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 has been ordered by a Chicago court to pay about US$2.46 billion in a class action lawsuit against its former Household International unit for violating federal securities laws, a verdict the British banking giant plans to appeal.Saturday, 19 October, 2013, 3:12am
HSBC and Bank of East Asia have won approval to set up a presence in the Shanghai free-trade zone, putting them among the first foreign banks there following similar approval granted to DBS and Citigroup last month.13 Oct 2013 - 5:40am
Beijing's move to eliminate bureaucratic approval processes to encourage foreign banks to open branches in the Shanghai free-trade zone has met with a lukewarm response.9 Oct 2013 - 11:28am 4 comments
The wait is over for HSBC’s long suffering customers who have been unable to withdraw cash in many countries, particularly outside Asia, using their ATM cards.
HSBC will announce on Tuesday that customers can start applying for a new ATM card that uses the Plus payment network, which can be used in addition to the bank’s current ATM cards that use the China UnionPay payment system.8 Oct 2013 - 11:55am
HSBC and Standard Chartered are expected to be among the first batch of foreign banks to offer a wide range of banking services in the mainland's first free-trade zone, in Shanghai, with Beijing wanting to open its financial sector wider to foreign investment.10 Sep 2013 - 7:53am
I can’t believe that six months down the track I’m still writing about this. It was back at Easter when I first tried, and failed to extract money from an HSBC ATM machine in Taunton in England.8 Sep 2013 - 4:47pm 9 comments
HSBC's decision to give up trying to be the world's local bank has, ironically, enabled it to report higher underlying pre-tax profit globally, with the exception of Latin America.10 Aug 2013 - 4:19am
"In May 2013, we set out our plans for the next phase of delivering our strategy, covering the period from 2014 to 2016. Our strategic direction is unchanged and our priorities are clear."
Stuart Gulliver HSBC group chief executive SCMP, August 68 Aug 2013 - 3:50am 3 comments
Hong Kong shares suffered their heaviest daily loss in a month on Tuesday, pulled down by a 5 per cent tumble for index heavyweight HSBC after its first half earnings disappointed investors.
The Hang Seng Index closed down 1.3 per cent at 21,923.7 points in its biggest daily loss since July 8. The China Enterprises Index of the leading Chinese listings in Hong Kong shed 0.8 per cent.6 Aug 2013 - 4:54pm
Shares in HSBC Holdings dipped almost five per cent on Tuesday morning after interim earnings fell short of market expectations and on news that the bank might face a US$1.6 billion US lawsuit.
The bank said on Monday that pre-tax profit rose to US$14.1 billion from US$12.7 billion a year ago, but missed the market consensus for a US$14.6 billion profit.6 Aug 2013 - 1:01pm
"The market's expectation on HSBC is too high," Ian Gordon, an analyst at Investec in London, told the South China Morning Post after the bank unveiled first-half pre-tax profit of US$14.1 billion yesterday that missed the market consensus forecast of US$14.6 billion.6 Aug 2013 - 11:23pm 2 comments
Asian investors are poised to sell HSBC stock when Hong Kong markets open this morning, despite an insistence from the global banking giant that its restructuring efforts remain firmly on track with annual cost savings running ahead of target.6 Aug 2013 - 2:43am 1 comment
HSBC has told dozens of foreign missions in London that it will close their bank accounts, an official said yesterday. The news has sent diplomats across the capital scrambling to find a new place to put their money.5 Aug 2013 - 4:47am 1 comment
Eleven analysts, on average, estimated the bank's pre-tax profit would fall 26.7 per cent to US$6.16 billion, a Bloomberg survey found. The banking giant will post its interim results today after the market closes.5 Aug 2013 - 3:59am
After a summer of complaints from frustrated and often angry customers unable to withdraw cash overseas with the new UnionPay ATM cards, HSBC has finally relented.26 Jul 2013 - 3:40pm 15 comments