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'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.Saturday, 10 August, 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
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.24 Jul 2013 - 10:26am
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
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
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, 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
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