ordinance 1866, a new branch in Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
was also established. The bank handled the first public loan in China in 1874, thereafter issuing most public loans.
Business development
Sir Thomas Jackson became chief manager in 1876. During his twenty-six year tenure, the Bank became a leader in AsiaAsia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
. Notable events included being the first bank established in Thailand
Thailand
Thailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
, in 1888, where it printed the country's first banknotes; acting as banker for the Hong Kong government from the 1880s; and participating in the management of British colonial government accounts in China, Japan, Penang
Penang
Penang is a state in Malaysia and the name of its constituent island, located on the northwest coast of Peninsular Malaysia by the Strait of Malacca. It is bordered by Kedah in the north and east, and Perak in the south. Penang is the second smallest Malaysian state in area after Perlis, and the...
and Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
. A period of expansion followed, with new branch offices opening in Bangkok
Bangkok
Bangkok is the capital and largest urban area city in Thailand. It is known in Thai as Krung Thep Maha Nakhon or simply Krung Thep , meaning "city of angels." The full name of Bangkok is Krung Thep Mahanakhon Amon Rattanakosin Mahintharayutthaya Mahadilok Phop Noppharat Ratchathani Burirom...
(1921), Manila
Manila
Manila is the capital of the Philippines. It is one of the sixteen cities forming Metro Manila.Manila is located on the eastern shores of Manila Bay and is bordered by Navotas and Caloocan to the north, Quezon City to the northeast, San Juan and Mandaluyong to the east, Makati on the southeast,...
(1922) and Shanghai
Shanghai
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...
(1923), and a new head office building in Hong Kong in 1935.
Second World War
In anticipation of the Japanese invasion of Hong Kong in 1941, the Bank's head office moved to London. During the period 1941-1943 the chief manager Vandeleur Grayburn, and his successor David C Edmondston, both died while interned by the Japanese. Arthur MorseArthur Morse
Sir Arthur Morse was the head of The Hongkong and Shanghai Banking Corporation during and after World War II. He was a British banker born in Tipperary in Ireland. He has worked in Shanghai, London and Tientsin and finally many years in Hong Kong...
was appointed Chief Manager in 1943 and led the bank after the war. The head office moved back to Hong Kong in 1946. During the Japanese occupation the Bank's head office building was occupied as the headquarters of the Hong Kong Japanese military government.
International expansion
Michael TurnerMichael Turner (banker)
Michael Turner was the Chief Manager of The Hongkong and Shanghai Banking Corporation from 1953 and 1962....
became Chief Manager in 1953 and set about diversifying the business. His tenure came to an end in 1962 having established The Hong Kong and Shanghai Banking Corporation of California 1955 and having acquired The British Bank of the Middle East
HSBC Bank Middle East
HSBC Bank Middle East Limited is the largest and most widely represented international bank in the Middle East. The bank has received several awards in various categories.-History:...
and the Mercantile Bank (based in India) in Aug 1959. Turner was succeeded in 1962 by Jake Saunders
Jake Saunders
Sir John Anthony Holt Saunders, CBE, DSO, MC was chairman of The Hongkong and Shanghai Banking Corporation , at a time of rapid and turbulent development of the Hong Kong economy...
. In 1964 the Chief Managership was superseded as the top executive role in the bank by an Executive Chairmanship. Saunders took this role until retirement in 1972 and was succeeded as Chief Manager in 1964 by H.J. Shen
H.J. Shen
Hsi-Jui Shen was the former head of the central bank of China, and chief manager for the banking conglomerate HSBC . Shen was also among the first students of Chinese descent at Dartmouth College and Harvard Business School.-References:*Solinger, D....
, the managing director of Maysun Trading Co. and the former head of the Central Trust of China, who became the first ethnic Chinese to be appointed to the position of Chief Manager of the bank. Under Saunders' tenure the bank continued to expand. 1965 saw the bank purchase a controlling interest in Hang Seng Bank
Hang Seng Bank
Hang Seng Bank Limited is the second largest bank in Hong Kong. It is a listed company but it is majority owned by the HSBC Group via The Hongkong and Shanghai Banking Corporation. Hang Seng is also one of the constituent shares of the Hang Seng Index...
of Hong Kong, and 1972 the formation of a merchant banking arm, Wardley Limited.
