• Thu
  • Oct 23, 2014
  • Updated: 8:54am

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. 

HSBC: The hardly serious banking corporation

It seemed simple. Pop into HSBC on a visit to England – it’s “The world’s local bank,” - and check my account. I poked my HSBC card into the Taunton HSBC ATM and got my balance, but no option for mini-statement to show recent transactions.

Wednesday, 10 April, 2013, 1:13pm 4 comments

Bank help one card short of a full deck

It seemed simple. Pop into HSBC on a visit to England - it is the "world's local bank" - and check my account. I poked my card into an ATM in Taunton, a town in the southwest. I got my balance, but no option for a mini-statement to show recent transactions. Inside, the helpful branch manager, Ivan, ushered me to a different ATM. Still only the balance.

8 Apr 2013 - 5:22am

HSBC turns Asian loan clients into junk bond issuers

Europe's largest bank managed US$5.3 billion of high-yield debt globally in the first quarter, moving up to 10th place after ranking 13th in the previous three full years, data shows. HSBC led junk bond underwriting in Asia, excluding Japan, last year and says 12 of its 19 deals came from commercial bank clients, or 58 per cent of the US$2.3 billion it managed in US dollars, euro and yen. Last week, it handled offerings by Citic Pacific and Sunac China.

4 Apr 2013 - 3:35am

China PMI factory data points to broader recovery

China's factory activity rose to an 11-month high last month, but economists say external headwinds and new domestic property curbs will add uncertainties to growth.

2 Apr 2013 - 4:57am

Sacked insurance staff stage protest at HSBC offices in Shanghai

HSBC Life Insurance, a 50-50 joint venture with National Trust, fired its sales team of about 130 staff in what the largest bank in Europe said was a plan to focus on bancassurance.

21 Mar 2013 - 5:33am

HSBC takes Sevens "banking holiday"

I’m old enough to remember when the Hong Kong Rugby Sevens was, well, about Rugby Sevens. There was a bit of 10s thrown in, but that was just the warm-up for the real thing.

20 Mar 2013 - 3:38pm 1 comment

HSBC unit faces fraud charges in Argentina

Argentina's regulatory agency has filed criminal charges against the local unit of HSBC for helping private companies evade tax and launder money. Ricardo Echegaray, the director of Argentina's federal tax agency AFIP, said a six-month investigation revealed evidence that several companies evaded taxes amounting to 224 million pesos (HK$339.27 million) and laundered 392 million pesos under fraudulent transactions through HSBC Argentina, Reuters reported, citing a news conference in Buenos Aires.

20 Mar 2013 - 4:35am

HSBC expected to axe up to 5,000 more jobs to save US$1b

HSBC may announce further job cuts as part of a strategy to reduce costs. The bank will offer an update on the cost-cutting process during an interim management statement on May 7.

19 Mar 2013 - 4:18am

Property firms take hit from rate rise

Shares of Hong Kong developers fell yesterday after three major banks raised mortgage rates by 25 basis points amid mounting risk in the property market.

15 Mar 2013 - 4:37am

Further mortgage rate rise 'could cut home prices by 20pc in two years'

Home prices in Hong Kong may fall by 15 to 20 per cent in two years following the increase in mortgage lending rates, an investment bank predicts, but some developers and bankers believe the impact will be small.

Deutsche Bank, which forecast mortgage rates to rise a further 0.75 of a percentage point, said prices could drop by 20 per cent in the coming years.

15 Mar 2013 - 5:21am

Mortgage rate hikes add note of caution to markets

The decision by HSBC and Standard Chartered to raise mortgage lending rates by 0.25 percentage points should not come as a surprise. Other lenders are likely to follow their lead, as Hang Seng Bank did yesterday.

15 Mar 2013 - 3:31am 1 comment

Small banks may gain from rate wait

The latest increase in mortgage rates in more than a year may offer some small banks a rare opportunity to grab a greater market share if they continue to hold their rates for some time.

15 Mar 2013 - 5:31am

Sellers cut asking prices on homes as banks raise mortgage rates

From today, HSBC's best lending rate for new home loans will rise to 2.85 to 3.15 per cent, from 2.6 to 2.9 per cent. Standard Chartered has also raised rates from today.

14 Mar 2013 - 7:47am

Hong Kong's new homebuyers hit by rise in interest rates

Centaline Property Agency said last night that some owners had immediately slashed their asking prices. A 922 sq ft flat in Taikoo Shing was on offer for HK$13 million, a reduction of 7 per cent. Other owners dropped their prices by up to 10 per cent.

14 Mar 2013 - 2:13pm

Stone's throw away but only for the very few

Paul Y Engineering, only weeks away from upgrading its name to the exalted "Louis XIII Holdings", is readying itself for this higher plane. A missive from its public relations firm arrives headed, "Behold the world's most fabulous jewels at Louis XIII".

13 Mar 2013 - 5:55am