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.

The Hongkong and Shanghai Banking Corporation Limited
  • HSBC
  • Hong Kong Bank
Native name
香港上海滙豐銀行有限公司
Formerly
The Hongkong and Shanghai Bank
Public Limited Company
(Origin: Body Corporate formed by Special Ordinance)[1]
IndustryFinancial Services
Founded3 March 1865 in British Hong Kong[2]
Incorporated on 14 August 1866[3]
FounderSir Thomas Sutherland
HeadquartersHSBC Main Building, Central,
Key people
John Flint
(Chairman)
Peter Wong
(Deputy Chairman & CEO)
ProductsRetail banking, commercial banking, investment banking, mortgage loans, private banking, wealth management, credit cards, finance and insurance
Revenue
  • Increase HK$255.233 billion
  • $32,93 billion (2017)[4]
  • Increase HK$100.939 billion
  • $13.02 billion (2017)[4]
  • Increase HK$96.018 billion
  • $12.39 billion (2017)[4]
Total assets
  • Increase HK$7.943 trillion
  • $1.025 trillion (2017)[4]
Total equity
  • Increase HK$752.986 billion
  • $97.2 billion (2017)[4]
ParentHSBC Group
SubsidiariesMain subsidiaries: Hang Seng Bank Limited, HSBC Bank (China) Company Limited, HSBC Broking Services (Asia) Limited, HSBC Global Asset Management (Hong Kong) Limited, HSBC Insurance (Asia-Pacific) Holdings Limited, HSBC Private Equity (Asia) Limited, HSBC Securities (Asia) Limited
Websitewww.hsbc.com.hk
The Hongkong and Shanghai Banking Corporation
Traditional Chinese香港上海滙豐銀行有限公司
Simplified Chinese香港上海汇丰银行有限公司
Cantonese YaleHeūnggóng Seuhnghói Wuihfūng ngànhòng yaúhhaahn gūngsī
Alternative Chinese name
Traditional Chinese匯豐
Simplified Chinese汇丰
Cantonese YaleWuihfūng

History

Foundation

Bund at night
The HSBC Building (left) in The Bund, the headquarters of the Shanghai branch of The Hongkong and Shanghai Banking Corporation from 1923 to 1955

After the British established Hong Kong as a colony in the aftermath of the First Opium War, merchants from other parts of the British Empire, now in Hong Kong, felt the need for a bank to finance the growing trade, through Hong Kong, and sometimes also through Shanghai, between China and British India, and the rest of the British Empire, and also the rest of Europe, of goods, produces and merchandises of all kinds, but especially of opium, cultivated in or transited (re-exported) through the Raj,[5][6] and to that end, they organised amongst themselves and formed The Hongkong and Shanghai Bank in Hong Kong (March 1865), and in Shanghai a one-month later.

The founder, Thomas Sutherland of the Peninsular and Oriental Steam Navigation Company, wanted a bank operating on "sound Scottish banking principles." Still, the original location of the bank was considered crucial and the founders chose Wardley House in Hong Kong since the construction was based on some of the best fung shui in Colonial Hong Kong.[7] The bank initially leased its premises for HK$500 a month in 1864.

After raising a capital stock of HK$5 million, the bank commenced operations on 3 March 1865. It opened a branch in Shanghai during April of that year, and started issuing locally denominated banknotes in both the Crown Colony and Shanghai soon afterwards. The bank was incorporated in Hong Kong as The Hongkong and Shanghai Banking Corporation by the Hongkong and Shanghai Bank Ordinance (Numbers 2 and 5 of 1866),[8] and a branch in Japan was also established in Yokohama in 1866.[2][9] Shares of the bank were one of 13 securities initially traded on the Shanghai Stock Exchange, and were traded on that exchange until the Japanese closed the exchange in 1941.[10] The bank handled the first public loan in China in 1874, thereafter issuing most public loans.

Business development

Sir Thomas Jackson became chief manager in 1876. During his twenty-six year tenure, the Bank became a leader in Asia. Notable events included being the first bank established in Thailand, in 1888, where it printed the country's first banknotes; acting as banker for the Hong Kong government from the 1880s; and participating in the management of British colonial government accounts in China, Japan, Penang and Singapore. A period of expansion followed, with new buildings constructed in Bangkok (1921), Manila (1922) and Shanghai (1923), and a new head office building in Hong Kong in 1935.

Second World War

In anticipation of the Japanese invasion of Hong Kong in 1941, the Bank's head office moved to London. During the period 1941–1943 the chief manager Sir Vandeleur Grayburn, and his successor David C. Edmondston, both died while interned by the Japanese. Arthur Morse was appointed Chief Manager in 1943 and led the bank after the war. The head office moved back to Hong Kong in 1946. During the Japanese occupation the Bank's head office building was occupied as the headquarters of the Hong Kong Japanese military government.