In 1980, the Bank launched a hostile takeover bid for the Royal Bank of Scotland
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
, although the bid was blocked by the British government.
The creation of the HSBC Group
In 1980, the Bank, now under the chairmanship of Michael SandbergMichael Sandberg
Michael Graham Ruddock Sandberg, Baron Sandberg was Executive Chairman of The Hongkong and Shanghai Banking Corporation 1977-1986.-History:Sandberg was born in Surrey and educated at St Edward's School, Oxford. In 1945 he joined the army and was commissioned 2nd lieutenant in the Royal Armoured...
, acquired a 51% stake in Marine Midland Bank
Marine Midland Bank
Marine Midland Bank was a bank formerly headquartered in Buffalo with several hundred branches throughout the state of New York. Marine Midland began in 1850 in Buffalo as the Marine Trust Company with the objective of financing the new shipping trade on the Great Lakes...
, of the United States of America, and continued its expansion with the establishment of Hongkong Bank of Canada
HSBC Bank Canada
HSBC Bank Canada, formerly the Hongkong Bank of Canada , is a bank in Canada that is part of British banking giant HSBC - one of the largest banking groups in the world. HSBC Canada is the seventh largest bank in Canada, with offices in every province except Prince Edward Island, and is the...
in 1981 and HongkongBank of Australia Limited
HSBC Bank Australia
HSBC Bank Australia Limited was granted a banking license in 1986 having been established as HSBC Finance Company Limited in 1965. It is a fully owned subsidiary of The Hongkong and Shanghai Banking Corporation Limited and part of the worldwide HSBC Group...
in 1986. 1987, under the Chairmanship of William Purves, saw the bank's ownership of Marine Midland Bank increased to 100% and the acquisition of a 14.9% share in Midland Bank
Midland Bank
Midland Bank Plc was one of the Big Four banking groups in the United Kingdom for most of the 20th century. It is now part of HSBC. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham, England in August 1836...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
.
The present building in Hong Kong was designed by Sir Norman Foster
Norman Foster, Baron Foster of Thames Bank
Norman Robert Foster, Baron Foster of Thames Bank, OM is a British architect whose company maintains an international design practice, Foster + Partners....
and was held as one of the most expensive and technologically advanced buildings in the world in 1986, costing HK$5.3 billion.
In 1991 HSBC Holdings plc was established to act as a parent company to the group; shares are currently traded on the London, Hong Kong, Paris, New York and Bermuda stock exchanges.
Curtailments
In June 2011, HSBC has already cut 700 jobs in its UK retail banking. HSBC plans to reduce cost by up to $3.5 billion a year. In September 2011, HSBC is cutting about 3,000 jobs over the next three years in Hong Kong. The number of 3,000 jobs may be less due to the bank will try to redeploy some staff to other roles. Hong Kong base employs 23,000 people.Credit Card operations in US have been sold to Capital One, and await regulatory approvals, with the transfer expected to complete Q2 or Q3, 2012.
Hong Kong banking
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
Electronic Teller Card (ETC) machines.
Headquarters
HSBC's Hong Kong headquarters are at 1 Queen's Road Central in the CentralCentral, Hong Kong
Central is the central business district of Hong Kong. It is located in Central and Western District, on the north shore of Hong Kong Island, across Victoria Harbour from Tsim Sha Tsui, the southernmost point of Kowloon Peninsula...
area on Hong Kong Island
Hong Kong Island
Hong Kong Island is an island in the southern part of the Hong Kong Special Administrative Region. It has a population of 1,289,500 and its population density is 16,390/km², as of 2008...
. The HSBC Hong Kong headquarters building
HSBC Hong Kong headquarters building
The HSBC Main Building is a headquarters building of The Hongkong and Shanghai Banking Corporation Limited in Central, Hong Kong. It is located along the southern side of Statue Square near the location of the old City Hall, Hong Kong . The previous HSBC building was built in 1935 and pulled down...
was also home to HSBC Holdings plc's headquarters until the latter firm's move to 8 Canada Square, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
to meet the requirements of the UK regulatory authorities after the acquisition of the Midland Bank in 1992. It was designed by British architect Lord
Baron
Baron is a title of nobility. The word baron comes from Old French baron, itself from Old High German and Latin baro meaning " man, warrior"; it merged with cognate Old English beorn meaning "nobleman"...
