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. 


Mainland bankers in line for pay rises

At a time when bankers in Hong Kong and on Wall Street worry the weak global economic outlook will cost them their jobs, their counterparts in Shanghai and Beijing have something else on their minds - how big their raise is going to be.