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, 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.Saturday, 6 July, 2013, 5:19am
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
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 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
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
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
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
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
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
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 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
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
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
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
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