Norman Foster
Norman Foster, Baron Foster of Thames Bank
Norman Robert Foster, Baron Foster of Thames Bank, OM is a British architect whose company maintains an international design practice, Foster + Partners....
, and was the most expensive building in the world based on usable floor area at the time it was built.
Hong Kong dollar bank notes
HSBC is one of the three commercial banks which are authorised to issue banknoteBanknote
A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
s for Hong Kong - the other two being the Bank of China (Hong Kong)
Bank of China (Hong Kong)
Bank of China Limited is the second-largest commercial banking group in Hong Kong in terms of assets and customer deposits, with more than 300 branches in Hong Kong. It was established on 1 October 2001 from a merger of 12 subsidiaries and associates of the Bank of China in Hong Kong, and listed...
and Standard Chartered Bank (Hong Kong)
Standard Chartered Bank (Hong Kong)
Standard Chartered Bank Limited is a licensed bank incorporated in Hong Kong, part of Standard Chartered Bank...
. Of the total notes in circulation measured by value, HSBC is the most prolific issuer, its notes representing 67.7% of those in issue. Hong Kong is unusual in that it is one of the few countries or territories where commercial banks are still permitted to issue their own banknotes.
Hang Seng Bank
HSBC acquired a 62.14%, controlling interest in the local Hang Seng Bank in 1965 during a crisis of the latter. The Hang Seng IndexHang Seng Index
The Hang Seng Index is a freefloat-adjusted market capitalization-weighted stock market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator of the overall market performance in Hong Kong...
for stock prices in Hong Kong is named after the Hang Seng Bank.
Asia Pacific operations
The Hongkong and Shanghai Banking Corporation maintains a network of around 600 offices in 20 countries in Asia Pacific, as well as owning of a number of HSBC banks operating in various countries and holding the group's stakes in further lenders, particularly in mainland ChinaMainland 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...
.
Operations of the group in the Asia Pacific are under this subsidiary, and it forms the regional headquarters for Asia Pacific. This means that it is responsible for entities such as HSBC Bank Australia Limited, Hang Seng Bank Limited, HSBC Bank (China) Company Limited, HSBC Bank Malaysia Berhad (since 2009), HSBC Bank (Vietnam) Limited, HSBC Bank (Taiwan) Limited and HSBC Insurance (Asia-Pacific) Holdings Limited, and the management of stakes 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...
(19.9%), Barrowgate Limited (24.64%) and Industrial Bank
Industrial Bank Co.
Industrial Bank Co., Ltd. is a bank based in Fuzhou, Fujian, China.-History:From the day of its establishment on 26 August 1988 to its first name change in June 2001, the bank was called Fujian Industrial Bank...
. But excluding the majority of the HSBC’s Private Banking business in Asia Pacific.
Bangladesh
HSBC started operations in 1996. The bank primarily focuses on urban areas and has branches in most areas of the capital city of DhakaDhaka
Dhaka is the capital of Bangladesh and the principal city of Dhaka Division. Dhaka is a megacity and one of the major cities of South Asia. Located on the banks of the Buriganga River, Dhaka, along with its metropolitan area, had a population of over 15 million in 2010, making it the largest city...
, it also has branches in the cities of Chittagong
Chittagong
Chittagong ) is a city in southeastern Bangladesh and the capital of an eponymous district and division. Built on the banks of the Karnaphuli River, the city is home to Bangladesh's busiest seaport and has a population of over 4.5 million, making it the second largest city in the country.A trading...
and Sylhet
Sylhet
Sylhet , is a major city in north-eastern Bangladesh. It is the main city of Sylhet Division and Sylhet District, and was granted metropolitan city status in March 2009. Sylhet is located on the banks of the Surma Valley and is surrounded by the Jaintia, Khasi and Tripura hills...
. The bank also has a good number of ATM booths in the cities present, it also has booths in most five star hotels.
HSBC Bangladesh is rated ‘AAA’ in the Long-term and ST-1 rating in the Short-term, which are the highest level of ratings for any bank or financial institution in Bangladesh.
