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 last month warned investors that the final payment to settle money-laudering and other charges could “significantly” exceed the US$1.5 billion.  Photo: Bloomberg

HSBC, Standard Chartered said to resolve US probes next week

HSBC Holdings and Standard Chartered may settle US charges involving money-laundering violations and dollar-clearing transactions on behalf of Iranian clients as soon as next week, two people familiar with the negotiations said.