HSBC Holdings plc is a British multinational banking and financial services holding company. It is the 7th largest bank in the world, and the largest in Europe, with total assets of US$2.558 trillion (as of December 2018). HSBC traces its origin to a hong in Hong Kong, and its present form was established in London by the Hongkong and Shanghai Banking Corporation to act as a new group holding company in 1991. The origins of the bank lie mainly in Hong Kong and to a lesser extent in Shanghai, where branches were first opened in 1865. The HSBC name is derived from the initials of the Hongkong and Shanghai Banking Corporation. The company was first formally incorporated in 1866. The company continues to see both the United Kingdom and Hong Kong as its "home markets".
HSBC has around 3,900 offices in 67 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, and around 38 million customers. As of 2014, it was the world's sixth-largest public company, according to a composite measure by Forbes magazine.
HSBC has a dual primary listing on the Hong Kong Stock Exchange and London Stock Exchange and is a constituent of the Hang Seng Index and the FTSE 100 Index. As of 6 July 2012, it had a market capitalisation of £102.7 billion, the second-largest company listed on the London Stock Exchange, after Royal Dutch Shell. It has secondary listings on the New York Stock Exchange, Euronext Paris, and the Bermuda Stock Exchange.
In February 2015, the International Consortium of Investigative Journalists released information about the business conduct of HSBC under the title Swiss Leaks. The ICIJ alleges that the bank profited from doing business with tax evaders and other clients. The BBC reported that HSBC had put pressure on media not to report about the controversy, with British newspaper The Guardian claiming HSBC advertising had been put "on pause" after The Guardian's coverage of the matter. Peter Oborne, chief political commentator at The Daily Telegraph, resigned from the paper; in an open letter, he claimed the newspaper suppressed negative stories and dropped investigations into HSBC because of the bank's advertising.
|HSBC Holdings plc|
HSBC headquarters at Canary Wharf, London
|Public limited company|
|Traded as||LSE: HSBA|
|Industry||Banking, Financial services|
|Founder||Sir Thomas Sutherland|
|Headquarters||8 Canada Square, |
(Deputy Group Chairman)
(Group Chief Executive)
|Services||Retail banking, corporate banking, investment banking, mortgage loans, private banking, wealth management, credit cards, finance and insurance|
|Revenue||US$53.8 billion (2018)|
|US$19.9 billion (2018)|
|US$15.025 billion (2018)|
|Total assets||US$2.558 trillion (2018)|
|Total equity||US$194.249 billion (2018)|
Number of employees
The Hongkong and Shanghai Bank was founded by Scotsman Thomas Sutherland in the then-British colony of Hong Kong on 3 March 1865, and in Shanghai a month later, benefiting from the start of trading into China, including opium trading. It was formally incorporated as The Hongkong and Shanghai Banking Corporation by an Ordinance of the Legislative Council of Hong Kong on 14 August 1866. In 1980, HSBC acquired a 51% shareholding in US-based Marine Midland Bank, which it extended to full ownership in 1987. On 6 October 1989, it was renamed by the Legislative Council, by an amendment to its governing ordinance originally made in 1929, to The Hongkong and Shanghai Banking Corporation Limited, and became registered as a regulated bank with the then Banking Commissioner of the Government of Hong Kong.
HSBC Holdings plc, originally incorporated in England and Wales, in the United Kingdom, as Vernat Trading Company Limited on 1 January 1959 and then renamed Vernat Eastern Agencies Limited later in the same year, was by then a non-trading, dormant shelf company under a different, nominal name, when it completed its transformation on 25 March 1991 into the parent holding company to the Hongkong and Shanghai Banking Corporation Limited now as a subsidiary, in preparation for its purchase of the UK-based Midland Bank and the impending transfer of sovereignty of Hong Kong to China. HSBC Holdings' acquisition of Midland Bank was completed in 1992 and gave HSBC a substantial market presence in the United Kingdom. As part of the takeover conditions for the acquisition, HSBC Holdings plc was required to relocate its world headquarters from Hong Kong to London in 1993.
Major acquisitions in South America started with the purchase of the Banco Bamerindus of Brazil for $1 billion in March 1997 and the acquisition of Roberts SA de Inversiones of Argentina for $600 million in May 1997. In May 1999, HSBC expanded its presence in the United States with the purchase of Republic National Bank of New York for $10.3 billion.
Expansion into Continental Europe took place in April 2000 with the acquisition of Crédit Commercial de France, a large French bank for £6.6 billion. In July 2001 HSBC bought Demirbank, an insolvent Turkish bank. In July 2002, Arthur Andersen announced that HSBC USA, Inc., through a new subsidiary, Wealth and Tax Advisory Services USA Inc. (WTAS), would purchase a portion of Andersen's tax practice. The new HSBC Private Client Services Group would serve the wealth and tax advisory needs of high-net-worth individuals. Then in August 2002 HSBC acquired Grupo Financiero Bital, SA de CV, Mexico's third largest retail bank for $1.1 billion.
In November 2002, HSBC expanded further in the United States. Under the chairmanship of John Bond, it spent £9 billion (US$15.5 billion) to acquire Household Finance Corporation (HFC), a US credit card issuer and subprime lender. In a 2003 cover story, The Banker noted "when banking historians look back, they may conclude that [it] was the deal of the first decade of the 21st century". Under the new name of HSBC Finance, the division was the second largest subprime lender in the United States.
In September 2003 HSBC bought Polski Kredyt Bank SA of Poland for $7.8 million. In June 2004 HSBC expanded into China buying 19.9% of the Bank of Communications of Shanghai. In the United Kingdom HSBC acquired Marks & Spencer Retail Financial Services Holdings Ltd for £763 million in December 2004. Acquisitions in 2005 included Metris Inc, a US credit card issuer for $1.6 billion in August and 70.1% of Dar es Salaam Investment Bank of Iraq in October. In April 2006, HSBC bought the 90 branches in Argentina of Banca Nazionale del Lavoro for $155 million. In December 2007 HSBC acquired the Chinese Bank in Taiwan. In May 2008, HSBC acquired IL&FS Investment, an Indian retail broking firm.
