“To be the Bonding Company that guaranteescontinuance in the market to satisfy appropriately and professionally the bonding needs of ourobligors and the assurance of timely fulfillment of our bond to our beneficiaries”.
• The bank owed its origins to the business communities of the China coast in the 1860s.• Transactions were handled by the European trading houses.
• The inspiration of Thomas Sutherland, then the Hong Kong Superintendent of the peninsular and Oriental Steam Navigation Company.• The bank opened for business in Hong Kong on 3March 1865.
• The new bank’s commitment to local ownership and management required a special arrangement for incorporation.• The bank’s directors persuaded the Treasury in London to accept incorporation under a special Hong Kong ordinance.• The Bank established a network of agents and branches around the world
• In Japan, a branch was opened at Yokohama in 1866, acted as an adviser to the government on banking and currency.• In 1888, it was the first bank to be established in Thailand, where it printed the country’s first banknotes• By 1900, the branch network in Asia extended to India (1867), the Philippines (1875) and Singapore (1877), and to cities in what are now Malaysia, Myanmar, Sri Lanka and Vietnam.
• 1992 - HSBC Holdings acquisition of Midland Bank was done.• 1993- HSBC Holdings plc was required to relocate its world headquarters from Hong Kong to London• 1997 _Major acquisitions in South America started with the purchase of the Banco Bamerindus of Brazil for $1bn.
• In May 1999, HSBC expanded its presence in the United States with the purchase of Republic National Bank of New York for $10.3bn.• 2000- Expansion into Continental Europe took place in April with the acquisition of Credit Commercial de Francea large French bank for £6.6bn.• 2001 - HSBC bought Demirbank an insolvent Turkish bank.
• 2002 - HSBC expanded further in the United States. It spent £9 billion (US$15.5 billion) to acquire Household Finance Corporation (HFC) a US credit card issuer and subprime lender.• 2004 HSBC expanded into China buying 19.9% of the Bank of Communications of Shanghai• 2004. - In the United Kingdom HSBC acquired Marks & Spencer Retail Financial Services Holdings Ltd for £763m
• 2006- HSBC bought the 90 branches in Argentina of Banca Nazionale del Lavoro for $155m.• 2007 - HSBC acquired The Chinese Bank in Taiwan• In May 2008 HSBC acquired IL&FS Investment, an Indian retail broking firm.
• 2009- HSBC announced that it would shut down the branch network of its HSBC Finance arm in the U.S., leading to nearly 6,000 job losses and leaving only the credit card business to continue operating. HSBCs share price fell 24.14%, with 12 million shares sold in the last few seconds of trading• 2010- Geoghegan announced he would step down as chief executive of HSBC.• 2011 -the new chief executive Stuart Gulliver announced that HSBCs would refocus its business strategy and that a large-scale retrenchment of operations, particularly in respect of the retail sector, was planned.
• 2012- HSBC came under investigation for allegedly assisting in the money laundering of terrorist money, after 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• 24 July the Senates Permanent Subcommittee on Investigations plans to hold a hearing on the issue. HSBC faces a potential penalty of up to US$1 billion.
• HSBCs international network comprises around 6,900 offices in 84 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.Offices by region Region Number of offices Americas 3,380 Asia-Pacific 997 Europe 2,167 Middle East & Africa 362
• HSBC Advance• HSBC Direct• HSB Cnet• HSBC Premier
What are the origins of the Hexagon?• The Hexagon symbol was introduced as part of the new corporate identity of The Hongkong and Shanghai Banking Corporation in 1983.• It was developed from the banks house flag which had been in use since at least the late nineteenth century.• This flag was a white rectangle divided diagonally to produce a red hourglass shape. Many Hong Kong companies established in the 19th century were set up by Scottish expatriates, and like many other company flags of that era, the design was based on the Scottish flag, the cross of St Andrew..
• Two lion sculptures can be found guarding many of the HSBC offices around the world today1. The first pair of lions was created in 1923 for the new Shanghai office of The Hongkong and Shanghai Banking Corporation. They were soon nicknamed Stephen and Stitt after two senior managers of the bank - Stephen is the roaring lion.2. When HSBCs new global headquarters were opened in Canary Wharf, London it was only fitting that Stephen and Stitt were included in the design too. The lions at 8 Canada Square are exact replicas of the Hong Kong pair. Each lion weighs close to one ton - with eight lucky coins buried in the base as tradition dictates.
• HSBC is by far the largest bank both in the United Kingdom and in Hong Kong and prints most of Hong Kongs local currency in its own name. HSBC has been the largest banking group in the world .• The HSBC Group has a significant presence in each of the worlds major