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. 

Deng Xiaoping urged London to persuade HSBC to stay in Hong Kong

HSBC

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.

Tuesday, 7 January, 2014, 5:05am 1 comment

HSBC unit taps into onshore debt market

HSBC's Joanna Munro says the bank is well placed to benefit from any change in the mutual fund recognition scheme. Photo: Paul Yeung

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 asset sale continues with Bank of Shanghai exit

HSBC has been selling "non-core" assets to boost liquidity amid tougher capital rules. Photo: Bloomberg

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

Controversial investment-linked assurance schemes poised to make a comeback

HSBC both creates and distributes ILAS products. Photo: Nora Tam

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 up on profit rise, but concerns remain

HSBC's third-quarter pre-tax profit grew 30 per cent year on year.

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

British banks face yet more bills, this time for poor advice to customers

HSBC's chief executive said the bank needs to go back to 2008 and check how it sold wealth management products to about 200,000 clients. Photo: AFP

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

Cleaner HSBC balance sheet leaves doubts

The banking giant's pre-tax profit of US$4.5 billion for the quarter fell short of expectations in the market of US$5.4 billion. Photo: Bloomberg

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

HK comes out tops in HSBC report

Stuart Gulliver expects the mainland economy to have a soft landing.

Better investment product sales and higher interest income saw HSBC's Hong Kong operation become the global bank's best-performing region in the third quarter of the year and help offset weak performance in overseas markets.

5 Nov 2013 - 2:42am

HSBC tipped for surge in pre-tax earnings

HSBC's Hong Kong operations, as part of strong growth in Asia, are likely to remain a key contributor to the group's earnings. Photo: Nora Tam

Banking giant HSBC is set to report a surge in third-quarter pre-tax profit next week on the back of its fast-growing Asia-Pacific business and increased trade flows.

1 Nov 2013 - 5:24pm

HSBC finally reinstate Plus ATM card, but the hassle doesn't end

HSBC bank's logo is displayed at the top of its Hong Kong headquarters building. Photo: EPA

After more than six months of customer hassle and grief, the World’s Local Bank has backed down and reissued Plus system ATM cards after the UnionPay disaster. But not to everyone.

25 Oct 2013 - 8:58pm 6 comments

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.

19 Oct 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