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.
What the local media says
Sunday, Apple Daily
HSBC staff suffer medical cover cuts under latest plan
HSBC, which employs 28,000 people in Hong Kong, is continuing to cut staff benefits after sacking at least 20 employees late last month. Under a newly launched medical plan, staff who joined the bank before 2007 will be required to pay HK$20 for each medical consultation from next year. They now pay nothing. The bank also reduced hospital cover for some staff.
Monday, HK Economic Times
Survey reveals an alarming number of children who self-harm
One-in-three Form One pupils across 28 schools harmed themselves and 5 per cent tried to commit suicide during the 2009-2010 academic year, according to a Polytechnic University survey covering more than 3,325 students. One student was found to have swallowed plastic pellets and smashed into walls in order to hurt himself. The study found students from broken families and single-parent families were more likely to commit suicide.
Tuesday, Sing Pao Daily News
Mainlanders catching city's stray cats for food and fur
More than 100 stray cats which reportedly went missing in Hong Kong in recent weeks may have been eaten and had their fur used to make coats. Mainlanders were paid HK$100 for each cat they caught after being hired to visit Hong Kong on two-way permits, animal rights supporters said.
Wednesday, Apple Daily
Public housing blocks empty while thousands vie for housing
Despite nearly 200,000 people waiting for public housing units, a huge stock of units in Tai O, Lantau, and Tin Shui Wai have been unoccupied for more than 10 years, Only 14 households live in one block in the remotely located Lung Tin Estate, Tai O, where 80 per cent of the flats remain vacant.
Thursday, Apple Daily
Kwai Chung factory caught selling toxic cooking oil to restaurants
A filthy, ill-equipped cooking oil processing factory in Kwai Chung was found mixing "gutter oil" with mainland-imported peanut and vegetable oils in order to sell it to local restaurants at low prices.
Friday, HK Economic Times
Minimum wage to narrow gap between graduates and workers
The proposed increase in the minimum wage to HK$30 per hour from HK$28 next year is expected to narrow the pay gap between grass-roots workers and university graduates. After the rise, a security guard could earn more than HK$10,000 per month while university graduates are expected to earn HK$12,000 to HK$13,000.