In 2005, Bloomberg Markets magazine accused HSBC of money laundering for drug dealers and state sponsors of terrorism. Then-CEO Stephen Green said that "This was a singular and wholly irresponsible attack on the bank's international compliance procedures", but subsequent investigation indicated that it was accurate and proved that the bank was involved in money laundering for the Sinaloa Cartel and throughout Mexico. U.S. Assistant Attorney General Lanny Breuer characterised HSBC compliance during this period as "stunning failures of oversight and worse. The record of dysfunction that prevailed at HSBC for many years was astonishing."
In 2007, HSBC wrote down its holdings of subprime-related mortgage securities by $10.5 billion, becoming the first major bank to report its losses due to the unfolding subprime mortgage crisis.
According to Bloomberg, "HSBC is one of world's strongest banks by some measures". When HM Treasury required all UK banks to increase their capital in October 2007, the group transferred £750 million to London within hours, and announced that it had just lent £4 billion to other UK banks.
In March 2009, HSBC announced that it would shut down the branch network of its HSBC Finance arm in the United States, leading to nearly 6,000 job losses and leaving only the credit card business to continue operating. Chairman Stephen Green stated, "HSBC has a reputation for telling it as it is. With the benefit of hindsight, this is an acquisition we wish we had not undertaken." According to analyst Colin Morton, "the takeover was an absolute disaster".
In March 2009, it announced that it had made US$9.3 billion of profit in 2008 and announced a £12.5 billion (US$17.7 billion; HK$138 billion) rights issue to enable it to buy other banks that were struggling to survive. However, uncertainty over the rights issue's implications for institutional investors caused volatility in the Hong Kong stock market: on 9 March 2009 HSBC's share price fell 24.14%, with 12 million shares sold in the last few seconds of trading.
On 11 May 2011 the new chief executive Stuart Gulliver announced that HSBC would refocus its business strategy and that a large-scale retrenchment of operations, particularly in respect of the retail sector, was planned. HSBC would no longer seek to be 'the world's local bank', as costs associated with this were spiralling and US$3.5 billion needed to be saved by 2013, with the aim of bringing overheads down from 55% of revenues to 48%. In 2010, then-chairman Stephen Green planned to depart HSBC to accept a government appointment in the Trade Ministry. Group Chief Executive Michael Geoghegan was expected to become the next chairman. However, while many current and former senior employees supported the tradition of promoting the chief executive to chairman, many shareholders instead pushed for an external candidate. HSBC's board of directors had reportedly been split over the succession planning and investors were alarmed that the row would damage the company.
On 23 September 2010, Geoghegan announced he would step down as chief executive of HSBC. He was succeeded as chief executive by Stuart Gulliver, while Green was succeeded as Chairman by Douglas Flint; Flint was serving as HSBC's finance director (chief financial officer). August 2011: Further to CEO Stuart Gulliver's plan to cut $3.5 billion in costs over the next two years, HSBC announced that it will cut 25,000 jobs and exit from 20 countries by 2013 in addition to 5,000 job cuts announced earlier in the year. The consumer banking division of HSBC will focus on the UK, Hong Kong, high-growth markets such as Mexico, Singapore, Turkey and Brazil, and smaller countries where it has a leading market share. According to Reuters, Chief Executive Stuart Gulliver told the media, "There will be further job cuts. There will be something like 25,000 roles eliminated between now and the end of 2013."
In August 2011 "to align our U.S. business with our global network and meet the local and international needs of domestic and overseas clients", HSBC agreed to sell 195 branches in New York and Connecticut to First Niagara Financial Group Inc, and divestures to KeyCorp, Community Bank, N.A. and Five Star Bank for around $1 billion, and announced the closure of 13 branches in Connecticut and New Jersey. The rest of HSBC's U.S. network will only be about half from a total 470 branches before divestments. On 9 August 2011, Capital One Financial Corp. agreed to acquire HSBC's U.S. credit card business for $2.6 billion, netting HSBC Holdings an estimated after-tax profit of $2.4 billion. In September it was announced that HSBC sought to sell its general insurance business for around $1 billion.
In 2012, HSBC was the subject of hearings of the U.S. Senate permanent subcommittee for investigations for severe deficiencies in its anti-money laundering practices (see #Controversies). On 16 July the committee presented its findings. Among other things, it concluded that HSBC had been transferring $7 billion in banknotes from its Mexican to its US subsidiary (much of it related to drug dealing), was disregarding terrorist financing links and was actively circumventing US safeguards to block transactions involving terrorists, drug lords and rogue regimes, including hiding $19.4 billion in transactions with Iran. This investigation followed on from a probe by the US Federal Reserve and Office of the Comptroller of the Currency found that there was "significant potential for unreported money laundering or terrorist financing".
On 11 December 2012, HSBC agreed to pay a record $1.92 billion fine in this money laundering case. "Bank officials repeatedly ignored internal warnings that HSBC's monitoring systems were inadequate, the Justice Department said. In 2008, for example, the CEO of HSBC Mexico was told that Mexican law enforcement had a recording of a Mexican drug lord saying that HSBC Mexico was the place to launder money." The United States Department of Justice, however, decided not to pursue criminal penalties, a decision which the New York Times labelled a "dark day for the rule of law." HSBC chief executive Stuart Gulliver said: "We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again."
A 32-page brochure published on the HSBC website provides details of 2012 results in terms of markets, strategies, and businesses, as well as giving an outline of future plans.
