ADVERTISEMENT

Last Updated:
2024-03-27 09:59:00

HSBC

British multinational investment bank and financial services
British multinational investment bank and financial services
HSBC, acronym from The Hongkong and Shanghai Banking Corporation, is a British financial services group headquartered in London. It is the largest Europe-based bank by total assets. Founded in 1865 in Hong Kong, HSBC has a multinational presence with offices in 62 countries, serving around 39 million customers. The bank has faced controversies and fines for money laundering and tax avoidance.
1836
Establishment of Midland Bank
Midland Bank was founded in Birmingham during the UK Industrial Revolution in 1836. It became one of the largest banks in the world in the 1920s and 1930s.
1850
Foundation of HSBC
HSBC was founded in 1850, and its character has been shaped by the experiences of the past century and a half. The bank believes in capital strength, strict cost control, and building long-term relationships with customers.
1853
Establishment of The Chartered Mercantile Bank of India, London and China in Bombay
The Chartered Mercantile Bank of India, London and China was founded in Bombay (Mumbai) in 1853.
1864
HSBC Founded by Thomas Sutherland
In 1864, Thomas Sutherland, a young Scotsman working in Hong Kong, founded HSBC after being inspired by an article on Scottish banking. Recognizing the growing trade in Hong Kong, China, and Japan, Sutherland saw the need for improved local banking facilities.
1865-03-03
Establishment of The Hongkong and Shanghai Banking Corporation Limited in Hong Kong
The Hongkong and Shanghai Banking Corporation Limited was founded in Hong Kong on March 3, 1865. It was the first locally owned bank to operate based on Scottish banking principles.
1866
Bank Runs in Hong Kong
In early 1866, six out of Hong Kong's 11 foreign banks collapsed due to bank runs, as customers panicked and rushed to withdraw their funds. HSBC, however, managed to survive this crisis and gained a reputation for its resilience.
1870
Foundation of HSBC
HSBC was established over 150 years ago, with a rich and distinctive legacy. Visitors can explore unique archives, exhibitions, and take virtual tours to delve into the history of HSBC.
1874
HSBC Issued China's First Public Loan
In 1874, HSBC issued China's first public loan, marking a significant milestone in the bank's involvement in government finance and infrastructure projects.
1875
HSBC Establishment
HSBC was established in 1875, and has a rich heritage spanning over 150 years. The bank offers unique archive collections, exhibitions, and virtual archives tours for visitors to explore.
1881
Opening of HSBC Branch in Lyon
In 1881, HSBC opened a branch in Lyon, a significant silk import location in Europe. Leveraging its Asian roots, HSBC could provide financing for trade routes on both ends. This move marked HSBC's expansion into Eurozone business.
1887
HSBC Staff in Fuzhou, China
In 1887, HSBC had staff members working in Fuzhou, China, showcasing its early presence and operations in the region.
1898
Merger of City Bank with London and Midland Bank
Celebration of the merger of City Bank with London and Midland Bank, now known as HSBC UK, depicted on a menu cover from 1898. The merger transformed Midland Bank into a leading London institution, expanding its reach and influence in the banking sector.
1899
Letter addressed to T.J., China
In 1899, a letter addressed to 'T.J., China' arrived at Thomas Jackson's desk in England, showcasing his international reputation. Thomas Jackson, who served as HSBC's Chief Manager three times between 1876 and 1902, led the bank through challenging times with wise investments and innovative foreign exchange practices, transforming HSBC into Asia's leading bank. His ethical business practices earned him the trust and loyalty of his staff and the local community.
1900
HSBC's Expansion into China
Guy Hillier played a crucial role in establishing HSBC's reputation in China at the beginning of the 20th century.
1907
Chinese Railway Bond Certificate
In 1907, HSBC issued a Chinese railway bond certificate, reflecting its involvement in financing infrastructure projects in China.
1912
Opening of Mercantile Bank of India in Delhi
The Mercantile Bank of India branch in Delhi started operating in 1912, serving as a place for customers to make small deposits. This branch later became significant for HSBC's expansion in India.
1923
A new Shanghai office
In 1923, HSBC opened a new office in Shanghai, expanding its presence in Asia. This strategic move allowed the bank to further establish its operations in the region.
1928
Maxwell Haymes joins HSBC
Maxwell Haymes started working at HSBC in 1928 after receiving training at the London office.
1941-12-16
HSBC Forced to Shut Most of its Network in Asia
In December 1941, following advances by the Japanese army, HSBC was compelled to close down a significant portion of its operations in Asia. Despite the challenging circumstances, the bank's employees displayed remarkable bravery by assisting customers until the last moment.
