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 chief with Hong Kong residency ‘kept US$7.6 million in Swiss bank account’

Stuart Gulliver, HSBC Group chief executive officer, was listed as the beneficial owner of the account containing at least US$7.6 million in 2007, a British newspaper reported. Photo: Bloomberg

HSBC shares retreated slightly in the opening hours of trading on Monday after media reports that chief executive Stuart Gulliver, tax-domiciled in Hong Kong, sheltered US$7.6 million in a Swiss account through a Panamanian company.

Friday, 17 April, 2015, 3:59pm 15 comments

Britain's Daily Telegraph accused of 'fraud' over HSBC saga

Britain's Daily Telegraph accused of 'fraud' over HSBC saga

One of Britain's most celebrated newspapers has been accused of self-censoring for commercial gain, raising awkward questions about a centuries-old press culture which has prided itself on its no-holds-barred approach to truth telling.

22 Feb 2015 - 6:29am

Hong Kong HSBC relatively unscathed as bank struggles with catalogue of errors

Hong Kong HSBC relatively unscathed as bank struggles with catalogue of errors

HSBC's once stellar reputation tarnished as it struggles with a catalogue of money-losing failures.

21 Feb 2015 - 1:11pm 6 comments

HSBC facing 10 separate probes around the world

HSBC facing 10 separate probes around the world

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

Swiss prosecutors search offices of HSBC subsidiary in money-laundering probe

A security officer watches the entrance of HSBC Private Bank in Geneva. Photo: EPA

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 Le Monde hit back at attack by owners over HSBC leaks

Le Monde is criticised over its decision to publish the names of wealthy HSBC clients who dodged tax by opening Swiss accounts.

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

HSBC under pressure to clean up its act

HSBC under pressure to clean up its act

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

Leaks shed light on tax dodges in Swiss accounts at HSBC Holdings

The new lion sculptures outside HSBC's headquarters in Central. Almost 1,000 clients were found to have held HSBC private bank accounts in Switzerland. Photo: Sam Tsang

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 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.

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

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