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.
Haitong International Securities having to resort to waiving its investment management fees on Mandatory Provident Fund offerings for three years shows the difficulty small players face in capturing a piece of the HK$514 billion market.Tuesday, 18 February, 2014, 2:30am
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.
His call was made during a meeting with British foreign secretary Geoffrey Howe in July 1984.7 Jan 2014 - 5:05am 1 comment
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 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
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 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
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
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
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
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
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
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 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