1943-08
Death of Sir Vandeleur Grayburn
Sir Vandeleur Grayburn, the Chief Manager of HSBC in the 1930s, was captured in Hong Kong in 1941 by occupying troops and held at the Sun Wah Hotel. Despite his efforts to help staff interned in Stanley camp by smuggling in money for food and medical supplies, he was discovered. Grayburn tragically passed away in prison in August 1943 due to meningitis and septicaemia.
1946
HSBC's Role in Rebuilding Hong Kong's Economy
After the war, HSBC relocated its head office to Hong Kong and actively participated in the reconstruction of the local economy. The bank supported the transformation of Hong Kong into a manufacturing hub by providing loans for the establishment of cotton mills and textile factories.
1953
Opening of HSBC Bank branches in Sharjah
The British Bank of the Middle East, now known as HSBC Bank Middle East, opened branches in Sharjah in 1953, expanding its presence in the UAE.
1955
Establishment of The Hongkong and Shanghai Banking Corporation of California
In 1955, HSBC established The Hongkong and Shanghai Banking Corporation of California due to the increasing trade links between the US and Asia after World War II.
1962
Construction of Al Maktoum Bridge
The British Bank of the Middle East played a crucial role in financing the construction of the first Al Maktoum Bridge in 1962, connecting Deira to Dubai.
1965
HSBC takes majority stake in Hang Seng Bank during Chinese banking crisis
During the 1965 Chinese banking crisis, Hang Seng Bank was impacted and HSBC stepped in to rescue it by acquiring a majority stake in the business.
1967
Arrival of HSBC's first computer IBM 360 in Hong Kong
In 1967, HSBC received its first computer, the IBM 360, at its head office in Hong Kong. This marked the beginning of computerizing customers' accounts and revolutionized banking by allowing customers to access their accounts at any HSBC branch in Hong Kong.
1972
HSBC Forms Merchant Banking Arm
In 1972, HSBC established a merchant banking arm, which broadened its range of financial services. This strategic decision enabled HSBC to offer a more comprehensive suite of services to its clients.
1979
HSBC Establishes Office in Guangzhou, China
In 1979, HSBC established an office in Guangzhou, marking the beginning of its presence in China to support the country's economic development and foreign investment initiatives.
1980
HSBC acquires controlling stake in Marine Midland
In 1980, HSBC made a significant move by purchasing a majority stake in the American bank, Marine Midland. Marine Midland, founded in 1850 in Buffalo, played a crucial role in financing US trade and grew to be a prominent bank in New York State. This acquisition marked HSBC's expansion outside Asia and set the stage for its transformation into a global banking institution.
1983
Introduction of HSBC Hexagonal Logo
In 1983, HSBC introduced its iconic hexagonal logo, inspired by the traditional flag pattern of the bank. The logo featured two arrow-shaped triangles at each end, transforming the century-old flag design into a modern and abstract symbol representing the connections between East and West.
1984
HSBC becomes first international bank to receive comprehensive banking license in mainland China
In 1984, HSBC became the first international bank since 1949 to be granted a comprehensive banking license in mainland China. This marked a significant milestone in HSBC's development in China, showcasing its commitment to the country's economic and social progress.
1986
HSBC Headquarters Opening in Hong Kong
In 1986, HSBC opened its new headquarters in Hong Kong, showcasing a ground-breaking design by British architect Lord Norman Foster. The construction of the building required a massive amount of resources and manpower, with 27,000 tonnes of structural steel and one million square feet of cladding.
1987
HSBC acquires full ownership of Marine Midland Bank
HSBC acquired a 51 per cent stake in Marine Midland in the late 1970s and eventually obtained full ownership in 1987, as part of its expansion in the US market.
1989-10-06
HSBC Registered as a Regulated Bank
HSBC was registered as a regulated bank with the Banking Commissioner of the Government of Hong Kong, marking an important milestone in its history.
1991-03
Formation of HSBC Holdings plc
HSBC Holdings plc was established in London as the parent company of The Hongkong and Shanghai Banking Corporation. This transformation was in preparation for acquiring Midland Bank in the UK.
1992
Acquisition of Midland Bank by HSBC
The acquisition of Midland Bank by HSBC in 1992 helped HSBC achieve its long-term goal of establishing a significant presence in Europe, complementing its extensive business network in Asia-Pacific and North America.
1993
Relocation of HSBC Holdings plc Headquarters to London
