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.
When the rich applaud the rich
No longer just a playboy tycoon, Cecil Chao Sze-tsung is now certifiable as a fully fledged property tycoon.
How else can you explain this full-page advertisement (pictured), placed by none other than the city's richest, among them Li Ka-shing, Nina Wang, Cheng Yu-tung, Stanley Ho Hung-sun, Vincent Lo Hong-sui, David Li Kwok-po and Lee Shau-kee? It was a congratulatory note for the Cheuk Nang Holdings boss being named a sponsor and guest speaker at an official conference on the mainland property market to be held in Shenzhen later this month. Mr Chao is also building a giant shopping mall bearing his name in the heart of Kuala Lumpur.
Actually, the significance of the Shenzhen occasion eludes us but you can be sure every media hack will be covering it now that the city's most powerful tycoons have attached their names to it.
Our city's magnates know where the real money and power plays are, unlike the rest of us.