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 is in talks to sell some of its subprime mortgage portfolio for US$200 million less than the book value.Thursday, 7 March, 2013, 6:12am
How some people can manufacture outrage and get away with it. That's my take on Rolling Stone's treatment of how the US Justice Department mounted another scalp in its trophy case by extorting US$1.9 billion from HSBC.7 Mar 2013 - 6:12am 2 comments
Deutsche Bank opts for Formosa bonds6 Mar 2013 - 5:05am
Chief executive Stuart Gulliver will take home a 33 per cent larger pay packet. And shareholders of the global banking group will get 11 per cent higher dividends for the three upcoming quarters.5 Mar 2013 - 5:54am
Emerging markets contributed 85 per cent of the income of global banking group HSBC, chief executive Stuart Gulliver said yesterday.
Gulliver said half of the group's loan growth came from Hong Kong, mainland China, and the rest of Asia, driven by trade demand. Hong Kong and Latin America had the best performances in retail banking and wealth management.5 Mar 2013 - 5:21am
So HSBC paid 204 of its staff more than £1 million (HK$11.7 million) each in bonuses for the financial year just gone, we learned from its results yesterday.5 Mar 2013 - 5:07am 1 comment
If you were to judge only by the headlines, then 2012 was truly an annus horribilis for HSBC.
In the United States, the bank had to pay a hefty US$1.9 billion to the authorities to settle federal anti-money-laundering investigations into transactions with its Mexican subsidiary.5 Mar 2013 - 4:42am
Analysts' estimates of HSBC's pre-tax profit for last year shows an average forecast of US$23.3 billion, up 6.3 per cent from a year earlier and the highest since 2008. That will translate into earnings per share of 88.4 US cents.4 Mar 2013 - 4:30am
Britain's Queen Elizabeth is recovering after coming down with a stomach bug that forced the cancellation of a royal engagement. The 86-year-old monarch yesterday cancelled a visit to Swansea, Wales.3 Mar 2013 - 6:30am
Matt Taibbi, the man who famously described Goldman Sachs as "a great vampire squid wrapped around the face of humanity", has turned his attention to HSBC in the latest edition of Rolling Stone magazine.2 Mar 2013 - 7:12am 2 comments
The political turf war between the Asian Tour and rival OneAsia has created a messy environment that has ruled out the involvement of global golf sponsor HSBC, the bank's head of sponsorship Giles Morgan said.27 Feb 2013 - 4:57am
HSBC has agreed to sell HSBC Bank (Panama) to Bancolombia - the largest commercial bank in Colombia - for US$2.1 billion in cash.20 Feb 2013 - 5:30am
Macau casino shares dropped steeply on Tuesday in response to a report from HSBC Global Research that gaming revenues failed to reach its projections for the first 17 days of this month. Shares in SJM led the retreat, falling 5.3 per cent to close at HK$19.32, followed by Galaxy Entertainment, which ended the day down 4.9 per cent at HK$33.15.20 Feb 2013 - 5:21am
So, the Thailand tycoon Dhanin Chearavanont has finally paid up for the Ping An Insurance stake and the mainland regulator has approved the sale.
Every party, in particular HSBC, may very well want this to be the end of the fiasco. Yet it is not.
The uncertainty over the deal has been removed but the murkiness remains.9 Feb 2013 - 4:51am
HSBC's head honchos, chairman Douglas Flint and chief executive Stuart Gulliver, submitted themselves to humiliating self-criticism recently in Britain's parliament.9 Feb 2013 - 4:51am