As part of the takeover conditions for the acquisition of Midland Bank, HSBC Holdings plc relocated its world headquarters from Hong Kong to London in 1993.
1997-03
Acquisition of Banco Bamerindus of Brazil
HSBC expanded its presence in South America with the purchase of Banco Bamerindus of Brazil for $1 billion, strengthening its position in the region.
1998-11
HSBC Brand and Logo Adoption
In November 1998, HSBC announced the adoption of the HSBC brand and the hexagon symbol as the unified brand in all markets where HSBC operates, aiming to enhance recognition by customers, shareholders, and staff worldwide.
1999-05
Expansion in the United States with Republic National Bank Acquisition
HSBC increased its presence in the United States by acquiring Republic National Bank of New York for $10.3 billion, further solidifying its position in the American market.
2000-04
Acquisition of Crédit Commercial de France
In April 2000, HSBC acquired Crédit Commercial de France, a large French bank, for £6.6 billion.
2001-07
Acquisition of Demirbank
In July 2001, HSBC purchased Demirbank, an insolvent Turkish bank.
2002-07
Purchase of Andersen's tax practice
In July 2002, HSBC USA, Inc. acquired a portion of Arthur Andersen's tax practice through a new subsidiary, Wealth and Tax Advisory Services USA Inc. (WTAS).
2002-08
Acquisition of Grupo Financiero Bital
In August 2002, HSBC acquired Grupo Financiero Bital, SA de CV, Mexico's third largest retail bank for $1.1 billion.
2002-11
Acquisition of Household Finance Corporation
In November 2002, HSBC expanded in the United States by acquiring Household Finance Corporation (HFC) for £9 billion (US$15.5 billion).
2003-04
Opening of HSBC Holdings Headquarters
In April 2003, the new headquarters of HSBC Holdings at 8 Canada Square, London officially opened.
2003-07
Acquisition of Asset Management Technology
In July 2003, HSBC agreed to acquire 82.19% of the Korean fund administrator, Asset Management Technology (AM TeK), for $12.47 million.
2003-09
Purchase of Polski Kredyt Bank SA
In September 2003, HSBC bought Polski Kredyt Bank SA of Poland for $7.8 million.
2004-06
Expansion into China
In June 2004, HSBC expanded into China by acquiring 19.9% of the Bank of Communications of Shanghai.
2004-12
Acquisition of Marks & Spencer Retail Financial Services Holdings Ltd
In December 2004, HSBC acquired Marks & Spencer Retail Financial Services Holdings Ltd for £763 million.
2005-08
Acquisition of Metris Inc
In August 2005, HSBC acquired Metris Inc, a US credit card issuer for $1.6 billion.
2005-10
Acquisition of Dar es Salaam Investment Bank
In October 2005, HSBC acquired 70.1% of Dar es Salaam Investment Bank of Iraq.
2006-04
Acquisition of Banca Nazionale del Lavoro branches in Argentina
In April 2006, HSBC bought the 90 branches in Argentina of Banca Nazionale del Lavoro for $155 million.
2006-06
HSBC rated largest banking group by Tier 1 capital
Since the end of 2005, HSBC has been recognized as the largest banking group globally by Tier 1 capital, as stated by The Economist in June 2006.
2006-07
Acquisition of Westpac's sub-custody operations
In July 2006, HSBC announced the acquisition of Westpac's sub-custody operations in Australia and New Zealand for $112.5 million.
2007-12
Acquisition of Chinese Bank in Taiwan
In December 2007, HSBC acquired the Chinese Bank in Taiwan.
2008-02
HSBC named world's most valuable banking brand
In February 2008, HSBC was honored as the world's most valuable banking brand by The Banker magazine.
2008-05
Acquisition of IL&FS Investment
In May 2008, HSBC acquired IL&FS Investment, an Indian retail broking firm.
2009-03
Shutdown of HSBC Finance branch network
In March 2009, HSBC announced the shutdown of the branch network of its HSBC Finance arm in the United States, leading to nearly 6,000 job losses.
2010-09-23
Geoghegan steps down as HSBC chief executive
On September 23, 2010, Michael Geoghegan announced his resignation as the chief executive of HSBC. Stuart Gulliver succeeded him as the new chief executive.
2011-04-25
HSBC shuts down retail banking business in Russia
On April 25, 2011, HSBC made the decision to close its retail banking operations in Russia and scale back its private banking presence to a representative office.
2012-11-09
Allegations of Indian bank accounts hiding black money with HSBC
On November 9, 2012, Indian activist Arvind Kejriwal claimed to have details of 700 Indian bank accounts concealing black money worth ₹60 billion with HSBC in Geneva.
2013-05-11
HSBC announces business strategy refocus
On May 11, 2013, HSBC's new chief executive Stuart Gulliver revealed plans to refocus the bank's business strategy, including a significant reduction in operations, especially in the retail sector, to save $3.5 billion by 2013.
2014-06
HSBC Life (UK) Limited sells UK pensions business to Swiss Re
In June 2014, HSBC Life (UK) Limited, a subsidiary of HSBC, agreed to sell its £4.2 billion UK pensions business to Swiss Re.
2014-11
Belgian Tax Fraud and Money Laundering Charges