International expansion

Michael Turner became Chief Manager in 1953 and set about diversifying the business. His tenure came to an end in 1962 having established The Hong Kong and Shanghai Banking Corporation of California 1955 and having acquired The British Bank of the Middle East and the Mercantile Bank (based in India) in Aug 1959. Turner was succeeded in 1962 by Jake Saunders. In 1964 the Chief Managership was superseded as the top executive role in the bank by an Executive Chairmanship.[11] Saunders took this role until retirement in 1972 and was succeeded as Chief Manager in 1964 by H.J. Shen, the managing director of Maysun Trading Co. and the former head of the Central Trust of China, who became the first ethnic Chinese to be appointed to the position of Chief Manager of the bank. Under Saunders' tenure the bank continued to expand. 1965 saw the bank purchase a controlling interest in Hang Seng Bank of Hong Kong, and 1972 the formation of a merchant banking arm, Wardley Limited.

In 1980, the Bank launched a hostile takeover bid for the Royal Bank of Scotland, although the bid was blocked by the British government.

Creation of the HSBC Group

In 1980, the Bank, now under the chairmanship of Michael Sandberg, acquired a 51% stake in Marine Midland Bank, of the United States of America, and continued its expansion with the establishment of Hongkong Bank of Canada (now HSBC Bank Canada) in 1981 and HongkongBank of Australia Limited (now HSBC Bank Australia Limited) in 1986. 1987, under the Chairmanship of William Purves, saw the bank's ownership of Marine Midland Bank increased to 100% and the acquisition of a 14.9% share in Midland Bank in the United Kingdom.

The present building in Hong Kong was designed by Sir Norman Foster and was held as one of the most expensive and technologically advanced buildings in the world in 1986, costing HK$5.3 billion.[7]

On 6 October 1989, it was renamed by the Legislative Council, by an amendment to its governing ordinance originally made in 1929, 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.[12]

In 1991, HSBC reorganised as a holding company, HSBC Holdings plc; shares are traded on the London, Hong Kong, Paris, New York and Bermuda stock exchanges.

Curtailments

By June 2011, HSBC had already cut 700 jobs in its UK retail banking. HSBC planned to reduce cost by up to $3.5 billion a year.[13]

In September 2011, HSBC planned to cut about 3,000 jobs over the next three years in Hong Kong. It was stated that the number of 3,000 jobs might be less due to efforts to try to redeploy some staff to other roles. The Hong Kong base employed 23,000 people at that time.[14]

Credit card operations in the US have been sold to Capital One.

Hong Kong banking

HSBC Tai O Express Banking (Hong Kong)
An HSBC ATM at Tai O, Lantau Island, Hong Kong

Under the HSBC brand, the bank maintains a network of around 220 branches throughout the Hong Kong SAR, from which it offers a wide range of financial products and services. For some time in the late 1980s and early 1990s, the bank was known by the name HongkongBank in its native city, although it now trades as HSBC. During that period, it also adopted the idiosyncratic practice of calling its ATMs Electronic Teller Card (ETC) machines.

Headquarters

The HSBC Hong Kong headquarters building is located in No 1 Queen's Road Central in the Central district on Hong Kong Island.[15] It was also home to HSBC Holdings plc's headquarters until the latter firm's move to London to meet the requirements of the UK regulatory authorities after the acquisition of the Midland Bank in 1992. It was designed by British architect Norman, Lord Foster, and was the most expensive building in the world based on usable floor area at the time it was built.[16]

Hong Kong dollar bank notes

Hong Kong HSBC 20 dollar
A HK$20 note issued by the HSBC

HSBC is one of the three commercial banks which are authorised to issue banknotes for Hong Kong - the other two being the Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong).[17] Of the total notes in circulation measured by value, HSBC is the most prolific issuer, its notes representing 67.7% of those in issue. Hong Kong is unusual in that it is one of the few countries or territories where commercial banks are still permitted to issue their own banknotes.

Other Hong Kong operations

Hang Seng Bank

HSBC acquired a 62.14%, controlling interest in the local Hang Seng Bank in 1965 during a crisis of the latter. The Hang Seng Index for stock prices in Hong Kong is named after the Hang Seng Bank.

PayMe

In 2017, HSBC launched the PayMe brand and mobile app, which features as a social payment app in Hong Kong, available to all non-HSBC users.[18]

Asia Pacific operations

The Hongkong and Shanghai Banking Corporation maintains a network of around 600 offices in 20 countries in Asia Pacific, as well as owning of a number of HSBC banks operating in various countries and holding the group's stakes in further lenders, particularly in mainland China.

Operations of the group in the Asia Pacific are under this subsidiary, and it forms the regional headquarters for Asia Pacific. This means that it is responsible for entities such as HSBC Bank Australia Limited, Hang Seng Bank Limited, HSBC Bank (China) Company Limited, HSBC Bank Malaysia Berhad (since 2009), HSBC Bank (Vietnam) Limited, HSBC Bank (Taiwan) Limited and HSBC Insurance (Asia-Pacific) Holdings Limited, and the management of stakes in Bank of Communications (19.9%), Barrowgate Limited (24.64%) and Industrial Bank. But excluding the majority of the HSBC’s Private Banking business in Asia Pacific.

