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's once stellar reputation tarnished as it struggles with a catalogue of money-losing failures.Saturday, 21 February, 2015, 1:11pm 6 comments
Ten days after revelations about HSBC's Swiss subsidiary first broke, the bank is now facing 10 separate investigations around the world.
On Wednesday, Swiss prosecutors announced a criminal probe into the Geneva-based bank's activities, joining a growing list of investigations in jurisdictions across Europe, Asia, and both North and South America.21 Feb 2015 - 12:54am
Prosecutors in Geneva searched the premises of HSBC’s Swiss subsidiary after launching a money-laundering investigation over a report that the bank helped hide millions of dollars for drug traffickers, arms dealers and celebrities.18 Feb 2015 - 6:02pm 1 comment
Journalists at French newspaper Le Monde reacted angrily to criticism from two of the paper's businessmen owners over its decision to publish the names of wealthy HSBC clients who dodged tax by opening Swiss accounts.13 Feb 2015 - 8:22am
Like many of the world's premier banks, HSBC's reputation has taken a hit in recent years. Memories are still fresh about its payment of almost US$2 billion in fines and agreement to a five-year deferred prosecution in the US in late 2012 for processing drug money in Mexico.12 Feb 2015 - 8:34am 2 comments
A trove of leaked documents has detailed the tax-dodging tactics and some US$120 billion in 30,000 Swiss bank accounts at HSBC Holdings.10 Feb 2015 - 8:20am 8 comments
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.
HSBC Bank Argentina has failed to fulfil a pledge to fix the irregularities in credit transfers, the Argentine central bank said in an emailed statement.13 Jan 2015 - 5:40pm 1 comment
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
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
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 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
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
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
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
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