HSBC Bangladesh offers a comprehensive range of financial services such as commercial banking, consumer banking, payments and cash management, trade services, treasury, and custody and clearing. The bank also offers offshore banking in the Export Processing Zones, this is only limited to investors in the EPZs. A special service called NRB Services is also available for non resident Bangladeshis, this service allows consumers to maintain accounts in US Dollars, Pound Sterling and Euros. People using this service can freely remit money from Bangladesh to any part of the world and can access their money from any HSBC booth around the world.
HSBC Bangladesh has a help center which operates on a daily basics. It is one of the very few banks in the country to offer day night banking.
HSBC's global Islamic banking system called Amanah is available in Bangladesh. There is a special branch dedicated just for this service. Under this service customers can also avail debit and credit cards.
China
HSBC established its Shanghai
Shanghai
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 March 1865 and has had a continuous presence in the city since then, except during the Japanese Occupation. Until the economic reforms of the late 1970s, its activities were mainly in inward remittances and export bills, however its activities now span a wider range.
On 6 August 2004, HSBC announced that it would pay USD 1.75 billion for a 19.9% stake in Shanghai-based Bank of Communications. At the time of the announcement, 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...
was China's fifth-largest bank and the investment by HSBC was eight times bigger than any previous foreign investment in a Chinese bank. The industry considered this move, giving HSBC a lead in the race to grab pieces of mainland China's banking market. A year earlier, HSBC had joined with Hong Kong's Shanghai Commercial Bank
Shanghai Commercial Bank
The Shanghai Commercial Bank and its subsidiary companies are engaged in the provision of banking and related financial services in Hong Kong, United States, United Kingdom and the People’s Republic of China. As a group, it employs over 1,790 people. The bank is a financial institution...
to purchase an 11% 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....
(HSBC paid USD 62.6 million for an 8% stake) and USD 733 million for a 10% 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:...
.
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.
India
In 1959 HSBC acquired The Mercantile Bank of India, London and ChinaMercantile Bank of India, London and China
The Mercantile Bank of India, London and China was an Anglo-Indian with business focus in the Far East.-History:The bank was established in October 1853 in Bombay , but its headquarters moved to London in 1858...
, established in October 1853 in Bombay (now Mumbai
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
). HSBC is now one of the fastest growing foreign banks in India, both in domestic banking and support operations for worldwide operations (see Group Service Centres).
Indonesia
The Hongkong and Shanghai Banking Corporation opened its first Indonesian office in JakartaJakarta
Jakarta is the capital and largest city of Indonesia. Officially known as the Special Capital Territory of Jakarta, it is located on the northwest coast of Java, has an area of , and a population of 9,580,000. Jakarta is the country's economic, cultural and political centre...
in 1884. Having been able to restart its operations after the Second World War
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, it was again forced to close in mid-1960s, however the Bank was granted a new banking licence in 1968 its operations have grown to make it one of the largest foreign banks operating in Indonesia.
Japan
HSBC opened its first Japan operations in YokohamaYokohama
is the capital city of Kanagawa Prefecture and the second largest city in Japan by population after Tokyo and most populous municipality of Japan. It lies on Tokyo Bay, south of Tokyo, in the Kantō region of the main island of Honshu...
in 1866, followed by branches in other trading ports such as Osaka
Osaka
is a city in the Kansai region of Japan's main island of Honshu, a designated city under the Local Autonomy Law, the capital city of Osaka Prefecture and also the biggest part of Keihanshin area, which is represented by three major cities of Japan, Kyoto, Osaka and Kobe...
, Kobe
Kobe
, pronounced , is the fifth-largest city in Japan and is the capital city of Hyōgo Prefecture on the southern side of the main island of Honshū, approximately west of Osaka...
and Nagasaki. It was heavily involved in the early development of Japan's current monetary system, and consulted with the government regarding fiscal policy, currency
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
printing and related matters.
HSBC does not currently conduct ordinary retail banking in Japan, but conducts investment banking in Tokyo
Tokyo
, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
and Osaka
Osaka
is a city in the Kansai region of Japan's main island of Honshu, a designated city under the Local Autonomy Law, the capital city of Osaka Prefecture and also the biggest part of Keihanshin area, which is represented by three major cities of Japan, Kyoto, Osaka and Kobe...
