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. 

True universal suffrage would avoid a lot of the brewing unrest

Benny Tai

The absurdity of the arrangements surrounding the election of the chief executive in 2017 is rapidly becoming apparent. Our leaders in Beijing don't want anyone running Hong Kong who is going to cause them trouble, whatever form that may take.

Tuesday, 30 April, 2013, 4:28am 4 comments

HSBC continues China banking divorce

Analysts believe that HSBC is likely to sell off its 18.7 per cent stake in regional lender Bank of Shanghai later this year. Photo: Reuters

A new media report says global banking giant HSBC is likely to sell-off more of its Chinese assets, continuing an ongoing divorce by top global lenders tired of slow progress in the complex China market.

15 Apr 2013 - 10:55am

HSBC eyes sell-off of other Chinese assets

Speculation HSBC may dispose of more mainland investments has been stoked by the sale of its stake in insurer Ping An. Photo: K.Y. Cheng

Following HSBC's high-profile sale of its entire holding in Ping An, China's No 2 life insurer, Europe's biggest bank is expected to dump more non-core assets it holds on the mainland this year to raise capital.

15 Apr 2013 - 5:27am

HSBC: The hardly serious banking corporation

The logo of HSBC bank is seen at its office in the Canary Wharf business district of London. Photo: Reuters

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. Inside the helpful branch manager, Ivan, ushered me to a different machine – but still only the balance. The machine offered me cash.

10 Apr 2013 - 1:13pm 4 comments

Bank help one card short of a full deck

Photo: SCMP

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

HSBC led sales of Asian junk bonds in 2012. Photo: Bloomberg

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 official purchasing managers’ index (PMI) hit 50.9 in March, the highest since April last year when the figure stood at 53.3. Photo: Xinhua

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 fired its sales team of about 130 staff. Photo: AFP

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"

Announcing ceremony of men's and women's squads for Hong Kong Sevens at King's Park. Group picture of men's team. Photo: Edward Wong

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 government tax chief, Ricardo Echegaray, said several companies evaded taxes amounting to HK$339.27 million under fraudulent transactions through HSBC. Photo: AP

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 is reported to have embarked on the next stage of its strategic overhaul that would see the loss of up to 5,000 jobs. Photo: AFP

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

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'

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

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 may cool the property sector. Photos: K.Y. Cheng, Sam Tsang

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