Bangladesh

HSBC started operations in 1996. The bank primarily focuses on urban areas and has branches in most areas of the capital city of Dhaka, it also has branches in the city of Chittagong. The bank also has a good number of ATM booths in the cities present, it also has booths in most five star hotels.

HSBC Bangladesh is rated ‘AAA’ in the Long-term and ST-1 rating in the Short-term, which are the highest level of ratings for any bank or financial institution in Bangladesh.[19]

HSBC Bangladesh offers a comprehensive range of financial services such as commercial banking, consumer banking, payments and cash management, trade services, treasury, and custody and clearing. The bank also offers offshore banking in the Export Processing Zones, this is only limited to investors in the EPZs. A special service called NRB Services is also available for non resident Bangladeshis, this service allows consumers to maintain accounts in US Dollars, Pound Sterling and Euros. People using this service can freely remit money from Bangladesh to any part of the world and can access their money from any HSBC booth around the world.

HSBC Bangladesh has a help center which operates on a daily basics. It is one of the very few banks in the country to offer day night banking. It also has begun to support education initiatives for people with disabilities; the bank recently partnered with the Blind Education and Rehabilitation Development Organisation to give scholarships to people with blindness.[20]

Brunei

On 6 April 2016, HSBC Brunei commenced winding down its operation in Brunei as a part of HSBC Group global review. The bank which comprise retail, commercial and global banking services will no longer take on any new accounts, facilities or business from that date. Employees of the bank have been offered fair redundancy packages.[21] On 9 & 10 November 2017, all HSBC Brunei branches and ATMs had ceased its operations. The remaining accounts were all transferred to the local, Baiduri Bank on the same date.

China

HSBClogoonbuilding
HSBC logo

HSBC established its Shanghai branch office on 3 March 1865 and has had a continuous presence in the city[22] since then, except during the Japanese Occupation. Until the economic reforms of the late 1970s, its activities were mainly in inward remittances and export bills, however its activities now span a wider range.

On 6 August 2004, HSBC announced that it would pay USD 1.75 billion for a 19.9% stake in Shanghai-based Bank of Communications. At the time of the announcement, Bank of Communications was China's fifth-largest bank and the investment by HSBC was eight times bigger than any previous foreign investment in a Chinese bank. The industry considered this move, giving HSBC a lead in the race to grab pieces of mainland China's banking market. A year earlier, HSBC had joined with Hong Kong's Shanghai Commercial Bank to purchase an 11% stake in Bank of Shanghai (HSBC paid USD 62.6 million for an 8% stake) and USD 733 million for a 10% stake in Ping An Insurance.

On 1 April 2007, the mainland China offices of The Hongkong and Shanghai Banking Corporation transferred to its subsidiary HSBC Bank (China), and it started operations on 2 April.

India

In 1959 HSBC acquired The Mercantile Bank of India, London and China, established in October 1853 in Bombay. HSBC is now one of the fastest growing foreign banks in India,[23] both in domestic banking and support operations for worldwide operations (see Group Service Centres).

Indonesia

The Hongkong and Shanghai Banking Corporation opened its first Indonesian office in Jakarta in 1884. Having been able to restart its operations after the Second World War, it was again forced to close in the mid-1960s, however the Bank was granted a new banking licence in 1968 its operations have grown to make it one of the largest foreign banks operating in Indonesia.[24]

Japan

HSBC opened its first Japan operations in Yokohama in 1866, followed by branches in other trading ports such as Osaka, Kobe and Nagasaki. It was heavily involved in the early development of Japan's current monetary system, and consulted with the government regarding fiscal policy, currency printing and related matters.

HSBC does not conduct ordinary retail banking in Japan, but conducts investment banking in Tokyo and Osaka. Since 2007 it has expanded its HSBC Premier private banking services for the "Mass affluent" market or high-net-worth individual clients. HSBC Premier has seven Premier branches in Japan including centers in the Hiroo, Akasaka, Marunouchi(flagship), Ginza, Yokohama, Ikebukuro, areas of Tokyo and one in Kobe.