. Since 2007 it has expanded its HSBC Premier private banking services for the "Mass affluent
Mass affluent
Mass affluent and emerging affluent are marketing terms used to refer to the high end of the mass market. It is most commonly used by the financial services industry to refer to individuals with US$100,000 to US$1,000,000 of liquid financial assets, although the exact definition varies...
" market or high net worth individual
High net worth individual
A high-net-worth individual is a person with a high net worth. In the private banking business, these individuals typically are defined as having investable assets in excess of US$1 million. As explained below, the U.S...
clients. HSBC Premier currently has 7 Premier branches in Japan including centers in the Hiroo, Akasaka
Akasaka, Tokyo
is a residential and commercial district of Minato, Tokyo, located west of the government center in Nagatachō and north of the Roppongi nightlife district....
, Marunouchi
Marunouchi
Marunouchi is a commercial district of Tokyo located in Chiyoda between Tokyo Station and the Imperial Palace. The name, meaning "inside the circle", derives from its location within the palace's outer moat...
(flagship), Ginza
Ginza
is a district of Chūō, Tokyo, located south of Yaesu and Kyōbashi, west of Tsukiji, east of Yūrakuchō and Uchisaiwaichō, and north of Shinbashi.It is known as an upscale area of Tokyo with numerous department stores, boutiques, restaurants and coffeehouses. Ginza is recognized as one of the most...
, Yokohama
Yokohama
is the capital city of Kanagawa Prefecture and the second largest city in Japan by population after Tokyo and most populous municipality of Japan. It lies on Tokyo Bay, south of Tokyo, in the Kantō region of the main island of Honshu...
, Ikebukuro
Ikebukuro
is a commercial and entertainment district in Toshima, Tokyo, Japan. Toshima ward offices, Ikebukuro station, and several shops, restaurants, and enormous department stores are located within city limits....
, areas of Tokyo and one in Kobe
Kobe
, pronounced , is the fifth-largest city in Japan and is the capital city of Hyōgo Prefecture on the southern side of the main island of Honshū, approximately west of Osaka...
.
New Zealand
HSBC's operations in New ZealandNew Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
are as a branch of The Hongkong and Shanghai Banking Corporation, which first gained a licence from the Reserve Bank of New Zealand
Reserve Bank of New Zealand
The Reserve Bank of New Zealand is the central bank of New Zealand and is constituted under the Reserve Bank of New Zealand Act 1989. The Governor of the Reserve Bank is responsible for New Zealand's currency and operating monetary policy. The Bank's current Governor is Dr. Alan Bollard...
on 22 July 1987. Today HSBC offers a range of financial products from a network of 9 offices.
Philippines
HSBC's history in the PhilippinesPhilippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
dates back more than 130 years with the establishment of their first branch in Binondo, Manila
Manila
Manila is the capital of the Philippines. It is one of the sixteen cities forming Metro Manila.Manila is located on the eastern shores of Manila Bay and is bordered by Navotas and Caloocan to the north, Quezon City to the northeast, San Juan and Mandaluyong to the east, Makati on the southeast,...
in 1876. In its early years of operation, HSBC serviced the booming Philippine sugar industry. At the turn of the century, it financed railways that connected provincial towns across Luzon to Manila. During the American regime, HSBC was called to advise on Philippine currency reform. Its current headquarters are in Fort Bonifacio
Fort Bonifacio
Fort Bonifacio is a highly urbanized district in Taguig City, Metro Manila, Philippines. The district is named after the main Philippine Army camp in Metro Manila, Fort Andres Bonifacio, which in turn was named after the famous Philippine revolutionary hero Andres Bonifacio...
. Today, HSBC Philippines operates in key Philippine cities such as Cebu
Cebu
Cebu is a province in the Philippines, consisting of Cebu Island and 167 surrounding islands. It is located to the east of Negros, to the west of Leyte and Bohol islands...
and Davao
Davao
Davao refers to several closely related places in Mindanao in the Philippines. The term is used most often to refer to the city.*Davao Region, an administrative region*Davao del Norte province*Davao del Sur province*Davao Oriental province...
. It has ended Citibank
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
and Standard Chartered's duopoly on international banking in the Philippines.
Singapore
In SingaporeSingapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
, The Hongkong and Shanghai Banking Corporation Limited operates as a full service bank with its headquarters in Collyer Quay
Collyer Quay
Collyer Quay is a road in Downtown Core, Singapore that starts after Fullerton Road and ends at the junction of Raffles Quay, Finlayson Green and Marina Boulevard...
