Introduction to HSBC
- The Hong Kong and Shanghai Banking Corporation, or HSBC as it is commonly known, is a wholly owned subsidiary of the London headquartered HSBC bank.
- It operates around the Indo-pacific region of the globe and has acclaimed laurels, growing to become one of the most trustworthy foreign banks in many countries.
Understanding HSBC
The Hong Kong and Shanghai Banking ‘Bank’ was established in 1865 in Britain occupied Hong Kong in 1865. It was incorporated to become a corporation in 1866 and became The Hongkong and Shanghai Banking Corporation Limited in 1989. In modern day, it is one of the leading subsidiaries of the namesake holding company. It offers a multitude of banking and financial services such as retail, commercial and corporate, investment banking, private and global banking services.
The bank grew under the stewardship of Michael Turner, who took to expanding the business to other countries. In 1975, under the leadership of an ethnic Chinese official, H.J. Shen, the bank expanded to form a merchant banking arm and took over by purchasing a controlling interest in another local bank. It was 1991 that the company reorganized and branded as a holding company and took to listing its shares on global stock exchanges.
Highlights of HSBC
It was only in 1989 did the Legislative Council and the Hong Kong Monetary Authority define HSBC as a regulated and a registered bank.
The headquarters of HSBC moved from Hong Kong to London in 1992, after the acquisition of the Midland Bank, as per the requirements of UK regulatory authorities.
The Asia Pacific operations i.e. the bank’s operations in South East and South Asian countries is reported to this subsidiary of HSBC since this branch forms as the regional headquarters of operations in the Asia Pacific. In all these areas, HSBC is lauded and appreciatively acclaimed as a trustworthy financial institution.
Before HSBC Holding PLC shifted to London, it was headquartered in the Central district on Hong Kong Island. At that time, the building was built by Lord Forster and was the most expensive building, in usable floor area wise.