In December 2011, HSBC announced to selling its private bank in Japan to Swiss peer Credit Suisse for an undisclosed sum, but at the end of October 2011 the value of the gross assets included in the sale was about $2.7 billion. It was a strategy to cut $3.5 billion annual costs by quitting businesses or countries where it lacks scale which Credit Suisse has a larger business in Japan than HSBC and in line with a global business restructuring it announced that will see it cut 30,000 jobs as it pares back small or inefficient operations.[25][26]

New Zealand

HSBC's operations in New Zealand are as a branch of The Hongkong and Shanghai Banking Corporation, which first gained a licence from the Reserve Bank of New Zealand on 22 July 1987.[27] Today HSBC offers a range of financial products from a network of 9 offices.[28]

Philippines

HSBC's history in the Philippines dates back more than 110 years with the establishment of their first branch no. 90 Rosario Street (Now Quintin Paredes Street) in Binondo, Manila in 1896. In its early years of operation, HSBC serviced the booming Philippine sugar industry. At the turn of the century, it financed railways that connected provincial towns across Luzon to Manila. During the American regime, HSBC was called to advise on Philippine currency reform. Its current headquarters are in Fort Bonifacio. Today, HSBC Philippines operates in key Philippine cities such as Cebu and Davao. It has ended Citibank and Standard Chartered's duopoly on international banking in the Philippines.

Singapore

HSBC Building, Dec 05
HSBC Singapore branch head office located at Collyer Quay, Central Area, Singapore

In Singapore, The Hongkong and Shanghai Banking Corporation Limited operates as a full service bank with its headquarters in Collyer Quay. It opened its doors in December 1877. In 2016, HSBC has created a locally incorporated bank in Singapore and has moved its retail and wealth business from HSBC Singapore Branch to the locally incorporated bank.[29][30] Today, HSBC's flagship office remains at the original Collyer Quay site where its first branch was opened. Its main office is located at Mapletree Business City in Pasir Panjang, HarbourFront.

HSBC Singapore is a Qualifying Full Bank and offers a comprehensive range of financial services including commercial banking, investment and private banking, insurance, forfaiting and trustee services, and securities and capital markets services.

The retail and wealth business operated through the locally incorporated bank has 12 branches incorporating 10 HSBC Premier Centres and 33 Automated Teller Machines in Singapore.[31]

South Korea

HSBC is expanding in competitive South Korean market, operating from a network of 11 branches, the first having been opened in Jemulpo in 1897 .

Sri Lanka

HSBC has been present in Sri Lanka for 120 years. The Hongkong and Shanghai Banking Corporation Limited established its first branch in Colombo Sri Lanka on 1 July 1892, just 27 years after it began operating in Hong Kong and Shanghai. It has established itself as one of the largest and most profitable banks operating in the country. It has achieved leadership in Corporate Banking, Capital Markets and Credit Card issuance.

Taiwan

HSBC’s presence in Taiwan dates back to 1885 when The Hongkong and Shanghai Banking Corporation appointed an agent in Tamsui. A full service branch was established in Taipei in 1984. The bank now has a network of 8 branches (Hyperlink to service channel) nationwide, including Taipei, Jianguo, Banqiao, Tianmu, Taoyuan, Taichung, Tainan, and Kaohsiung. In 2007, The Hongkong and Shanghai Banking Corporation acquired The Chinese Bank in Taiwan. The acquisition made HSBC's nationwide branch network increase to 47.

Thailand

HSBC initially opened for business in Thailand in 1888, becoming the first commercial bank in the country. HSBC has made significant contributions to the establishment of solid foundations for Thailand’s financial and banking sectors. For example, in 1889 HSBC issued the first banknotes in Thailand. HSBC also issued the first foreign loan to the Thai government for its railroad construction project. HSBC's main branch office in Thailand is situated in Bangkok on Rama IV Road opposite Lumpini Park. In 2011, Phase 2 of the new Financial Sector Master Plan allowed foreign banks to open up to two branches in the Kingdom of Thailand in preparation for full retail operations. Accordingly, a second branch was opened on Thonglor (Sukhumvit 55) in early 2011.

In January 2012 HSBC announced the sale of its Thailand retail banking operations to the Krungsri Group (Bank of Ayudhya) and its intention to maintain only corporate banking business in Thailand.[32] Its 2 retail branches will be closed in March and June 2012 respectively.[33]

Vietnam

In Vietnam, HSBC first opened an office in Saigon (now Ho Chi Minh City) in 1870. In August 1995, HSBC opened a full-service branch in Ho Chi Minh City. In 2005, HSBC also opened its second branch in Hanoi and established a representative office in Can Tho.

On 29 December 2005, HSBC acquired 10% share capital of Vietnam Technological and Commercial Joint Stock Bank (Techcombank), one of the largest joint stock commercial banks in Vietnam by equity. In July 2007, HSBC became the first foreign bank to increase its stake in Techcombank to 15%. In September 2008, HSBC completed the increase of its stake in Techcombank to 20%, became the first foreign bank in Vietnam to hold a 20% interest in a domestic bank.

In September 2007, HSBC acquired 10% share capital of Bao Viet Holdings, becoming the sole foreign strategic partner of Vietnam’s leading insurance company. In October 2009, HSBC signed an agreement to increase its shareholding in Bao Viet Holdings to 18% from 10% for VND1.88 trillion (approximately US$105.3 million).

On 1 January 2009, HSBC started operating its locally incorporated entity and became the first foreign bank to incorporate in Vietnam, after gaining approval from the State Bank of Vietnam (SBV) to set up a Wholly Foreign-Owned Bank (WFOB) in Vietnam in September 2008.