. It opened its doors in December 1877. Today, HSBC's flagship office remains at the original Collyer Quay site where its first branch was opened. Its main office is located at Mapletree Business City in Pasir Panjang, Harbourfront.
HSBC Singapore is a Qualifying Full Bank with 11 branches incorporating 5 HSBC Premier Centres and 33 Automated Teller Machines in Singapore and offers a comprehensive range of financial services including commercial banking, investment and private banking, insurance, forfaiting
Forfaiting
In trade finance, forfaiting involves the purchasing of receivables from exporters. The forfaiter takes on all risks involved with the receivables.Where are the independent and verifiable cites for this? Links? The forfaiting operation is a transaction-based operation involving the sale of one of...
and trustee services, and securities and capital markets services.
South Korea
HSBC is expanding in competitive South KoreaSouth Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
n market, currently operating from a network of 11 branches, the first having been opened in Jemulpo in 1897 .
Sri Lanka
HSBC has been present in Sri Lanka for 119 years. The Hongkong and Shanghai Banking Corporation Limited established its first branch in ColomboColombo
Colombo is the largest city of Sri Lanka. It is located on the west coast of the island and adjacent to Sri Jayawardenapura Kotte, the capital of Sri Lanka. Colombo is often referred to as the capital of the country, since Sri Jayawardenapura Kotte is a satellite city of Colombo...
Sri Lanka on 1 July 1892, just 27 years after it began operating in Hong Kong and Shanghai.
Taiwan
HSBC’s presence in TaiwanTaiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
dates back to 1885 when The Hongkong and Shanghai Banking Corporation appointed an agent in Tamsui. A full service branch was established in Taipei
Taipei
Taipei City is the capital of the Republic of China and the central city of the largest metropolitan area of Taiwan. Situated at the northern tip of the island, Taipei is located on the Tamsui River, and is about 25 km southwest of Keelung, its port on the Pacific Ocean...
in 1984. The bank now has a network of 8 branches (Hyperlink to service channel) island-wide, including Taipei, Chien Kuo, Pan Chiao
Banqiao District
Banqiao District is the city seat of New Taipei in northern Taiwan . It has the third highest population density in Taiwan. It was formerly the 22nd densest city in the world, with over 24,000 people per square km...
, Tien Mu, Taoyuan
Taoyuan City
Taoyuan City is the county seat of Taoyuan County in Taiwan, located in the northwestern part of the island. Taoyuan city is the gateway of Taiwan: with the Taiwan Taoyuan International Airport in vicinity, and is a 30-minute ride to the capital, Taipei....
, Taichung
Taichung
-Demographics:Taichung’s population was an estimated 1,040,725 in August 2006. There are slightly more females in the city than males.24.32% of residents are children, while 16.63% are young people, 52.68% are middle-age, and 6.73% are elderly....
, Tainan
Tainan
Tainan City is a city in southern Taiwan. It is the fifth largest after New Taipei, Kaohsiung, Taichung, and Taipei. It was formerly a provincial city, and in 2010, the provincial city merged with the adjacent Tainan County to form a single special municipality. Tainan faces the Taiwan Strait in...
, and Kaohsiung
Kaohsiung
Kaohsiung is a city located in southwestern Taiwan, facing the Taiwan Strait on the west. Kaohsiung, officially named Kaohsiung City, is divided into thirty-eight districts. The city is one of five special municipalities of the Republic of China...
. In 2007, The Hongkong and Shanghai Banking Corporation acquired The Chinese Bank in Taiwan. The acquisition made HSBC's nation-wide branch network increase to 47.
Thailand
HSBC initially opened for business in ThailandThailand
Thailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
in 1888, becoming the first commercial bank in the country. HSBC has made significant contributions to the establishment of solid foundations for Thailand’s financial and banking sectors. For example, in 1889 HSBC issued the first banknotes in Thailand. HSBC also issued the first foreign loan to the Thai government for its railroad construction project. HSBC's main branch office in Thailand is situated in Bangkok on Rama IV Road opposite Lumpini Park. In 2011, Phase 2 of the new Financial Sector Master Plan allowed foreign banks to open up to two branches in the Kingdom of Thailand in preparation for full retail operations. Accordingly, a second branch was opened on Thonglor (Sukhumvit 55) in early 2011.
