HSBC | South China Morning Post
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  • Mar 2, 2015
  • Updated: 7:42pm
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. 

Argentina suspends HSBC Argentina’s right to transfer money for 30 days

Pedestrians walk past an HSBC branch in London as the bank's Argentina branch was suspended from transferring money for 30 days from the country to abroad due to irregularities. Photo: Bloomberg

Argentina said it was suspending HSBC Bank Argentina’s right to transfer money abroad for 30 days due to "irregularities", two months after charging it with helping clients evade taxes by siphoning their funds off to Switzerland.

Tuesday, 13 January, 2015, 5:40pm 1 comment

Kaisa wins relief after HSBC issues waiver on HK$400 million loan

Shenzhen buildings are illuminated at night as the Kaisa Group based in the city won a reprieve when lender HSBC issued a waiver to the company over a loan. Photo: Bloomberg

Troubled mainland property developer Kaisa Group has won some breathing space in its battle to clear debts after HSBC said it would waive demand for immediate repayment of a HK$400 million loan after the terms of its issue were breached.

13 Jan 2015 - 4:31pm

Hong Kong and HSBC under scrutiny as US cracks down on American tax cheats

Under Fatca, financial firms around the world are required to report to the IRS information on clients who are US taxpayers. Photo: AFP

US authorities are stepping up their investigation of tax evasion across Asia, with one recent case involving HSBC Holdings and Hong Kong providing an example of how wide the net is being cast to catch American tax cheats.

5 Jan 2015 - 5:14pm 14 comments

StanChart and HSBC escape British tax move

StanChart and HSBC escape British tax move

HSBC Holdings and Standard Chartered will largely escape new measures from the British government that will raise up to US$6.3 billion in additional taxes levied on the country's banking industry.

5 Dec 2014 - 5:27am

Two HSBC directors expressed concern about threat of jail sentences

HSBC chairman Douglas Flint was asked whether two directors had resigned. Photo: Reuters

Two directors of HSBC’s British business have expressed concerns about new rules that can result in jail sentences for senior bankers, but only one has resigned, and that was mainly due to extra demands on his time, the bank said.

2 Dec 2014 - 12:25pm 2 comments

Argentina accuses HSBC in US$3b tax evasion cases

AFIP head Ricardo Echegaray (centre) said AFIP charged the local branch of HSBC and its executives in an Argentine federal court. Photo: Ricardo Echegaray's official website

HSBC denied charges from Argentina's tax bureau that it had helped citizens evade US$3 billion in taxes, the latest on a growing list of accusations against the bank.

29 Nov 2014 - 6:23pm 2 comments

HSBC Swiss unit accused of fraud and laundering

HSBC Private Bank (Suisse) allegedly helped hundreds of clients cheat the Belgian state. Photo: Reuters

Belgian prosecutors charged a subsidiary of British bank HSBC Holdings yesterday with fraud and money laundering worth hundreds of millions of euros, mainly for diamond dealers in the industry's international hub of Antwerp.

18 Nov 2014 - 6:35am 1 comment

US and UK forex probes could bring more pain to banks

Citi has agreed to pay a US$1.02 billion fine as part of the deal to settle civil claims of foreign exchange rate rigging. Photo: Bloomberg

The US$4.3 billion in civil settlements struck between six global banks and US and British authorities over foreign exchange market manipulation sets the stage for negotiations over related probes that could bear much more severe consequences.

14 Nov 2014 - 3:05am

HSBC among five banks fined US$3.4 billion for rigging foreign exchange market

About US$5 trillion changes hands in global foreign exchange trades every day, much of it controlled by big banks. Photo: Reuters

US, British and Swiss regulators fined HSBC and four other global banks more than US$3 billion for attempting to manipulate foreign exchange markets.

13 Nov 2014 - 7:53am 3 comments

HSBC pre-tax profit up 2pc in third quarter

HSBC has set aside US$701 million in the third quarter to compensate customers under British consumer redress programmes. Photo: EPA

A foreign exchange probe and US$1.69 billion in provisions clouded HSBC Holdings' results even as it returned to profit gains in the third quarter of the year.

4 Nov 2014 - 9:44am 1 comment

India gives court names of 627 with HSBC Swiss bank accounts in tax probe

India's government has handed over the names of more than 600 Indians with foreign HSBC bank accounts to the Supreme Court after public outrage over rampant tax evasion.

India's government has handed over the names of more than 600 Indians with foreign HSBC bank accounts to the Supreme Court after public outrage over rampant tax evasion.

30 Oct 2014 - 5:41am 1 comment

Long, hard road ahead for HSBC and StanChart

HSBC is to pay more than US$550 million for bad practices in its mortgage-backed securities business before the financial crisis. Photo: AFP

Just weeks after HSBC Holdings and Standard Chartered delivered painful interim results in August, US agencies saddled the banks with hefty fines.

20 Oct 2014 - 5:05am

HSBC distances itself from David Eldon's blog

Frank observation.

David Eldon's blog last week has attracted some attention. This is because Eldon is well-known as a former chairman of Hong Kong and Shanghai Banking Corp until his retirement in 2005 and because in his blog he dwells on recent events in Hong Kong. Like Lai See he rejoices about the absence of traffic, illegal parking, and noxious fumes in Central.

15 Oct 2014 - 5:11am 6 comments

HSBC aims to raise €1.5b in convertible bond issue

HSBC will issue a perpetual subordinated convertible bond in a bid to raise €1.5 billion (HK$15 billion). Photo: AP

HSBC Holdings plans to issue a perpetual subordinated convertible bond in a bid to raise €1.5 billion (HK$15 billion) to further strengthen its capital base.

The bond will pay a coupon rate of 5.25 per cent and be converted into ordinary shares if the bank’s tier-one capital ratio drops below 7 per cent, HSBC said in a filing to the Hong Kong stock exchange on Tuesday morning.

16 Sep 2014 - 9:20am

HSBC pays US$550m to settle US claims over mortgage-backed securities

HSBC agrees to settlement of US$550 million

HSBC has agreed to pay US$550 million to resolve claims the bank misled US government housing corporations Fannie Mae and Freddie Mac about risky mortgage securities it sold them before the US housing market collapsed in 2007.

14 Sep 2014 - 6:35am