In July 2013, Alan Keir was appointed Chief Executive of HSBC Bank plc after Brian Robertson resigned from his post. Keir's duties include overseeing the firm's UK, European, Middle Eastern and African divisions.
In June 2014, an indirect wholly owned subsidiary HSBC Life (UK) Limited agreed to sell its £4.2 billion UK pensions business to Swiss Re. In February 2015 the International Consortium of Investigative Journalists released information about the business conduct of HSBC under the title Swiss Leaks based on the 2007 hacked HSBC account records from whistleblower Hervé Falciani. The ICIJ alleges that the bank profited from doing business with corrupt politicians, dictators, tax evaders, dealers of blood diamonds, arms dealers and other clients. US Senate investigators in 2012 had sought the hacked HSBC account records from Falciani and French authorities, but never received the data.
HSBC announced in August 2015 that it would be selling its Brazilian unit to Banco Bradesco for $5.2 billion following years of disappointing performance. In 2015, HSBC was recognised as the most trusted foreign bank in India by The Brand Trust Report 2015.
In 2016, the bank was mentioned numerous times in connection with the Panama Papers investigation. Many Syrians were angered when their accounts were judged high-risk and closed, despite the bank reportedly telling Mossack Fonseca it was "comfortable" with Rami Makhlouf as a customer, even though US Treasury sanctions against him were in effect at the time.
In May 2016, HSBC announced that it would shut 24 of its 50 branches in India over the following several months, reducing its presence in the country to fourteen cities.
On 20 March 2017, the British newspaper The Guardian reported that hundreds of banks had helped launder KGB-related funds out of Russia, as uncovered by an investigation named Global Laundromat. HSBC was listed among the 17 banks in the UK that were "facing questions over what they knew about the international scheme and why they did not turn away suspicious money transfers," as HSBC "processed $545.3m in Laundromat cash, mostly routed through its Hong Kong branch." Other banks facing scrutiny under the investigation included the Royal Bank of Scotland, NatWest, Lloyds, Barclays and Coutts. In response, HSBC stated that it was against financial crime, and that the case "highlights the need for greater information sharing between the public and private sectors."
On 1 October 2017, Mark Tucker succeeded Douglas Flint as Group Chairman of HSBC, the first non-executive and outside chairman appointed by the group. Also in October 2017, HSBC announced that John Flint, Chief Executive of Retail Banking and Wealth Management, would succeed Stuart Gulliver as Group Chief Executive on 21 February 2018.
HSBC has a significant presence in each of the world's major financial markets, with the Americas, Asia Pacific and Europe each representing around one third of its business. HSBC is the largest bank in Hong Kong and prints most of Hong Kong's local currency in its own name. As of 2014, according to Relsbank, HSBC was the fourth-largest bank in the world by assets (with $2,670.00 billion), the second largest in terms of revenues (with $146.50 billion) and the largest in terms of market value (with $180.81 billion). It was also the most profitable bank in the world with $19.13 billion in net income in 2007 (compared to Citigroup's $3.62 billion and Bank of America's $14.98 billion in the same period). In June 2006, The Economist stated that since the end of 2005 HSBC has been rated the largest banking group in the world by Tier 1 capital. In June 2014 The Banker ranked HSBC first in Western Europe and 5th in the world for Tier 1 capital. In February 2008, HSBC was named the world's most valuable banking brand by The Banker magazine.
HSBC is known for a conservative and risk-averse approach to business – a company tradition going back to the 19th century.
In its technical management, however, HSBC has recently suffered a series of headline-making incidents in which some customer data were allegedly leaked or simply went missing. Although the consequences turned out to be small, the embarrassing effect on the group's image did not go unnoticed.
HSBC entered Brunei in 1947. However, on April 2016, HSBC commenced winding down its operations in the country citing HSBC Group's global review to optimise its global network and reduce complexity as outlined during the HSBC Investor Update on 9 June 2015.
In preparation for Brexit, HSBC announced that it will be facing as much as $300 million in legal and relocation fees as it plans to relocate 1,000 staff members from London to Paris. In the second quarter of 2017, the bank had $4 million in charges for "costs associated with the U.K.'s exit from the EU". HSBC plans to move roughly one-fifth of its London-based investment bankers to its Paris offices in order to maintain a continuous access point to the European Union's single market. While its headquarters will remain in London, the staff movement is expected to avoid a loss of $1 billion of revenue after Brexit.
Principal subsidiaries are as follows:
Further, HSBC Private Bank is a name for UK-based private banking division. HSBC Bank International is the offshore banking division of the HSBC Group based in St Helier, Jersey that focuses on providing offshore solutions and cross border services to expatriates and migrants.
HSBC organises its customer-facing activities within four business groups: Commercial Banking; Global Banking and Markets (investment banking); Retail Banking and Wealth Management (RBWM); and Global Private Banking.
HSBC provides financial services to small, medium-sized and middle-market enterprises. The group has more than 2 million such customers, including sole proprietors, partnerships, clubs and associations, incorporated businesses and publicly quoted companies.
In December 2015, HSBC announced that Noel Quinn will succeed Simon Cooper as the chief executive officer of Commericial Banking. Simon Cooper has decided to leave the bank to pursue other opportunities. 
Global Banking and Markets is the investment banking arm of HSBC. It provides investment banking and financing solutions for corporate and institutional clients, including corporate banking, investment banking, capital markets, trade services, payments and cash management, and leveraged acquisition finance. It provides services in equities, credit and rates, foreign exchange, money markets and securities services, in addition to asset management services. Global Banking and Markets has offices in more than 60 countries and territories worldwide, and describes itself as "emerging markets-led and financing-focused". It is currently being led by former fixed-income trader Samir Assaf, who was promoted from global head of markets on 10 December 2010.
HSBC Private Bank is the marketing name for the private banking business conducted by the principal private banking subsidiaries of the HSBC Group worldwide. HSBC Private Bank, together with the private banking activities of HSBC Trinkaus, known collectively as Group Private Banking, provides services to high-net-worth individuals and their families through 93 locations in some 42 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. According to the Scorpio Partnership Global Private Banking Benchmark 2014, the bank had US$382 Bn of assets under management (AuM) a decrease of 4% on the 2013 figure.
In September 2008, HSBC announced that it would combine its two Swiss private banks under one brand name in 2009, with HSBC Guyerzeller and HSBC Private Bank to be merged into one legal entity, under the newly appointed CEO of HSBC Private Bank, Alexandre Zeller.
In September 2018, HSBC announced that Antonio Simoes will replace Peter Boyles as chief executive for global private banking from January 2019. Peter Boyles, a 43 years veteran with HSBC, has decided to retire from the bank. 
HSBC provides more than 54 million customers worldwide with a full range of personal financial services, including current and savings accounts, mortgage loans, car financing, insurance, credit cards, loans, pensions and investments. Retail Banking and Wealth Management (also known as RBWM) was previously referred to as Personal Financial Services (PFS). This rename was announced during HSBC's 2011 Investor Day.
As a cost-saving measure HSBC is offshoring processing work to lower cost economies in order to reduce the cost of providing services in developed countries. These locations take on work such as data processing and customer service, but also internal software engineering at Pune (India), Gurgaon (India), Bangalore (India), Chennai (India), Hyderabad (India), Vishakhapatnam (India), Kolkata (India), Guangzhou (China), Curitiba (Brazil) and Kuala Lumpur (Malaysia). Chief Operating Officer Alan Jebson said in March 2005 that he would be very surprised if fewer than 25,000 people were working in the centres over the next three years: "I don't have a precise target but I would be surprised if we had less than 15 (global service centres) in three years' time." He went on to say that each centre cost the bank from $20m to $30m to set up, but that for every job moved the bank saves about $20,000 (£10,400). Trades unions, particularly in the UK and US, blame these centres for job losses in developed countries, and also for the effective imposition of wage caps on their members.
HSBC Direct is a telephone/online direct banking operation which attracts customers through mortgages, accounts and savings. It was first launched in the USA in November 2005 and is based on HSBC's 'First Direct' subsidiary in Britain which was launched in the 1980s. The service is now also available in Canada, Taiwan, South Korea, Australia, France and India. Poland is launching business direct in September 2009. In the US, HSBC Direct is now part of HSBC Advance.
HSBCnet provides access to transaction banking functionality – ranging from payments and cash management to trade services features – as well as to research and analytical content from HSBC. It also includes foreign exchange and money markets trading functionality. The system is used widely by HSBC's high-end corporate and institutional clients served variously by the bank's global banking and markets, commercial banking and global transaction banking divisions. HSBCnet is also the brand under which HSBC markets its global e-commerce proposition to its corporate and institutional clients.
HSBC Advance is the group's product aimed at working professionals. The exact benefits and qualifications vary depending on country, but typically require a transfer of Salary of US$1,500 or more every month or Maintain USD 25,000 of deposits in a Savings/Current Account or investments. Advantages may vary depending on country, such as day-to-day banking services including but not limited to a Platinum Credit Card, Advance ATM Card, Current Account and Savings Account. Protection plans and Financial Planning Services. A HSBC Advance customer enables the customer to open accounts in another country and transfer their credit history.
HSBC Premier is the group's premium financial services product. It has its own Elite Card entitled HSBC Premier World Card. The exact benefits and qualification criteria vary depending on country. Customers have a dedicated Premier Relationship Manager, global 24-hour access to call centres, free banking services and preferential rates. A HSBC Premier customer receives the HSBC Premier services in all countries that offer HSBC Premier, without having to meet that country's qualifying criteria ("Premier in One, Premier in All").
HSBC Jade is a new product by HSBC Premier, and is aimed at individuals with net worths between $1 million and $5 million in investible assets with HSBC. Exact qualifications vary between countries. There are also credit card offers depending on the country. Before qualification, members must be HSBC Premier members.
In both 2003 and 2010, U.S. regulators ordered HSBC to strengthen its anti-money laundering practices. In October 2010, the United States OCC issued a Cease and Desist Order requiring HSBC to strengthen multiple aspects of its Anti-Money Laundering (AML) program. The identified problems included a once massive backlog of over 17,000 alerts identifying suspicious activity, failure to file timely suspicious activity reports with U.S. law enforcement, failure to conduct any due diligence to assess risks to HSBC affiliates before opening correspondent accounts for them, a three-year failure by HBUS from mid-2006 to mid-2009 to conduct any AML of $15 billion in bulk cash transactions from those same HSBC affiliates, failure to monitor $60 trillion in annual wire transfers by customers in countries rated lower risk by HBUS, and inadequate and unqualified AML staffing, resources, and leadership. It was noted that HSBC fully cooperated with the Senate investigation.
On 19 July 2012, India investigated alleged violation of safety compliance, in which Indian employees were believed to be involved. On 9 November 2012, Indian activist and politician Arvind Kejriwal said he had details of 700 Indian bank accounts hiding black money with a total value of ₹60 billion (US$830 million) with HSBC in Geneva. In June 2013, a media outlet in India did an undercover expose where HSBC officers were caught on camera agreeing to launder "black money." HSBC placed these employees on leave pending their own internal investigation.
In November 2012 it was reported that HSBC had set up offshore accounts in Jersey for suspected drug-dealers and other criminals, and that HM Revenue and Customs had launched an investigation following a whistleblower leaking details of £700 million allegedly held in HSBC accounts in the Crown dependency .
Following search warrants and raids beginning in January 2013, in mid-March 2013 Argentina's main taxing authority accused HSBC of using fake receipts and dummy accounts to facilitate money laundering and tax evasion.
In early February 2013, appearing before UK's Parliamentary Banking Standards Commission, CEO Stuart Gulliver acknowledged that the structure of the bank had been "not fit for purpose." He also stated, "Matters that should have been shared and escalated were not shared and escalated." HSBC has also been accused of laundering money for terrorist groups.
In June 2015 HSBC was fined by the Geneva authorities after an investigation into money laundering within its Swiss subsidiary. The fine was 40 million Swiss Francs.
In July 2012, a US Senate committee issued a report which stated that HSBC had been in breach of money-laundering rules, and had assisted Iran and North Korea to circumvent US nuclear-weapons sanctions.
In December 2012, Assistant U.S. Attorney General Lanny Breuer suggested that the U.S. government might resist criminal prosecution of HSBC which could lead to the loss of the bank's U.S. charter. He stated, "Our goal here is not to bring HSBC down, it's not to cause a systemic effect on the economy, it's not for people to lose thousands of jobs."
In December 2012, HSBC was penalised $1.9 billion (US), the largest fine under the Bank Secrecy Act, for violating four U.S. laws designed to protect the U.S. financial system. HSBC had allegedly laundered at least $881 million in drugs proceeds through the U.S. financial system for international cartels, as well as processing an additional $660 million for banks in US sanctioned countries. According to the report, "The U.S. bank subsidiary [also] failed to monitor more than $670 billion in wire transfers and more than $9.4 billion in purchases of physical dollars from its Mexico unit." As part of the agreement deferring its prosecution, HSBC acknowledged that for years it had ignored warning signs that drug cartels in Mexico were using its branches to launder millions of dollars, and also acknowledged that HSBC's international staff had stripped identifying information on transactions made through the United States from countries facing economic sanctions such as Iran and Sudan.
A February 2013 article in Rolling Stone magazine, which was critical of what they regarded as the timid response by the U.S. Justice Department, stated "Yes, they issued a fine – $1.9 billion, or about five weeks' profit – but they didn't extract so much as one dollar or one day in jail from any individual, despite a decade of stupefying abuses" and further stated, "In this case, the bank literally got away with murder – well, aiding and abetting it, anyway." A December 2012 CNNMoney article compared the 1.9 billion dollar fine to HSBC's profit "last year" (2011) of 16.8 billion.
In July 2016 the United States Department of Justice charged two executives from HSBC Bank over an alleged $3.5 billion currency scheme which defrauded HSBC clients and "manipulated the foreign exchange market to benefit themselves and their bank". "Mark Johnson and Stuart Scott, both British citizens, are being accused". "Johnson was arrested late Tuesday [19 July 2016] at JFK International Airport in New York City."  "Stuart Scott, who was HSBC's European head of foreign exchange trading in London until December 2014, is accused of the same crimes. A warrant was issued for Scott's arrest."  Mark Johnson was convicted of nine counts of wire fraud and conspiracy to defraud related to front running the currency trades of HSBC clients.
In December of 2018, The Jerusalem Post reported that HSBC confirmed that the bank would divest from Elbit Systems Ltd., Israel's largest non-government-owned military contractor, active in numerous defense-related industries. HSBC justified its decision by claiming it "strongly supports observance of international human rights principles as they apply to business." In response, the group Palestine Solidarity Campaign (PSC) released a press release in which it "declared a victory" and quoted PSC director Ben Jamal saying the decision demonstrates "the effectiveness of Boycott, Divestment, and Sanctions as a tactic.” JewishPress.com reported that multiple sources claimed HSBC's decision was not influenced by the BDS movement but was an "investment decision." In an editorial titled "Bad Banking", The Jerusalem Post wrote, "HSBC, if this is your final decision, you will go down on the wrong side of history. Do you understand that Israel is using Elbit technology to protect itself against Palestinian terror, and not to undermine the rights of the Palestinian people? If you are really concerned about human rights, perhaps you might consider using some of your own income to invest in the Palestinian economy, and boost cooperation between Israeli and Palestinian institutions."
In the report titled "In the Future There Will Be No Forests Left" produced by Global Witness, the bank is also being accused of supporting the seven largest Malaysian timber conglomerates which are responsible for rapid deforestation in the Malaysian state of Sarawak without any FSC certifications. However, the bank declined to divulge its clients on this issue, citing the confidentiality of its clients; but the bank maintains that the accusations that its clients violate forestland and forest-products policy is not accurate.
The environmentalist group Greenpeace has alleged that HSBC is contributing to the deforestation in Indonesia and subsequent hazardous impacts in the region by providing funds directly to palm oil producers for new plantations. HSBC has also denied these claims, citing its sustainability policy that prohibits the bank from financing projects that "damage high conservation value forest." 
HSBC also held billions of dollars of assets for the Libyan Investment Authority, which was controlled by Colonel Muammar Gaddafi; after Gaddafi's overthrow and assassination, the bank refused to reveal information about the funds, citing customer confidentiality.
In 2014, HSBC refused to allow customers to withdraw large cash amounts without a third-party letter confirming what the money would be used for. Douglas Carswell, the Conservative MP for Clacton, was alarmed by the HSBC policy: "All these regulations which have been imposed on banks allow enormous interpretation. It basically infantilises the customer. In a sense your money becomes pocket money and the bank becomes your parent."
In 2014, HSBC closed North London Central Mosque's account and many of their Muslim clients' and groups' accounts. Several sources report that HSBC closed them because they were used for donating money to Palestinians in the Gaza Strip through Hamas-linked charities during the 2014 Israel–Gaza war.
In August 2015, HSBC failed to process BACS payments, leaving thousands of people without their salaries. This left customers unable to complete house purchases, and unable to pay for essential home care.
The group announced in November 1998 that the HSBC brand and the hexagon symbol would be adopted as the unified brand in all the markets where HSBC operates, with the aim of enhancing recognition of the group and its values by customers, shareholders and staff throughout the world. The hexagon symbol was originally adopted by the Hongkong and Shanghai Banking Corporation as its logo in 1983. It was developed from the bank's house flag, a white rectangle divided diagonally to produce a red hourglass shape. Like many other Hong Kong company flags that originated in the 19th century, and because of its founder's nationality, the design was based on the cross of Saint Andrew. The logo was designed by Austrian graphic artist Henry Steiner.
Having sponsored the Jaguar Racing Formula One team since the days of Stewart Grand Prix, HSBC ended its relationship with motorsport after seven years when Red Bull purchased Jaguar Racing from Ford.
In the mid 2000s, HSBC switched its focus to golf, taking title sponsorship of several events such as the HSBC World Match Play Championship, HSBC Women's World Match Play Championship (now defunct), WGC-HSBC Champions, Abu Dhabi HSBC Golf Championship, HSBC Women's Champions, HSBC Golf Business Forum and HSBC Golf Roots (a youth development programme). HSBC was named the 'Official Banking Partner' of the Open Championship, in a five-year deal announced in 2010.
In October 2010 the International Rugby Board announced that they had concluded a 5-year deal with HSBC which granted them status as the first ever title sponsor of the World Sevens Series. Through the accord, HSBC is paying more than $100 million for the title naming rights to all the tournaments. HSBC opted to sub-license the naming rights to all but one of the individual tournaments, while retaining its name sponsorship of the overall series and the Hong Kong Sevens. The company also sponsors the Hong Kong Rugby Union and the New South Wales Waratahs team in Super Rugby. It sponsored British and Irish Lions during their 2009 tour to South Africa and 2013 tour to Australia.
HSBC is the official banking partner of the Wimbledon Championships tennis tournament, providing banking facilities on site and renaming the junior event as the HSBC Road to Wimbledon National 14 and Under Challenge.
An outside audit by Deloitte LLP showed that 25,000 transactions totaling more than $19.4 billion involved Iran, according to the report. Of those, as many as 90 percent passed through the bank's U.S. accounts with no disclosure of ties to Iran, the report shows. Senate investigators documented similar transactions from a list of other prohibited jurisdictions including North Korea, Cuba, Sudan and Burma.
The Senate report also said HSBC regularly circumvented restrictions on dealings with Iran, North Korea, and other states subject to US sanctions.
8 Canada Square (also known as the HSBC Tower) is a skyscraper in Canary Wharf, London. The building serves as the global headquarters of the HSBC Group.Sir Norman Foster’s team of architects designed the tower, which was built between January 1999 and 2002 by Canary Wharf Contractors. Upon completion, it stood at 200 metres high, or 656 feet. The 42 above-ground floors housed around 8,000 HSBC staff members. Their first day of work in the new building was 2 September 2002, and the grand opening followed on 2 April 2003.HICL Infrastructure Company
HICL Infrastructure Company (LSE: HICL) (formerly HSBC Infrastructure Company Ltd) is a large British investment company dedicated to infrastructure investments. The company is focused on three segments: PPP and Private finance initiative (social and transport projects), regulated assets (gas and electricity transmission and distribution, and water utilities) and demand-based assets (such as toll road concessions and student accommodation). Portfolio Investments are located primarily in the United Kingdom, but also in Australia, North America and Europe and investments are generally operational.Established in 2006, the company is managed by InfraRed Capital Partners. and it is a constituent of the FTSE 250 Index. The Chairman is Ian Russell.HSBC Bank (Europe)
HSBC Bank plc is one of the largest banking and financial services organisations in the world. HSBC's international network comprises around 7,500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
HSBC Bank plc is one of the four major clearing banks in the United Kingdom and is a wholly owned subsidiary of HSBC Holdings. The business ranges from the traditional high street roles of personal finance and commercial banking, to private banking, consumer finance as well as corporate and investment banking. Across all brands the bank operates some 1800 sites in the UK.
The UK headquarters of HSBC is located at One Centenary Square in Birmingham. The global headquarters are at HSBC Tower, 8 Canada Square in the Canary Wharf area of east London. The building houses some 8,000 staff over 42 floors.
HSBC Bank plc is the only one of Britain's big five banks to hold more deposits than loans (loan:deposit ratio of 90%). This has led to the bank being seen as a less risky proposition than the other banks by investors and customers, as it is able to fully fund its own operations. It has also contributed to the company's share price maintaining value throughout the credit crunch, unlike other banks in the market.HSBC Bank Canada
HSBC Bank Canada (French: Banque HSBC Canada), formerly the Hongkong Bank of Canada, is a bank in Canada that is a subsidiary of British banking giant HSBC - one of the largest banking groups in the world. HSBC Canada is the seventh largest bank in Canada, with offices in every province except Prince Edward Island, and is the largest foreign-owned bank in the country. Corporate headquarters are in the financial district of Vancouver, British Columbia. HSBC Bank Canada's Institution Number (or bank number) is 016.HSBC Bank Middle East
HSBC Bank Middle East Limited is the largest and most widely represented international bank in the Middle East. The bank has received several awards in various categories.HSBC Bank USA
HSBC Bank USA, National Association, an American subsidiary of UK-based HSBC, is a bank with its operational head office in New York City and its nominal head office in McLean, Virginia (as designated on its charter). HSBC Bank USA, N.A. is a national bank chartered under the National Bank Act, and thus is regulated by the Office of the Comptroller of the Currency (OCC), a part of the U.S. Department of the Treasury. The company has 230 branch locations.HSBC Brazil Cup
The HSBC Brazil Cup was an international golf exhibition tournament, sanctioned by the LPGA Tour and first played in 2009. The tournament took place over two days and 36 holes at the Itanhanga Golf Club in Rio de Janeiro, Brazil. The money earned did not count on the official LPGA money list, making the event an unofficial part of the LPGA Tour.