Financials in Hong Kong dollars[4][34][35][36][37][38][39][40]
Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Operating income, bln 81.01 94.51 114.8 154.0 139.0 155.1 171.4 187.6 217.3 259.2 233.6 235.9 232.7 255.2
Net profit, bln 36.55 37.20 42.61 65.31 54.98 50.21 63.28 73.90 90.72 129.1 92.18 99.98 84.80 96.02
Total assets, trln 2.487 2.673 3.151 3.952 4.260 4.361 5.040 5.607 6.065 6.439 6.877 6.954 7.549 7.943
Total equity, bln 100.1 114.4 165.4 245.9 216.5 260.2 320.1 371.3 473.1 522.2 608.3 635.9 679.1 753.0

Cultural references

Leftlion
Left lion statue (Stephen)
HK HSBC Lion 1
Right lion statue (Stitt)

In Hong Kong, the local population sometimes refers to the bank as 獅子銀行, "the Lion Bank", after the pair of lion sculptures outside the bank's headquarters, which also appear in some banknotes. Local films and television series set in Hong Kong, especially comedies, use this nickname when referring to the bank.

Although the Hong Kong Government changed the official spelling of "Hongkong" to "Hong Kong", by the instructions of the Secretary of State for the Colonies, on 3 September 1926,[41] HSBC uses the older Hongkong, as the bank's name was conceived before the official declaration of the modern two-word name, and it was decided to retain the single word spelling in the Bank's name: Hongkong.

The famous English humorist P. G. Wodehouse was a junior employee at the Bank's London office in Lombard Street from 1900 to 1902, and used the bank as an inspiration for some of his early work, especially his 1910 novel Psmith in the City.[42]

See also

References

  1. ^ Hong Kong Companies Registry Company registry numbers: SO0000027 and 0263876.
  2. ^ a b "HSBC's history". HSBC Holdings plc. Archived from the original on 31 January 2013. Retrieved 4 September 2010.
  3. ^ "The Hongkong and Shanghai Bank Ordinance (Number 2 of 1866)". Legislative Council of Hong Kong (digitalised by the University of Hong Kong (Hongkong University Libraries)). Retrieved 21 June 2015.
  4. ^ a b c d e f "Annual Report and Accounts 2017" (PDF). The Hongkong and Shanghai Banking Corporation Limited. 21 February 2018. Retrieved 29 July 2018.
  5. ^ Profile: HSBC Holdings plc, Hoovers
  6. ^ Profile: Hong Kong & Shanghai Bank, Grandprix.com
  7. ^ a b Lim, Patricia (2002), Discovering Hong Hong's Cultural Heritage, Hong Kong: Oxford University Press, ISBN 0-19-592723-0.
  8. ^ Hoare, Jim. Pares, Susan. A Political And Economic Dictionary Of East Asia. UK Routledge Publishing (London), 2005. ISBN 978-1-85743-258-9
  9. ^ "About HSBC (HSBC in Japan)". The Hongkong and Shanghai Banking Corporation Limited of Hong Kong, Japan Branch (Tokyo). Retrieved 22 June 2015.
  10. ^ "Shanghai Stock Exchange Project". Yale School of Management. Retrieved 1 July 2018.
  11. ^ Collis, Maurice (1965). Wayfoong: The Hongkong and Shanghai Banking Corporation. London: Faber and Faber. p. 251. OCLC 2865302.
  12. ^ "The Hongkong and Shanghai Banking Corporation Limited Ordinance (Number 6 of 1929) (Chapter 70, 1950)), amended by L.N. 333 of 1989" (PDF). Legislative Council of Hong Kong (reproduced and digitalised by the Department of Justice, Government of Hongkong Special Administrative Region. Retrieved 21 June 2015.
  13. ^ HSBC may cut more than 1,000 jobs Globe & Mail
  14. ^ "HSBC to cut 3,000 Hong Kong jobs in restructuring". 7 September 2011.
  15. ^ "Contact Us." HSBC. Retrieved on 12 September 2011. "The Hongkong and Shanghai Banking Corporation LtdThe Hongkong and Shanghai Banking Corporation - Hong Kong Address:GPO Box 64, Hong Kong, 1 Queen's Road Central, Hong Kong SAR, China"
  16. ^ HSBC Headquarters Hong Kong - The World's Most Expensive Building. ilovehongkong.org Retrieved 2018-06-03
  17. ^ Note-issuing Banks from HKMA website. Retrieved 2018-06-03
  18. ^ "HSBC to launch new mobile P2P payment platform in the 'next few days'". South China Morning Post. Retrieved 2018-06-22.
  19. ^ Credit Rating Agency in Bangladesh Archived 26 December 2009 at the Wayback Machine
  20. ^ "HSBC's support for visually impaired". The Daily Star. 16 October 2009. Retrieved 18 July 2012.
  21. ^ "HSBC Brunei Public Announcement". 5 April 2016. Retrieved 10 April 2016.
  22. ^ List of HSBC branches in China Archived 2 February 2009 at the Wayback Machine
  23. ^ List of HSBC branches in India Archived 31 January 2009 at the Wayback Machine
  24. ^ List of HSBC branches in Indonesia Archived 1 February 2009 at the Wayback Machine
  25. ^ "UPDATE 4-Credit Suisse buys HSBC's private bank in Japan". 21 December 2011.
  26. ^ "HSBC Sells Japan Private-Banking Unit". 21 December 2011.
  27. ^ List of registered banks in New Zealand, Reserve Bank of New Zealand Archived 11 December 2004 at the Wayback Machine
  28. ^ HSBC International Networks Archived 17 June 2006 at the Wayback Machine
  29. ^ HSBC to incorporate its local operations in May, Yahoo news 2016-02-05 Retrieved 2018-05-20
  30. ^ HSBC SINGAPORE TO TRANSFER ITS RETAIL BANKING AND WEALTH MANAGEMENT BUSINESS TO LOCALLY INCORPORATED SUBSIDIARY BY 9 MAY 2016, HSBC Press Release 2016-02-05 Retrieved 2018-05-20
  31. ^ HSBC Branch listing Retrieved 2018-05-20
  32. ^ HSBC Statement released in Jan 2012 - Changes to HSBC business operations in Thailand. Retrieved 2018-06-03
  33. ^ HSBC closing down in Thailand. Investvine.com 2012-02-26. Retrieved 2018-06-03
  34. ^ "Annual Report 2005" (PDF). The Hongkong and Shanghai Banking Corporation limited. Retrieved 7 March 2017.
  35. ^ "Annual Report 2006" (PDF). The Hongkong and Shanghai Banking Corporation limited. Retrieved 7 March 2017.
  36. ^ "Annual Report 2008" (PDF). The Hongkong and Shanghai Banking Corporation limited. Retrieved 7 March 2017.
  37. ^ "Annual Report 2010". The Hongkong and Shanghai Banking Corporation limited. Retrieved 7 March 2017.
  38. ^ "Annual Report 2012". The Hongkong and Shanghai Banking Corporation limited. Retrieved 7 March 2017.
  39. ^ "Annual Report 2014". The Hongkong and Shanghai Banking Corporation limited. Retrieved 7 March 2017.
  40. ^ "香港上海滙豐銀行有限公司2016年報及賬目" (PDF). HSBC. Retrieved 24 May 2017.
  41. ^ The Hong Kong Government Gazette GA 1926 No.479
  42. ^ McCrum, Robert M. (2004), Wodehouse: A Life, New York & London: W.W. Norton, p. 85, ISBN 0-393-05159-5.