In November 2014, Belgian Prosecutors accused HSBC of tax fraud and money laundering for aiding clients in moving money to offshore tax havens. HSBC later settled the case by agreeing to pay $336 million.
2015-02
HSBC Tax Avoidance Schemes
In February 2015, the International Consortium of Investigative Journalists revealed HSBC's involvement in tax evasion schemes through the Swiss Leaks. The bank faced allegations of profiting from business with tax evaders and pressuring media to suppress negative stories.
2015-06
HSBC fined by Geneva authorities for money laundering
In June 2015, HSBC was fined by Geneva authorities after an investigation into money laundering within its Swiss subsidiary.
2015-08
HSBC announces sale of Brazilian unit to Banco Bradesco
In August 2015, HSBC announced the sale of its Brazilian unit to Banco Bradesco for $5.2 billion due to years of disappointing performance.
2016-04
HSBC started winding down operations in Brunei
HSBC began winding down its operations in Brunei in April 2016, as part of the bank's network optimization.
2016-07
HSBC $3.5 Billion Currency Scheme
In July 2016, HSBC executives were charged with a $3.5 billion currency scheme defrauding clients and manipulating the foreign exchange market. One executive was convicted of wire fraud and conspiracy, while HSBC agreed to pay a $101.5 million fine.
2017-03-20
Global Laundromat investigation reveals HSBC's involvement in money laundering
On 20 March 2017, The Guardian reported that HSBC was among the banks implicated in the Global Laundromat scandal, involving the laundering of KGB-related funds out of Russia.
2017-10-01
Mark Tucker becomes group chairman of HSBC
On 1 October 2017, Mark Tucker succeeded Douglas Flint as the group chairman of HSBC, marking the first time a non-executive and outside chairman was appointed by the group.
2018-02-21
John Flint appointed as Group Chief Executive of HSBC
In October 2017, HSBC announced that John Flint would succeed Stuart Gulliver as Group Chief Executive on 21 February 2018.
2019-08-05
Noel Quinn appointed as interim Group Chief Executive of HSBC
On 5 August 2019, Noel Quinn was appointed as the interim Group Chief Executive of HSBC after John Flint's departure.
2020-01
HSBC Settlement for Spam Phone Calls
In January 2020, HSBC agreed to a $2.4 million settlement for a lawsuit regarding spam phone calls received by customers.
2020-02
HSBC announces global job cuts
In February 2020, HSBC revealed plans to cut 35,000 jobs worldwide due to a 33% decrease in corporate profits in 2019.
2020-06
HSBC Support for China's Security Law for Hong Kong
In June 2020, HSBC publicly backed Beijing's controversial new national security law for Hong Kong, drawing criticism from pro-democracy activists and human rights organizations.
2020-10
HSBC commits to achieve zero-emission by 2050
In October 2020, HSBC pledged to become carbon neutral by 2050 and provide significant funding to support the transition to a carbon-neutral economy.
2022-06
HSBC announces intention to sell business in Russia
In June 2022, HSBC revealed plans to sell its business in Russia, awaiting approval from the Russian government with a projected loss of $300 million.
2022-07
HSBC opens Chinese Communist Party committee in Chinese investment banking subsidiary
In July 2022, HSBC became the first foreign lender to establish a Chinese Communist Party committee in its Chinese investment banking subsidiary, HSBC Qianhai Securities.
2022-11
HSBC exits Canadian market
In November 2022, HSBC announced its withdrawal from the Canadian market, with Royal Bank of Canada acquiring HSBC Canada for $13.5 billion.
2023-02
HSBC reports increased profits despite branch closures
In February 2023, HSBC announced a significant rise in profits for the last quarter of 2022, although pre-tax profit decreased due to the cost of selling its French retail banking operations.
2023-05
HSBC defeats proposal to spin off Asia business
In May 2023, HSBC rejected a proposal to spin off its Asia business into a Hong Kong-listed entity, backed by its largest stakeholder Chinese insurer Ping An.
2023-06
HSBC announced intention to move headquarters
In June 2023, HSBC declared plans to relocate its world headquarters from Canary Wharf, London to a building near St Paul's Cathedral in the City of London.
2023-12
HSBC Asset Management acquires Silkroad Property Partners
In December 2023, HSBC Asset Management announced the acquisition of Singapore-based Silkroad Property Partners, expanding its real estate fund management capabilities in the region.
2024-03-27
HSBC launches retail tokenized gold products in Hong Kong
HSBC introduces retail tokenized gold products in Hong Kong, offering customers a new way to invest in gold through tokenization.
2024-03-28
HSBC Launches Gold-Tokenized Products
HSBC has introduced gold-tokenized products to enhance the RWA sector.
End of the Timeline
HSBC

Information

HSBC

British multinational investment bank and financial services
Last Updated:

Event

Last Updated: