The Hongkong and Shanghai Banking Corporation Limited

also written as The Hongkong & Shanghai Banking Corporation Limited based in Hong Kong, is a wholly owned subsidiary and the founding member of the HSBC Group, which is traded on several stock exchanges as HSBC Holdings plc.

The business ranges from the traditional High Street roles of personal finance and commercial banking, to corporate and investment banking, and private banking.

Known locally by the affectionate term Honkers and Shankers or equally its old trademark HongkongBank, the bank was founded by the Scot, Thomas Sutherland to finance trade in the Far East in 1865. It is the largest bank in Hong Kong.

History

Foundation

The bank first leased Wardley House in Hong Kong at HKD $500 a month in 1864. After raising a capital of HKD $5 million, the bank opened its door in 1865. The original location of the bank was considered crucial since the construction was based on some of the best fung shui in Colonial Hong Kong. In March 1865 the enterprise "Hongkong and Shanghai Banking Company Limited" was established to finance the growing trade between China and Europe, with an office opened in Shanghai during April of that year. 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.

Business development

Sir Thomas Jackson Bart 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. Jackson is also credited with a statue in Statue Square.

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.

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 Hongkong 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 1959. Under the tenure of Jake Saunders from 1962 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 1964 the Chief Managership was superseded as the top executive role in the bank by an Executive Chairmanship (Saunders taking this role until retirement in 1972).

In 1980, the Bank launched a hostile takeover bid for the Royal Bank of Scotland, although the bid was blocked by the British government.

The creation of the HSBC Group

In 1980, the Bank, now under the chairmanship of Michael Sandberg acquired a 51 per cent stake in Marine Midland Bank, of the United States of America, and continued its expansion with the establishment of The Hongkong Bank of Australia Limited in 1986. 1987, under the Chairmanship of Willie 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.

The present building in Hong Kong was designed by Sir Norman Foster and was held as one of the most expensive and technologically advanced building in the world in 1986 costing HKD $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

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.

Hong Kong dollar bank notes

HSBC is one of the three commercial banks which issue banknotes for Hong Kong (see Hong Kong dollar) - the other two being the Bank of China (Hong Kong) and Standard Chartered Bank. Of the total notes in circulation measured by value, HSBC is the most prolific issuer, its notes representing 62.9% of those in issue.

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 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. 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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2009年3月16日星期一

"The Hongkong and Shanghai Banking Corporation | AboutHK.Com - more information about HK"