The field for the inaugural event in January 2009 included only 15 players: 14 LPGA Tour members and a Brazilian amateur. In 2010, the field was expanded to 27 players, which included two amateurs, and was moved to late May. The 2011 tournament included thirty players, all professionals.The tournament title sponsor was HSBC, the world's largest banking group, with headquarters in London.
Tournament names through the years:
2009–12: HSBC LPGA Brasil CupHSBC Building (Hong Kong)
HSBC Main Building (Chinese: 香港滙豐總行大廈) is a headquarters building of The Hongkong and Shanghai Banking Corporation, which is today a wholly owned subsidiary of London-based HSBC Holdings. It is located on the southern side of Statue Square near the location of the old City Hall, Hong Kong (built in 1869, demolished in 1933). The previous HSBC building was built in 1935 and pulled down to make way for the current building. The address remains as 1 Queen's Road Central (the north facing side of the building was served by Des Voeux Road, which was the seashore, making Queen's Road the main entrance, in contrast to the current primary access coming from Des Voeux Road). The building can be reached from Exit K of Central MTR Station.HSBC France
HSBC France SA is a subsidiary of HSBC, headquartered in the 8th arrondissement of Paris.It was formed on 1 November 2005 when HSBC rebranded CCF S.A. (Crédit Commercial de France), together with its subsidiaries UBP, Banque de Picardie and Banque Hervet. HSBC had acquired CCF in 2000; the bank changed its name to HSBC S.A. and then to HSBC France.
About half of the former networks of CCF - Union de Banques à Paris, Banque Hervet, Banque de Picardie and Banque de Baecque Beau - now trade as HSBC. This represents a 380 strong network of branches in France with a very strong presence in the Paris region.
Other group operations in France include a significant HSBC Private Bank presence, along with a major Corporate Institutional Banking and Markets operation. The Paris trading floor is the Group's second largest trading floor in Europe. Specific areas of particular expertise and responsibility are the trading of government bonds and euro interest rate derivatives, arranging of corporate cash calls, disintermediated and structured finance and project finance.
HSBC France had seven regional subsidiaries with 420 branches, but sold them to Banque Populaire in 2008. These regional subsidiaries were Société Marseillaise de Crédit, Banque de Savoie, Banque Chaix, Banque Marze, Banque Dupuy, Banque de Parseval, Banque Pelletier and Crédit Commercial du Sud Ouest.HSBC Private Bank
HSBC Private Bank is the principal private banking business of the HSBC Group. HSBC Private Bank's holding company is HSBC Private Banking Holdings (Suisse) S.A.. The holding company is wholly owned by British HSBC Bank plc and its subsidiaries include HSBC Private Bank (Suisse) S.A., HSBC Private Bank (UK) Limited, HSBC Private Bank (C.I.) Limited, HSBC Private Bank (Luxembourg) S.A., HSBC Private Bank (Monaco) S.A. and HSBC Financial Services (Cayman) Limited.
HSBC Private Bank, together with the private banking business of HSBC Trinkaus & Burkhardt AG (operating as HSBC Trinkaus) known collectively as Global Private Banking, provides services to wealthy people and their families through 96 offices in some 43 countries and territories in Europe, the Americas, the Asia-Pacific region, the Middle East and Africa. At 31 December 2008, profits before tax were US$1,447 million and combined client assets under management were US$352 billion.
HSBC Guyerzeller Bank AG was a subsidiary HSBC Private Bank. In 2009 the HSBC Guyerzeller business was re-branded HSBC Private Bank.
In October 2012, HSBC Private Bank sold Property Vision Holdings Limited to PV Acquisition Limited in a 100% management buyout. Property Vision was acquired by HSBC in 2001 and specialises in managing and providing advice on property purchases. Property Vision's exit from HSBC was part of wider restructuring by the bank, which made 36 disposals of “non-core operating assets” in 2011-2012.HSBC has announced (20 October 2016) the transfer of the bulk of its private banking business in Monaco to CFM Indosuez Wealth Management. The current HSBC private banking business houses US$9bn of customer assets and employs 200 people. Those assets and parts of the business that do not transfer will be wound down.HSBC Women's World Match Play Championship
The HSBC Women's World Match Play Championship was an LPGA Tour golf tournament that was played from 2005 through 2007. It was first played from June 30 to July 3, 2005 at Hamilton Farm Golf Club in Gladstone, New Jersey. In 2007 the event moved to the Wykagyl Country Club in New Rochelle, New York.
In 2008, HSBC discontinued the event and began sponsoring a new event in Singapore: the HSBC Women's Champions, a stroke play event.
The title sponsor, HSBC, is a large banking group based in London, England.Jeunesse Arena
Jeunesse Arena is an indoor multi-purpose arena, located in the region of Barra da Tijuca, in Rio de Janeiro, Brazil. It is named for the American cosmetics company Jeunesse Global through a naming rights deal closed in 2017. Before, the sponsor name was HSBC Arena. The arena was completed in July 2007 and was first known as Arena Olímpica do Rio (Rio Olympic Arena), which it was known as during the 2016 Summer Olympics. From December 2007 to March 2008, it was known as RioArena. The arena has a capacity of 15,430 people for sports and up to 18,768 for concerts.KeyBank Center
KeyBank Center, formerly known as Marine Midland Arena, HSBC Arena and First Niagara Center, is a multipurpose indoor arena located in downtown Buffalo, New York. It is the largest indoor arena in Western New York, seating 19,070 fans in its normal configuration, and was constructed primarily for the Buffalo Sabres of the National Hockey League (NHL), who have called the arena home since 1996, when it replaced the now-demolished Memorial Auditorium. The arena was renamed as KeyBank Center starting with the 2016–2017 NHL season. It is owned by Erie County and operated by Pegula Sports and Entertainment (as Hockey Western New York, LLC).Midland Bank
Midland Bank Plc was one of the Big Four banking groups in the United Kingdom for most of the 20th century. It is now part of HSBC. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham, England in August 1836. It expanded in the Midlands, absorbing many local banks, and merged with the Central Bank of London Ltd. in 1891, becoming the London City and Midland Bank.
