HSBC | South China Morning Post
  • Thu
  • Jan 29, 2015
  • Updated: 4:18am
HSBC

HSBC

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 and StanChart pin growth hopes on rate rises

Standard Chartered is expected to post a fall in full-year profits. Photo: AFP

Sit tight, investors. That seems to be the message from Standard Chartered and HSBC Holdings after the two banks posted disappointing, albeit widely anticipated, declines in profits last week.

Tuesday, 12 August, 2014, 6:06pm

HSBC shares rally even as compliance costs bite

HSBC Holdings yesterday reported a 12 per cent drop in profits before tax for the first half to US$12.34 billion. Photo: Nora Tam

HSBC profits are being squeezed by the twin pressures of rising regulatory compliance costs and low global interest rates that make profit growth increasingly difficult to achieve given the size of the bank’s deposit base.

5 Aug 2014 - 6:46pm

HSBC blames red tape for 12 per cent drop in profits

Analysts had downgraded their projections for HSBC in March after pre-tax profit fell by 20 per cent in the first quarter of the year. Photo: AFP

Banking giant HSBC said yesterday that group profits before tax fell to US$12.3 billion in the first half compared to a year earlier, down 12 per cent and worse than analysts' expectations.

5 Aug 2014 - 8:37am 4 comments

HSBC seems to find it easier to pay fines than fix corporate culture

Most people do not realise how close HSBC came to collapse.

Since the financial crisis, global banks have evolved from "too big to fail" into "too big to jail". Each new fine, like BNP Paribas' US$8.9 billion penalty, sets a new, ignominious record.

14 Jul 2014 - 3:09am 1 comment

HSBC and Citi compete for Asian bond supremacy

HSBC has grabbed a 12.5 per cent share of a boom market for underwriting debt issues in the region this year. Photo: Nora Tam

Competition to underwrite record bond sales in Asia is the most intense in five years as more banks seek business in the world's fastest-growing regional economy.

7 Jul 2014 - 8:08pm 2 comments

HSBC asset sale to LGT will halve countries served by its private bank

HSBC said its private bank served customers from about 150 countries but was being reduced to about 70. Photo: Bloomberg

HSBC is halving the number of countries its private bank serves after selling a portfolio of Swiss banking assets, the latest bank to narrow its wealth management focus in a bid to improve profitability and cut compliance risk.

25 Jun 2014 - 2:37am

Iran lobbies HSBC to clear humanitarian transactions

HSBC has blocked transfers for humanitarian goods, over worries about breaching sanctions. Photo: AP

Iran is lobbying to get HSBC to process humanitarian trade transactions that Europe's biggest bank has frozen because of concerns about breaching international sanctions.

25 Jun 2014 - 3:02am

HSBC customer forced to make 16,000-kilometre trip to access account after bank blunder

Robert Lewis was forced to make a return trip from his native Australia to Hong Kong to get access to his account.

When former Hong Kong resident Robert Lewis opened an account with the "world's local bank" he didn't expect to have to have a 16,000km round trip to get his hands on his cash.

23 Jun 2014 - 11:36am 55 comments

HSBC boosts oversight on metals financing in wake of Qingdao probe

Officials are checking receipts of metals stored in Qingdao.

HSBC, the city's largest bank, which has been aggressively expanding on the mainland, is carefully examining all commodities financing transactions following reports of alleged irregularities at Qingdao Port.

16 Jun 2014 - 3:40am

Asian investors eye HSBC’s headquarters in London

The headquarters may fetch £1 billion. Photo: Bloomberg

The sale of HSBC's headquarters at Canary Wharf in London is expected to attract strong interest from Asian investors, the property consultant appointed to market the building said.

26 May 2014 - 5:50pm

HSBC expects to increase dividend

HSBC is now "simpler and leaner" than it was in 2011, and has a "strong" capital position. Photo: Reuters

HSBC Holdings says it will pay a higher dividend this year, allaying shareholders' concerns that its payout will remain flat because of capital needs under tougher regulatory requirements.

20 May 2014 - 4:20am

HSBC private bank bets on new hedge funds in Asia

HSBC is eyeing early-stage investments in Asian managers as rivals have reduced research staff in the region after the 2008 global financial crisis to cut costs, raising barriers for smaller hedge funds to expand assets. Photo: EPA

HSBC Holdings private bank unit, which invests US$25 billion in hedge funds globally, sees opportunities in backing new Asia-based managers, said Henry Lee, regional head of its alternative investment group.

15 May 2014 - 1:43am

Tough road ahead for HSBC as first quarter 2014 profits down 20pc

First-quarter profits fell 20pc year on year with more of the same expected in the second quarter on "muted" customer activity. Photo: AP

Earnings at HSBC are set to remain under pressure for at least two more quarters as a change to the way it accounts for a key Chinese bank stake and the performance of its own investment banking business weigh on the numbers.

8 May 2014 - 1:15am

HSBC retail revamp key to end drag of redress on profits

John Flint says breaking the links between sales and pay is crucial to improving HSBC's risk-adjusted returns. Photo: May Tse

Redress is a word that comes up a lot in an interview with John Flint, the first he has given since taking over as HSBC's global head of retail banking and wealth management 16 months ago.

7 Apr 2014 - 5:16am

US monitor says HSBC’s anti-money-laundering fixes leave ‘much work to be done’

HSBC was once described by a Mexican drug lord as 'the place to launder money' given the banking giant's lax controls. Photo: Reuters

HSBC has made some progress in improving its anti-money laundering programme, as required by a 2012 deferred prosecution agreement with the US Justice Department, but there remains “much work to be done”, federal prosecutors said in a court filing on Tuesday.

2 Apr 2014 - 5:08pm