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 has set aside US$700 million in readiness for any fines the US could impose and may increase that sum. Photo: Bloomberg

HSBC in talks to settle US money-laundering probe

HSBC Holdings, which is under investigation by US regulators for allegedly laundering funds of sanctioned nations including Iran and Sudan, is in talks to settle the matter, sources say.