After a period of nationwide expansion, including the acquisition of many smaller banks, the name Midland Bank Ltd was adopted in 1923. By 1934, it was the largest deposit bank in the world. It was listed on the London Stock Exchange, and was once a constituent of the FTSE 100 Index, but in June 1992, it was taken over by HSBC Holdings plc, who phased out the Midland Bank name by June 1999, in favour of HSBC Bank.
On 10 June 2015, HSBC announced that it would be rebranding its branches in the United Kingdom. HSBC chairman Douglas Flint described the Midland brand as "odds on favourite" for a return to the high street. In September 2015, it was announced that the Midland Bank name would not be revived, and the branch network in the United Kingdom would be branded "HSBC UK".South Africa national rugby sevens team
The South African national rugby sevens team competes in the World Rugby Sevens Series, the Rugby World Cup Sevens, the Summer Olympic Games and the Commonwealth Games.The Hongkong and Shanghai Banking Corporation
HSBC (Chinese: 滙豐; Cantonese Yale: Wuihfūng), officially known as The Hongkong and Shanghai Banking Corporation Limited (Chinese: 香港上海滙豐銀行有限公司), is a wholly owned subsidiary of HSBC, the largest bank in Hong Kong, and operates branches and offices throughout the Asia Pacific region, and in other countries around the world. It is also one of the three commercial banks licensed by the Hong Kong Monetary Authority to issue banknotes for the Hong Kong dollar.
"The Hongkong and Shanghai Bank" was established in British Hong Kong in 1865 and was incorporated as "The Hongkong and Shanghai Banking Corporation" in 1866, and has been based in Hong Kong (although now as a subsidiary) ever since. It was renamed "The Hongkong and Shanghai Banking Corporation Limited" in 1989. It is the founding member of the HSBC Group of Banks and Companies, since 1990, is the namesake and one of the leading subsidiaries of the London-based HSBC Holdings PLC. The company's business ranges from the traditional High Street roles of retail banking, commercial banking, corporate banking to investment banking, private banking and global banking.Volvo World Match Play Championship
The Volvo World Match Play Championship was the name of an annual match play men's professional golf tournament which was staged from 1964 to 2014. From 2009 to 2012 the event was played at the Finca Cortesín Golf Club in Casares near Málaga, Spain, having previously been played at Wentworth Club near London. In 2013, the event was held at the Thracian Cliffs Golf & Beach Resort in Kavarna, Bulgaria. The event was traditionally played in the autumn, usually in October, but moved to a May date in 2011 and was an official money event on the European Tour from 2004 to 2014. Previous sponsors have included Piccadilly, Suntory, Toyota, Cisco and HSBC.
In 2014, the event was played in October at London Golf Club in Kent, England.WGC-HSBC Champions
The WGC-HSBC Champions is a professional golf tournament, held annually in China. Inaugurated in 2005, the first seven editions were played at the Sheshan Golf Club in Shanghai, then moved to the Mission Hills Golf Club in Shenzhen for a single year in 2012. It returned to Sheshan Golf Club in 2013.
Since 2009, it has been a World Golf Championships event. Played in November, it is the fourth tournament on the WGC calendar along with the WGC-Dell Match Play, the WGC-Mexico Championship, and the WGC-FedEx St. Jude Invitational events, all in North America. The field consists primarily of players who have won the top rated tournaments since the previous WGC-HSBC tournament, supplemented by other leading players in the world rankings and money lists of the major tours.
The WGC-HSBC Champions has the highest prize money in East Asia. Originally in 2005, it was US$5 million, and grew to US$7 million when it got WGC status in 2009, US$8.5 million in 2013 and as of 2018, the prize money is US$10 million. Only the CIMB Classic, CJ Cup and BMW Masters have had similar purses in the region.World Rugby Sevens Series
The World Rugby Sevens Series is an annual series of international rugby sevens tournaments run by World Rugby featuring national sevens teams. The series, organised for the first time in the 1999–2000 season, was formed to develop an elite-level competition series between rugby nations and develop the sevens game into a viable commercial product for World Rugby. The competition was originally known as the IRB World Sevens Series, but has been known officially as the HSBC World Rugby Sevens Series since 2014 due to sponsorship from banking group HSBC.The season's circuit consists of 10 tournaments that generally begin in November or December and last until May. The venues are held across 10 countries, and visits five of the six populated continents. The United Arab Emirates, South Africa, Australia, New Zealand, the United States, Canada, Hong Kong, Singapore, France and England each host one event. Each tournament has 16 teams — 15 core teams that participate in each tournament and one regional qualifier.
Teams compete for the World Series title by accumulating points based on their finishing position in each tournament. The lowest placed core team at the end of the season is dropped, and replaced by the winner of the Hong Kong Sevens. New Zealand had originally dominated the Series, winning each of the first six seasons from 1999–2000 to 2004–05, but since then, Fiji, South Africa and Samoa have each won season titles. England and Australia have placed in the top three on multiple occasions, but neither has won the series. The International Olympic Committee's decision in 2009 to add rugby sevens to the Summer Olympics beginning in 2016 has added a boost to rugby sevens and to the World Sevens Series; this boost has led to increased exposure and revenues, leading several of the core teams to field fully professional squads.
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