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.
Bill Hughes, ex-head of Britain's Serious Organised Crime Agency, Juan Zarate, a former counter-terrorism adviser to the George W. Bush administration in the United States, and former British diplomat Nick Fishwick will also advise the bank, London-based HSBC said in a statement yesterday.Thursday, 31 January, 2013, 5:20am
HSBC's high-profile, US$9.4 billion sale of its entire stake in mainland insurance giant Ping An has so far delivered only one thing for China Development Bank chairman Chen Yuan: a lesson that perhaps it is time for his bank to be more transparent following years of fast credit expansions, largely owing to Beijing's support.21 Jan 2013 - 2:41pm
The United States, Japan and Europe are set to take the back seat to China's economy, which will take the centre stage of the "new world", according to HSBC.19 Jan 2013 - 5:12am
The past week was hectic in terms of the news coverage of HSBC's deal to sell its stake in Ping An Insurance. Much of the focus was on who the behind-the-scenes buyer was.
Today, I will try to offer a personal look at the coverage from behind the scenes.14 Jan 2013 - 8:17am
Thailand's Charoen Pokphand Group yesterday issued a statement reaffirming that it had the means to acquire HSBC's US$9.4 billion stake in Ping An Insurance, in a bid to scotch reports that the deal was unravelling.12 Jan 2013 - 4:37am
HSBC confirms that it is not aware of any information [in relation to the sale of its control in Ping An Insurance], which must be announced to avoid a false market in HSBC's securities, or of any inside information that needs to be disclosed.
HSBC, January 1012 Jan 2013 - 4:02am 2 comments
HSBC, which is selling its entire Ping An stake in a high-profile deal to a Thai firm amid growing doubts in the market and press, finally broke its silence last night at the request of the Hong Kong stock exchange for inquiries.11 Jan 2013 - 4:00am
It looked like a stroke of luck at a difficult time for HSBC - a chance to make a big profit from selling one of its most valuable assets in China.
Now, less than a month later, the sale of its stake in Ping An insurance has put in question the reputation of the London-based bank established in Hong Kong and Shanghai about a century and a half ago.11 Jan 2013 - 1:28pm
The unraveling of HSBC's sale of its stake in Ping An reflects the big role that Chinese politics can play in such transactions, creating additional risk for minority investors.10 Jan 2013 - 10:41am
The head of China Development Bank's Hong Kong branch has been suspended after a U-turn by the state-owned lender over its proposed involvement in a deal for HSBC's stake in Ping An Insurance.
CDB is understood to have backed off from its plan to provide loan support for a US$9.4 billion bid by a Thai conglomerate for HSBC's holding in the mainland's No 2 life insurer.15 Jan 2013 - 10:42am
The possible collapse of a high-profile deal for HSBC to exit from Ping An Insurance would be a lose-lose culmination to a decade-long relationship between Europe's biggest bank by assets and the mainland's No 2 life insurer.9 Jan 2013 - 4:08am
Mainland regulators are poised to reject a US$9.4 billion bid by a Thai conglomerate to purchase HSBC's entire stake in Ping An Insurance.15 Jan 2013 - 10:42am
A high-profile, US$9.4 billion bid by a Thai conglomerate to buy HSBC's stake in a leading mainland insurance company appears to be in danger as sources say that China Development Bank (CDB) is reconsidering its decision to back the deal.15 Jan 2013 - 10:42am
Children's commission long overdue
The festive season is said to be one of peace and goodwill to all mankind; it is a special time for children - or should be.
The most important asset of this place we call home is its people, and the future of Hong Kong is its little people, our children.24 Dec 2012 - 3:58am 1 comment
Reports that a secretive mainland businessman with close links to Hong Kong tycoons and mainland officials played a key role in Charoen Pokphand Group's plan to buy HSBC's Ping An stake raise fresh questions about the real buyer and the source of funding for the deal.24 Dec 2012 - 9:14am