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 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.Thursday, 21 March, 2013, 5:33am
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
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 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
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
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
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
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
From today, HSBC's best lending rate for new home loans will rise to 2.85 to 3.15 per cent, from 2.6 to 2.9 per cent. Standard Chartered has also raised rates from today.14 Mar 2013 - 7:47am
Centaline Property Agency said last night that some owners had immediately slashed their asking prices. A 922 sq ft flat in Taikoo Shing was on offer for HK$13 million, a reduction of 7 per cent. Other owners dropped their prices by up to 10 per cent.14 Mar 2013 - 2:13pm