On 6 October 1989, it became registered as a regulated bank with the then Banking Commissioner of the Government of Hong Kong. then used by HSBC Holdings as global head office from 1993 to relocation to Canary Wharf in 2002-2003 eventually sold by the bank in May 2011 Creation of the HSBC Group īuilding at 10 Lower Thames Street, completed in 1989, occupied by Samuel Montagu & Co. 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. Three people were killed, 33 injured, and the two Indonesian military officers responsible for the bombing were tried and executed. ĭuring the Konfrontasi period in the 1960s, a group of Indonesian forces bombed the MacDonald House building in Singapore (at the time used by HSBC) just a few months after Singapore was granted its independence from Malaysia. In 1964 the Chief Managership was superseded as the top executive role in the bank by an Executive Chairmanship. Turner was succeeded in 1962 by Jake Saunders. 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. Michael Turner became Chief Manager in 1953 and set about diversifying the business. HSBC Main Building, Hong Kong, designed by Norman Foster and completed in 1985 on the same location as the 18 predecessors 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. 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), and a branch in Japan was also established in Yokohama in 1866. 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. Īfter raising a capital stock of HK$5 million, the bank commenced operations on 3 March 1865. 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 feng shui in colonial Hong Kong. HSBC has been implicated in a number of controversies and the bank has been repeatedly fined for money laundering (sometimes in relation with criminal organizations such as the Sinaloa cartel) or setting up large scale tax avoidance schemes.Īfter the British established Hong Kong as a crown 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 India, the rest of the British Empire and Europe, of goods, produces and merchandises of all kinds, but especially opium, cultivated in or transited (re-exported) through the Raj. It has secondary listings on the New York Stock Exchange, and the Bermuda Stock Exchange. 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. 20 in the world in the Forbes rankings of large companies ranked by sales, profits, assets, and market value. HSBC has offices, branches and subsidiaries in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. The next year (1992), HSBC took over Midland Bank and thus became one of the largest domestic banks in the United Kingdom. In 1991, the present parent legal entity, HSBC Holdings plc, was established in London and the historic Hong-Kong-based bank from whose initials the group took its name became that entity's fully-owned subsidiary. The Hongkong and Shanghai Banking Corporation opened branches in Shanghai in 1865 and was first formally incorporated in 1866. HSBC traces its origin to a hong trading house in British Hong Kong. In 2021, HSBC had $10.8 trillion in assets under custody (AUC) and $4.9 trillion in assets under administration (AUA). It is the largest Europe-based bank by total assets, ahead of BNP Paribas, with US$2.953 trillion as of December 2021. HSBC is a British universal bank and financial services group headquartered in London, England, with unique historical and business links to East Asia and a highly multinational footprint.
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