The Hongkong and Shanghai Banking Corporation was founded in Hong Kong on March 3, 1865, and in Shanghai one month later. In 1980, HSBC acquired 51 per cent of Marine Midland Bank, buying the rest in 1987. HSBC Holdings was established in Britain in 1991 as the parent of The Hongkong and Shanghai Banking Corporation ahead of its purchase of the UK-based Midland Bank and the impending 1997 transfer of sovereignty of Hong Kong from Britain to China.
A bad week for ...
The runner-up in a Chongqing beauty contest had to endure jibes about her looks after claims that the pageant was rigged. In a typical online comment, one man said: 'Most of the Chongqing girls I know are better looking than you.' A pageant spokesman said: 'We're not only selecting winners on beauty ... so the results might differ from the standards of internet users.'
HSBC's top compliance executive told a United States Senate committee that he would step down following the bank's admission of shortcomings in its anti-money-laundering operations. Bagley, who has held his post for 10 years, told the hearing he had been hamstrung by the bank's structure. The US Justice Department is conducting a criminal investigation into HSBC.
The TV presenter who exposed fraudsters for the BBC series Rogue Traders was jailed for 12 weeks for dishonestly claiming ?24,000 (HK$291,000) in housing benefits. Penteado, 40, of Bournemouth, England, was caught after a council officer recognised him. A lawyer for Penteado, who is married with nine-year-old twins, said his client had been 'sinking into debt'.