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.
HSBC looks into online system delay
HSBC was yesterday investigating a slight delay in an online system for buying securities on Monday morning. A spokeswoman for the bank said the delay happened at 10am on Monday and lasted for 15 minutes. But the spokeswoman denied the situation amounted to a breakdown. She said fewer than 10 customers were affected by the delay and compensation would be considered on a case-by-case basis. She said the customers who were affected did not suffer great losses. It was the second incident of its kind in three months.