External links

A. G. Stephen

Alexander Gordon Stephen, JP (14 September 1862 – 27 August 1924) was the chief manager of the Hongkong and Shanghai Banking Corporation.

Alexander MacConachie

Alexander McConachie (7 July 1840 – 18 March 1913) was a prominent Scottish merchant in Hong Kong and the member of the Legislative Council.

McConachie was born on 7 July 1840 in Glenrinnes, Banffshire, Scotland. He went to Hong Kong and was the partner of the Gilman & Co. and was the chairman of the Hong Kong General Chamber of Commerce in 1896, chairman of the Hongkong and Shanghai Banking Corporation, chairman of the China Fire Insurance Company at different times. He was also the representative of the Chamber of Commerce in the Legislative Council.He died on 18 March 1913 at Mar Gate, Stirling, Scotland and the funeral took place on 20 March at Stirling Cemetery.

Arthur Cecil Hynes

Arthur Cecil Hynes JP (1873-1940) was the chief manager of the Hongkong and Shanghai Banking Corporation.

HSBC Bank (China)

HSBC Bank (China) Company Limited (Chinese: 汇丰银行(中国)有限公司; often abbreviated as 汇丰中国) was one of the first foreign banks to incorporate locally in mainland China in 2007. It is part of the worldwide HSBC Group and is wholly owned by Hong Kong-based The Hongkong and Shanghai Banking Corporation Limited. HSBC Holdings plc which owns HSBC Group is a British[6] 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 Bank (Taiwan)

HSBC Bank (Taiwan) Limited (Chinese: 滙豐(台灣)商業銀行股份有限公司) is the foreign bank to incorporate locally in Taiwan since 2009. It is part of the HSBC Group and is wholly owned by Hong Kong-based The Hongkong and Shanghai Banking Corporation Limited.

HSBC‘s presence in Taiwan dates back to 1885 when The Hongkong and Shanghai Banking Corporation appointed an agent. A full-service branch was established in Taipei in 1984.

