History and Profile of HSBC Bank
1. Overall History of HSBC
HSBC stands for the "Hong Kong and Shanghai Banking Corporation". It was founded in the former British colony first in Hong Kong in March 1865 and Shanghai, one month later, by Scotsman Sir Thomas Sutherland(1834–1922).
Initial capital was HK$5 million, when the bank opened its doors on 3 March1865.
The bank 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 Hong Kong and Shanghai Bank Ordinance 1866, a new branch in Japan was also established. 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.HSBC Holdings plc established in 1990 became the parent company to Hong Kong and Shanghai Banking Corporation in preparation for its purchase of Midland Bank in the United Kingdom and restructuring of ownership domicile for the impending transfer of sovereignty of Hong Kong to China. HSBC is known as one of the largest financial and banking services industries in the global environment. The company is headquartered in London and has an international networks which composes of over 10, 000 offices in more than 87 states and territories within Asia-Pacific Region, Europe, United States of America, Africa and Middle East. HSBC Holdings Plc are regarded to have around 210,000 shareholders in over 100nations as noted in listings in countries like New York, Bermuda, Paris and Hong Kong. It has over 300,000 staffs around the world. Very recently, the HSBC Bank has decided to lay off about 15,000 staffs mainly from Europe. Because of the...