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 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."

Thursday, 8 August, 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

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.

24 Jul 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