Prior to the acquisition of the business and operations of The Chinese Bank, The bank had a network of eight branches, providing a full range of insurance, personal, commercial, corporate, private banking and investment services to its customers in Taiwan. In 2007, The Hongkong and Shanghai Banking Corporation acquired one of Taiwan’s leading factoring companies, Chailease Credit Services, and opened a new life insurance company. In 2006, HSBC Direct launched, it is the first Direct Banking services in Taiwan.

In March 2008, The bank acquired the business and operations of The Chinese Bank in Taiwan, which gave HSBC an additional 39 branch licenses, increasing its network at the time five-fold. In 2009, HSBC Bank (Taiwan) Limited established, and operated through the locally incorporated entity in May 2010.

HSBC Bank Malaysia

HSBC Bank Malaysia Berhad was incorporated locally in Malaysia in 1994. It is part of the HSBC Group and is a wholly owned subsidiary of HSBC Holdings plc headquartered in London. The Group serves customers worldwide from around 3,900 offices in 67 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. Locally, HSBC Bank Malaysia Berhad serves customers with a network of over 60 branches nationwide, where about a third are the branches of its Islamic Banking subsidiary, HSBC Amanah Malaysia Berhad.

HSBC Insurance (Asia Pacific)

HSBC Insurance (Asia-Pacific) Holdings Limited is part of the worldwide HSBC Group and is wholly owned by The Hongkong and Shanghai Banking Corporation Limited. Its subsidiaries operate as HSBC Insurance (滙豐保險).

Hong Kong fifty-dollar note

The fifty-dollar note was first issued undated in the 1860s by the Oriental Bank Corporation, the Mercantile Bank, the Standard Chartered Bank (Hong Kong) but a confirmed date for this bank is 1879, followed by The Hongkong and Shanghai Banking Corporation in 1877. The National Bank of China also issued this denomination in the 1890s, but they are seldom seen. There was a continuous issue till the Second World War in different colours and dimensions, but they ceased to be printed between 1934–41, depending on the bank. After the war no banks resumed to issue this denomination. They were resumed by The Hongkong and Shanghai Banking Corporation in 1968 the Standard Chartered Bank in 1970 as a blue note. This was then changed to purple in 1985 with a new smaller version and then to the current green issue in 2004. The Bank of China issued their version in 1994. The colour was made uniform when green for all banknotes was adopted.

Hong Kong five-dollar note

The five-dollar note was first issued in 1858 by the Mercantile Bank, 1865 by the Standard Chartered Bank (Hong Kong), 1866 by the Oriental Bank Corporation, 1897 by The Hongkong and Shanghai Banking Corporation, and 1894 by the National Bank of China. There was a continuous issue till the Second World War in different colours and dimensions, and this issue was resumed after the war in 1946, by the HSBC and Standard Chartered banks. The various banks' designs were somewhat standardised in 1970 when the Chartered Bank changed the issue from green to brown, as this was the colour of the HSBC issue. The Standard Charted Bank issued two colours from 1967-70, a yellow and green note. These are described as being a yellow and green key in reference to the image of two keys on either side of the banknote. This denomination was replaced by a coin in 1976.

Hong Kong five hundred-dollar note

The Hong Kong five hundred dollar note was first issued in undated from the 1860s by the Oriental Bank Corporation, the Standard Chartered Bank (Hong Kong) but a confirmed date for this bank is 1879, followed by The Hongkong and Shanghai Banking Corporation in 1877, the Mercantile Bank in 1948 and the Bank of China in 1994. The Specimens are known from the Agra and Masterman's Bank and the Asiatic Banking Corporation between 1862-66. The National Bank of China issued theirs in the 1890s. There was a continuous issue till the Second World War in different colours and dimensions, they were reissued from 1946. The Mercantile bank ceased issue of this denomination after 1959. There was a standardisation of size in 1979 when the Chartered Bank reduced the size to that similar to HSBC. The colour was made uniform in 2003 when brown for all banknotes was adopted.

Hong Kong one hundred-dollar note

The Hong Kong one hundred dollar note was first issued from 1858 from the Mercantile Bank, 1866 by the Oriental Bank Corporation, the Standard Chartered Bank (Hong Kong) from the 1860s but a confirmed date for this bank is 1879, followed by The Hongkong and Shanghai Banking Corporation in 1877. Specimens are known from the Agra and Masterman's Bank and the Asiatic Banking Corporation that existed between 1862–66 and from The National Bank of China in the 1890s. There was a continuous issue till the Second World War in different colours and dimensions, and this issue was resumed after the war in 1946, by the HSBC, Mercantile and Standard Chartered Banks. This was somewhat standardised in 1970 when the Chartered Bank changed the issue from brown to red, red was the colour of the other two issues. The Mercantile bank stopped issuing banknotes after 1974 and the Bank of China issued their version in 1994. The colour was made uniform when red for all banknotes was adopted.