Vietnam
In Vietnam, HSBC first opened an office in Saigon (now Ho Chi Minh City) in 1870. In August 1995, HSBC opened a full-service branch in Ho Chi Minh City. In 2005, HSBC also opened its second branch in Hanoi and established a representative office in Can Tho.On 29 December 2005, HSBC acquired 10% share capital of Vietnam Technological and Commercial Joint Stock Bank (Techcombank), one of the largest joint stock commercial banks in Vietnam by equity. In July 2007, HSBC became the first foreign bank to increase its stake in Techcombank to 15%. In September 2008, HSBC completed the increase of its stake in Techcombank to 20%, became the first foreign bank in Vietnam to hold a 20% interest in a domestic bank.
In September 2007, HSBC acquired 10% share capital of Bao Viet Holdings, becoming the sole foreign strategic partner of Vietnam’s leading insurance company. In October 2009, HSBC signed an agreement to increase its shareholding in Bao Viet Holdings to 18% from 10% for VND1.88 trillion (approximately US$105.3 million).
On 1 January 2009, HSBC started operating its locally incorporated entity and became the first foreign bank to incorporate in Vietnam, after gaining approval from the State Bank of Vietnam (SBV) to set up a Wholly Foreign-Owned Bank (WFOB) in Vietnam in September 2008.
Cultural references
In Hong Kong, the local population sometimes refers to the bank as 獅子銀行, "the Lion Bank", because of the pair of lion statues outside the HSBC headquarters, which also appear in some banknotes. Local films and television series set in Hong Kong, especially comedies, use this nickname when referring to the bank.Although the Hong Kong Government changed the official spelling of "Hongkong" to Hong Kong", by the instructions of the Secretary of State for the Colonies
Secretary of State for the Colonies
The Secretary of State for the Colonies or Colonial Secretary was the British Cabinet minister in charge of managing the United Kingdom's various colonial dependencies....
, on 3 September 1926, HSBC uses the older Hongkong, as the bank's name was conceived before the official declaration of the modern two-word name, and it was decided to retain the single word spelling in the Bank's name: Hongkong.
The famous English humorist P. G. Wodehouse
P. G. Wodehouse
Sir Pelham Grenville Wodehouse, KBE was an English humorist, whose body of work includes novels, short stories, plays, poems, song lyrics, and numerous pieces of journalism. He enjoyed enormous popular success during a career that lasted more than seventy years and his many writings continue to be...
was a junior employee at the Bank's London office in Lombard Street from 1900 to 1902, and used the bank as an inspiration for some of his early work, especially his 1910 novel Psmith in the City.
See also
- HSBC Holdings plc
- HSBC Bank (China)
- HSBC Bank AustraliaHSBC Bank AustraliaHSBC Bank Australia Limited was granted a banking license in 1986 having been established as HSBC Finance Company Limited in 1965. It is a fully owned subsidiary of The Hongkong and Shanghai Banking Corporation Limited and part of the worldwide HSBC Group...
- HSBC Bank MalaysiaHSBC Bank MalaysiaHSBC Bank Malaysia Berhad was incorporate locally in Malaysia in 1994. It is part of the HSBC Group and is wholly owned by Hong Kong-based The Hongkong and Shanghai Banking Corporation Limited.-Malaysian banking:...
- Hang Seng BankHang Seng BankHang Seng Bank Limited is the second largest bank in Hong Kong. It is a listed company but it is majority owned by the HSBC Group via The Hongkong and Shanghai Banking Corporation. Hang Seng is also one of the constituent shares of the Hang Seng Index...
- Bank of CommunicationsBank of CommunicationsBank 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...
- HSBC Hong Kong headquarters buildingHSBC Hong Kong headquarters buildingThe HSBC Main Building is a headquarters building of The Hongkong and Shanghai Banking Corporation Limited in Central, Hong Kong. It is located along the southern side of Statue Square near the location of the old City Hall, Hong Kong . The previous HSBC building was built in 1935 and pulled down...
External links
- The Hongkong and Shanghai Banking Corporation Limited
- HSBC Group History
- HSBC Locations
- John Gray - Daily Telegraph obituary