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.
Asian investors look set to sell HSBC stock when the market opens in Hong Kong today after Europe's biggest bank saw its profit slip in the fourth quarter of last year as provisions and levy commitments rose and revenue remained flat.Tuesday, 25 February, 2014, 1:35am
Lower impairment charges from HSBC's North American operations and better cost control are likely to have boosted the banking giant's pre-tax profit by 19 per cent last year, analysts estimate.
They are tipping, on average, a figure of US$24.5 billion for Europe's biggest lender, which will announce its results on Monday.21 Feb 2014 - 12:57am
Haitong International Securities having to resort to waiving its investment management fees on Mandatory Provident Fund offerings for three years shows the difficulty small players face in capturing a piece of the HK$514 billion market.18 Feb 2014 - 2:30am
Chinese leader Deng Xiaoping urged the British government three decades ago to persuade the Hong Kong and Shanghai Bank not to relocate from Hong Kong in order to maintain investor confidence in the city.
His call was made during a meeting with British foreign secretary Geoffrey Howe in July 1984.7 Jan 2014 - 5:05am 1 comment
HSBC's asset management arm is stepping up efforts to tap the mainland's onshore bond market, the fourth-largest in the world, but one still largely closed to foreign investors, as a key part of its strategy to take advantage of Beijing's sweeping plans to globalise the yuan.18 Dec 2013 - 5:14pm
HSBC Group's sale of its entire stake in Bank of Shanghai marks the banking giant's latest effort to boost liquidity amid tougher capital requirements under the Basel III banking regulations and trim what it calls "non-core" assets.12 Dec 2013 - 4:41pm
A controversial class of investment products may soon become widely available again after most banks in Hong Kong stopped selling them when tough restrictions on their sale were introduced this year.6 Dec 2013 - 3:21am
HSBC shares climbed to a six-week high in Hong Kong yesterday after the bank's third-quarter pre-tax profit grew 30 per cent year on year. But analysts warned the softening revenue trend would continue for the bank, which is coming to the end of its restructuring.6 Nov 2013 - 5:41am
HSBC has set aside US$149 million to review how it advised about 200,000 British customers on investing a lump sum of money, the first British bank to do so and signalling another potential costly mishap for lenders.5 Nov 2013 - 10:39am
HSBC, Europe's largest bank, failed to match analysts' third-quarter profit forecasts yesterday but a cleaner balance sheet, without massive provisions, still impressed the market.5 Nov 2013 - 12:15pm