Hong Kong one thousand-dollar note

The one thousand-dollar note is the highest-valued banknote in circulation in Hong Kong. Currently, this note is issued by the Hongkong and Shanghai Banking Corporation (HSBC), Standard Chartered Hong Kong, and the Bank of China. Due to its gold-colored theme, this note was nicknamed “Gold Cow (Chinese: 金牛)” by the locals, derived from the term “Big Cow (Chinese: 大牛)” that is used for the city's five hundred-dollar note. If counted according to the notes’ serial number, it is the note with the second-lowest printing figure, higher than that of the fifty-dollar note.

Hong Kong twenty-dollar note

The twenty-dollar note was first issued by the Oriental Bank Corporation from 1866 to 1884. These banknotes are not very common and are listed as extremely rare. Apart from this, the banknote was reintroduced in 1985 by the Standard Chartered Bank (Hong Kong) in green and yellow, followed by The Hongkong and Shanghai Banking Corporation in 1986 in similar colours, but more green involved. The Bank of China issued their version in 1994 as a blue coloured banknote. These were standardised in 2004 when all three types of banknotes were changed to a blue colour.

Hong Kong twenty five-dollar note

The Hong Kong twenty five dollar note was first issued from 1864 by the Oriental Bank Corporation, The Hongkong and Shanghai Banking Corporation in 1865, the Standard Chartered Bank (Hong Kong) from 1879 followed by the Mercantile Bank in 1889, though specimens of an earlier date exist. Specimens are known from the Asiatic Banking Corporation that existed between 1862-66. This denomination was last printed in 1912 by the Mercantile Bank.

Michael Sandberg, Baron Sandberg

Michael Graham Ruddock Sandberg, Baron Sandberg, CBE (Chinese: 沈弼, 31 May 1927 – 2 July 2017) was executive chairman of The Hongkong and Shanghai Banking Corporation from 1977 to 1986.

Newton John Stabb

Newton John Stabb, OBE (1868 – 1 December 1931) was the chief manager of the Hongkong and Shanghai Banking Corporation.

Peter Wong (banker)

Peter Wong Tung-shun, JP (Chinese: 王冬勝 born 1951, Hong Kong) is a Group General Manager of HSBC, serving as Deputy Chairman and Chief Executive of The Hongkong and Shanghai Banking Corporation Limited, Asia-Pacific. He holds a master’s degree in computer science and another master's degree in marketing and finance from Indiana University in the United States.

Sir Thomas Jackson, 1st Baronet

Sir Thomas Jackson, 1st Baronet, (Chinese: 昃臣; 1841 – 1915) was the third Chief Manager of The Hongkong and Shanghai Banking Corporation. He was responsible for financing the development of Colonial Hong Kong under the first large scale bank.

William Purves (banker)

Sir William "Willie" Purves (Chinese: 浦偉士, born 27 December 1931) was the first Group Chairman of HSBC Holdings following the creation of a holding company to act as parent to The Hongkong and Shanghai Banking Corporation and the Midland Bank following the former's acquisition of Midland in 1992.Born in Kelso, Scotland, Purves attended Kelso High School before commenced training with The National Bank of Scotland (now The Royal Bank of Scotland) in 1948. This was interrupted by National Service in Korea, during which time he was awarded the Distinguished Service Order (DSO) – the only National Service officer to have won this honour. He rejoined banking in 1954 and moved to Hong Kong to join The Hongkong and Shanghai Banking Corporation, where he remained for the rest of his working life. In 1986, he became Chairman and CEO of The Hongkong and Shanghai Banking Corporation, and was appointed Chairman in 1991 prior to the formation of HSBC Holdings, and as such oversaw the purchase and integration of Midland Bank.

Retiring from HSBC in 1998, he played a large role in overseeing the transition from British to Chinese rule in the territory's significant financial services sector.

Knighted in 1993 and awarded the Grand Bauhinia Medal by Hong Kong in 1999, he now lives in London and Oxfordshire. He is married to Lady Purves, and has four children and nine grandchildren by his first wife, Diana Purves.

Transcriptions
Standard Mandarin
Hanyu PinyinXiānggǎng Shànghǎi Huìfēng Yínháng Yǒuxiàn gōngsī
Yue: Cantonese
Yale RomanizationHeūnggóng Seuhnghói Wuihfūng ngànhòng yaúhhaahn gūngsī
IPA[hœ́ːŋ kɔ̌ːŋ sœ̀ːŋ hɔ̌ːy wùːy fóŋ ŋɐ̏n hɔ̏ːŋ jɐ̬u hàːn kóŋ síː]
JyutpingHoeng1gong2 soeng6hoi2 wui6fung1 ngan4hong4 jau5haan6 gung1si1
Transcriptions
Standard Mandarin
Hanyu PinyinHuìfēng
Yue: Cantonese
Yale RomanizationWuihfūng
IPA[wùːy fóŋ]
Jyutpingwui6fung1
Board of Directors
Brands
Principal local banks
Minority stakes and joint ventures
Predecessor companies
Former subsidiaries
Hong Kong currency
Topics
Coinage
Banknotes
Banknote issuers

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