• Sun
  • Dec 21, 2014
  • Updated: 7:16pm

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. 

US court fines HSBC US$2.46 billion over Household International case

The verdict against HSBC by a US court follows a costly US$1.92 billion settlement over money laundering last year. Photo: AFP

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 BEA approved to operate in Shanghai free-trade zone

HSBC has won approval to set up a sub-branch in the Shanghai free-trade zone. Photo: Bloomberg

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

Foreign banks shun China's Shanghai free-trade zone amid uncertain rules

The mainland banking regulator sent questionnaires to foreign banks asking them why they were hesitant to open branches in the Shanghai free-trade zone. Photo: EPA

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

HSBC to make life easier for customers withdrawing cash abroad

A new HSBC card will give customers the ablility to withdraw cash from ATMs outside of China and Asia. Photo: AFP

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 among first Shanghai free-trade zone banks

HSBC has done business in China for more than a century, and is often invited to take part in banking innovations there. Photo: Bloomberg

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

HSBC strikes again as overseas withdrawal problems continue

HSBC ATM cards went from giving you cash just about anywhere in the world, to very few places indeed. Photo: Nora Tam

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

Can HSBC find profit growth in Pearl River Delta?

Can HSBC tap Pearl River Delta?

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

HSBC of today lacking in vision that had helped it grow

HSBC of today lacking in vision that had helped it grow

"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 6

8 Aug 2013 - 3:50am 3 comments

Hong Kong shares close down 1.3pc, HSBC dives on earnings

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

Investors punish HSBC shares after interim result

HSBC interim earnings rose to US$14.1 billion in the first half, but fell short of market expectations. The shares are down in morning trade. Photo: SCMP

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

Massive revamp may squeeze HSBC returns

HSBC has unveiled first-half pre-tax profit of US$14.1 billion that misses the market consensus forecast of US$14.6 billion. Photo: Nora Tam

"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

HSBC shares set to fall in Hong Kong after profits miss forecasts

An HSBC branch on Pedder Street, Central. Photo: Nora Tam

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 closes bank accounts of 40 diplomatic missions

HSBC will shut the bank accounts of dozens of foreign missions in London. Photo: Bloomberg

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

HSBC likely to see substantial fall in profit

HSBC is expected to report a significant decline in pre-tax profit for the second quarter. Photo: EPA

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

HSBC backs down over ATM cards that leave customers stranded overseas

Two men use ATM machines at an HSBC branch in Hong Kong. Photo: ATM

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