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The Hongkong and Shanghai Banking Corporation

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The Hongkong and Shanghai Banking Corporation The Hongkong and Shanghai Banking Corporation The Hongkong and Shanghai Banking Corporation Limited Public (Non-Listed) Limited Company (Origin: Body Corporate formed by Type Special Ordinance)[1] Industry Financial Services Founded 1865 Founder(s) Sir Thomas Sutherland (1834-1922) Headquarters 1 Queen's Road Central, Hong Kong Vincent Cheng (Chairman) Key people Alexander Flockhart (Chief Executive) Products Investment, commercial, retail and private banking, asset management Employees 68,700 (includes subsidiaries) (2010) Parent HSBC Holdings plc Main subsidiaries: Hang Seng Bank Limited, HSBC Bank (China) Company Limited, HSBC Broking Services (Asia) Limited, HSBC Global Asset Subsidiaries Management (Hong Kong) Limited, HSBC Insurance (Asia-Pacific) Holdings Limited, HSBC Private Equity (Asia) Limited, HSBC Securities (Asia) Limited Website www.hsbc.com.hk Introduction : The Hongkong and Shanghai Banking Corporation Limited is a prominent bank established and based in Hong Kong since 1865 when Hong Kong was a colony of the 1 British Empire. It is the founding member of the HSBC Group and since 1990 is now a wholly owned subsidiary of HSBC Holdings plc. The company's business ranges from the traditional High Street roles of personal finance and commercial banking, to corporate and investment banking, private banking and global banking. It is the largest bank in Hong Kong with branches and offices throughout the Asia Pacific region including other countries around the world. HSBC is one of the oldest banking groups in the modern world. The bank is known locally simply as "The Bank", "Hongkong Bank" and "Lion Bank". Logo 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 2 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 graphic artist Henry Steiner. The 2004 Jaguar car, being driven by Mark Webber. Sponsorship Having sponsored the Jaguar Racing Formula One team since the days of Stewart Grand Prix, HSBC ended its relationship with the sport when Red Bull purchased Jaguar Racing from Ford. HSBC has now switched its focus to golf, taking title sponsorship of events such as the HSBC World Match Play Championship, HSBC Women's World Match Play Championship (now defunct), HSBC Champions and HSBC Women's Champions. In football HSBC sponsors French club AS Monaco and Mexican club C.F. Pachuca, and in 3 rugby league, HSBC sponsors Telford Raiders in the Rugby League Conference. In Australia, HSBC sponsors the New South Wales Waratahs rugby team in the Super 14 rugby union competition, as well as the Hawthorn Football Club in the Australian Football League. In the United States, HSBC owns the naming rights to the home arena of the National Hockey League's Buffalo Sabres until 2026. HSBC’s other sponsorships are mainly in the area of education, health and the environment. In November 2006, HSBC announced a $5 million partnership with SOS Children as part of Future First. HSBC sponsors the Great Canadian Geography Challenge, which has had around 2 million participants in the past 12 years. Since 2001, HSBC has sponsored the Celebration of Light, an annual musical fireworks competition in Vancouver, British Columbia, Canada. In 2007 HSBC announced it would be a sponsor of the National Hockey League's Vancouver Canucks and Calgary Flames. HSBC has also sponsored a professional gaming team that was disbanded late 2007. HSBC sponsored the 2009 British and Irish Lions tour to South Africa . HSBC is the official banking partner of the Wimbledon Tennis Championships, providing banking facilities on site and renaming the Road to Wimbledon junior event, as The HSBC Road to Wimbledon National 14 and Under Challenge. HSBC was named the 'Official Banking Partner' of The Open Championship, in a five year deal announced in 2010. History 1.1 Foundation After the British established Hong Kong as a colony in the aftermath of the Opium Wars , local merchants felt the need for a bank to finance the growing trade between China and Europe (with traded products including opium).They established the Hongkong and 4 Shanghai Banking Corporation in Hong Kong (March 1865) and Shanghai (one month later). The founder, a Scotsman named Thomas Sutherland 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.The bank initially leased its premises for HK$500 a month in 1864. After raising a capital stock of HK$5 million, the "Hongkong and Shanghai Banking Company Limited" opened its doors 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 by special dispensation from the British Treasury in 1866, and under the Hongkong and Shanghai Bank Ordinance 1866, a new branch in Japan was also established. The bank handled the first public loan in China in 1874, thereafter issuing most public loans. 1.2 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 branch offices opening in Bangkok (1921), Manila (1922) and Shanghai (1923), and a new head office building in Hong Kong in 1935. 5 1.3 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 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. 1.4 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 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 6 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. 1.5 The 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 in 1981 and HongkongBank of 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. 7 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. In 1991 HSBC Holdings plc was established to act as a parent company to the group; shares are currently traded on the London, Hong Kong, Paris, New York and Bermuda stock exchanges. Hong Kong Banking 8 HSBC's Hong Kong Head office 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 HSBC's Hong Kong headquarters are at 1 Queen's Road Central in the Central area on Hong Kong Island. The HSBC Hong Kong headquarters building was also home to 9 HSBC Holdings plc's headquarters until the latter firm's move to 8 Canada Square, 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 Lord Norman Foster, and was the most expensive building in the world based on usable floor area at the time it was built.
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