• Fri
  • Dec 19, 2014
  • Updated: 2:07am

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. 

BlackRock says executive turned down RBS offer

Mark McCombe, head of BlackRock’s Asia Pacific operations. Photo: SCMP

BlackRock said its head of Asia Pacific operations, Mark McCombe, has rejected an offer to take the top job at Royal Bank of Scotland Group and will remain with the world’s largest fund manager.

Wednesday, 24 July, 2013, 10:26am

When 5 years becomes 10

HSBC offered life insurance to the mystery shopper without first discussing the risks the shopper wanted coverage for. Photo: Reuters

The South China Morning Post is conducting a mystery shopping series to test the quality of the financial advice offered by banks. This week we visit HSBC.

15 Jul 2013 - 5:05am 2 comments

French HSBC tax case report reveals US$5b in Swiss funds

HSBC says a former employee stole data which revealed the names of people holding money at its Swiss arm. Photo: SCMP

France needs to beef up its methods of fighting tax evasion, according to a parliamentary report on a probe into HSBC that revealed US$5 billion (HK$38.8 billion) of undeclared assets in thousands of Swiss bank accounts.

11 Jul 2013 - 11:16am

Shanghai's plans won't affect Hong Kong, HSBC says

HSBC expects the yuan will be fully convertible within five years, with the currency's share of local deposits rising steadily. Photo: AFP

The chief executive of HSBC's Hong Kong office, Anita Fung Yuen-mei, said yesterday that Hong Kong would not be marginalised by a new free-trade zone being set up in Shanghai.

10 Jul 2013 - 4:38am

HSBC to exit retail banking in South Korea amid profitability concerns

HSBC will shut 10 of its 11 branches in South Korea and axe 230 staff. Photo: Bloomberg

HSBC, Europe's biggest bank, will further scale down its South Korean operations next week by closing its retail business, following the sale of its insurance business in April.

The bank will shut 10 of its 11 branches in the country and axe 230 staff.

6 Jul 2013 - 5:19am

UK prosecutor promises hefty evidence in first Libor fixing case

Tom Hayes, pictured here surrounded by media after a June court appearance, is the first suspect to come to court. Photo: AP

British prosecutors say they have extensive evidence against former trader Tom Hayes, the first suspect to come to court following a global investigation into the suspected rigging of interbank lending rates.

5 Jul 2013 - 10:47am

HSBC wins approval of record US$1.9b money-laundering settlement

HSBC wins approval of record US$1.9b money-laundering settlement

A federal judge has approved HSBC Holdings’ record US$1.92 billion settlement with federal and state investigators of charges that it flouted rules designed to stop money laundering and thwart transactions with countries under US sanctions.

4 Jul 2013 - 1:19am 1 comment

EU charges banks with blocking exchanges from derivatives market

The European Commission’s latest move against 13 top investment banks could result in heavy fines. Photo: AFP

EU watchdogs have charged 13 top investment banks with blocking exchanges’ access to the lucrative credit derivatives market, hitting the sector with the latest in a growing list of regulatory headaches.

2 Jul 2013 - 1:01pm

HSBC to refund credit card cash withdrawal fees for UnionPay card users

Photo: AFP

Cash advance fees

Readers, we have a result. Whether it was because of persistent badgering by this column, based on your experiences, or direct customer complaints, HSBC has agreed to refund the fees if you have no option but to use your credit card to get cash overseas.

22 Jun 2013 - 1:47pm 7 comments

HSBC to end UnionPay chaos with a new Plus ATM card

Chengdu, easy to lose a hack in.

We hear there is light at the end of the tunnel for HSBC customers who have suffered dismay and distress when, on arriving in foreign parts, they weren't able to use their ATM card to withdraw cash.

15 Jun 2013 - 4:16am 8 comments

Customers say HSBC has turned the clock back 20 years

Where is my cash?

We continue to receive complaints about HSBC's new ATM card, which, because it no longer uses the Plus payment network, has left many customers marooned in foreign parts with no access to cash. The HSBC card now uses UnionPay, which is operated by the Bank of China and appears to have limited use outside Asia.

14 Jun 2013 - 3:49am 14 comments

HSBC customer confusion continues

Check your HSBC ATM card - chances are it says UnionPay on the back, where is used to have Cirrus and Plus. I suspect the unlucky folks at the World's Local Bank who have to implement the new UnionPay chip card clearing system wish the whole thing would just vanish.

13 Jun 2013 - 9:58pm

Letters to the Editor, June 7, 2013

St Stephen's Girls' College in Mid-Levels. Photo: SCMP Pictures

Equality at stake in college DSS proposal

I would like to express my opinion on the proposal by St Stephen's Girls' College [and St Stephen's Girls' Primary School] to join the Education Bureau's Direct Subsidy Scheme (DSS).

7 Jun 2013 - 1:12am 2 comments

HSBC apologises for UnionPay ATM-card fiasco in Hong Kong

HSBC ATMs in Hong Kong. Photo: AFP

Ever since HSBC started sending out its new ATM cards with an embedded chip, internet chat rooms and our own organ's letters page have been humming with disgruntled HSBC customer complaints.

7 Jun 2013 - 11:57am 7 comments

New York sues HSBC for breaking foreclosure law

Eric Schneiderman

New York attorney general Eric Schneiderman yesterday filed a suit against HSBC Holdings, accusing the bank of breaking state foreclosure law and putting homeowners at greater risk of losing their homes.

5 Jun 2013 - 4:05am