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.
Corrections & clarifications
In an article on B1 yesterday, 'Greek woe weighs lightly on HSBC', Peter Sands was incorrectly identified as chief executive of HSBC. Sands is CEO of Standard Chartered. The error was introduced in the editing process.
A pull-out quote accompanying an article on B4 yesterday, 'Poor markets hit HK's shippers', incorrectly identified Klaus Nyborg as being associated with China Shipping Development. As stated in the article, Nyborg is chief executive of Pacific Basin Shipping.