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
An article headlined 'Baoxin encouraged by sector consolidation', published yesterday on B2, incorrectly said China Zhengtong Auto Services was the biggest Hong Kong-listed car dealer by market value. It should have said Zhongsheng Group is the biggest.
The headline on a business digest item published yesterday on B1 incorrectly said HSBC had to pay a settlement of up to HK$62.5 million. It should have said up to US$62.5 million.