HSBC

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. 

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.

Friday, 5 July, 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

EU charges banks with blocking exchanges from derivatives market

The European Commission’s latest move against 13 top investment banks could result in heavy fines. Photo: AFP

EU watchdogs have charged 13 top investment banks with blocking exchanges’ access to the lucrative credit derivatives market, hitting the sector with the latest in a growing list of regulatory headaches.

2 Jul 2013 - 1:01pm

HSBC to refund credit card cash withdrawal fees for UnionPay card users

Photo: AFP

Cash advance fees

Readers, we have a result. Whether it was because of persistent badgering by this column, based on your experiences, or direct customer complaints, HSBC has agreed to refund the fees if you have no option but to use your credit card to get cash overseas.

22 Jun 2013 - 1:47pm 7 comments

HSBC to end UnionPay chaos with a new Plus ATM card

Chengdu, easy to lose a hack in.

We hear there is light at the end of the tunnel for HSBC customers who have suffered dismay and distress when, on arriving in foreign parts, they weren't able to use their ATM card to withdraw cash.

15 Jun 2013 - 4:16am 8 comments

Customers say HSBC has turned the clock back 20 years

Where is my cash?

We continue to receive complaints about HSBC's new ATM card, which, because it no longer uses the Plus payment network, has left many customers marooned in foreign parts with no access to cash. The HSBC card now uses UnionPay, which is operated by the Bank of China and appears to have limited use outside Asia.

14 Jun 2013 - 3:49am 14 comments

HSBC customer confusion continues

Check your HSBC ATM card - chances are it says UnionPay on the back, where is used to have Cirrus and Plus. I suspect the unlucky folks at the World's Local Bank who have to implement the new UnionPay chip card clearing system wish the whole thing would just vanish.

13 Jun 2013 - 9:58pm

Letters to the Editor, June 7, 2013

St Stephen's Girls' College in Mid-Levels. Photo: SCMP Pictures

Equality at stake in college DSS proposal

I would like to express my opinion on the proposal by St Stephen's Girls' College [and St Stephen's Girls' Primary School] to join the Education Bureau's Direct Subsidy Scheme (DSS).

7 Jun 2013 - 1:12am 2 comments

HSBC apologises for UnionPay ATM-card fiasco in Hong Kong

HSBC ATMs in Hong Kong. Photo: AFP

Ever since HSBC started sending out its new ATM cards with an embedded chip, internet chat rooms and our own organ's letters page have been humming with disgruntled HSBC customer complaints.

7 Jun 2013 - 11:57am 7 comments

New York sues HSBC for breaking foreclosure law

Eric Schneiderman

New York attorney general Eric Schneiderman yesterday filed a suit against HSBC Holdings, accusing the bank of breaking state foreclosure law and putting homeowners at greater risk of losing their homes.

5 Jun 2013 - 4:05am

Letters to the Editor, June 4, 2013

Rhino horns seized in Hong Kong. Photo: Dickson Lee

Very proud of collective memories

I was born and bred in Hong Kong and, like most people living all over the world, I have great affection for my home, its people and culture.

I do not see it as wrong to defend our culture, history and heritage and, as Hong Kong was governed as a British colony, that would inevitably include those built and nurtured under colonial rule.

4 Jun 2013 - 1:58am 8 comments

HSBC customer dismayed by tax treatment of Swiss dividends

Norwegians need truckloads.

We are saddened to bring to your attention another case of an unhappy HSBC customer. This tale is set against the background of the double tax treaty between Switzerland and Hong Kong that came into force on January 1. Based on that treaty, Switzerland is entitled to withhold a final tax of 10 per cent reduced from 35 per cent, on dividends paid to beneficial owners of Swiss companies.

4 Jun 2013 - 3:57am 2 comments

British banks cut 189,000 jobs, take staff numbers to nine-year low

Falling revenue means banks may cut even more jobs. Photo: AFP

Britain's four biggest banks will have eliminated about 189,000 jobs by the end of this year from their peak staffing levels, bringing employment to a nine-year low amid a dearth of revenue. More cuts may follow.

29 May 2013 - 2:51am

Mr Gullible presents a distorted picture

HSBC chief Stuart Gulliver

I have had an aversion to meetings that begin with videos ever since Shui On chairman Vincent Lo Hong-sui forced a group of investment managers I was leading around town years ago to sit through two videos in a row on his corporate theme - Jonathan Livingstone Seagull, a 1970s New Age mascot.

28 May 2013 - 3:14am 2 comments

HSBC, Standard Chartered sell yuan bonds in Singapore

China has eased controls on the yuan to gradually increase the global use of the currency, which has risen to a record high. Photo: Xinhua

HSBC Holdings and Standard Chartered sold 1.5 billion yuan (HK$1.9 billion) worth of notes in Singapore yesterday in the first dim sum bond issuances since yuan-clearing became available in the city state.

28 May 2013 - 3:05am