HSBC Holdings plc Type Public limited company Traded as LSE: HSBA SEHK: 005 NYSE: HBC Euronext: HSB BSX: 1077223879 Industry Banking, Financial services Founded 1991
(HSBC Holdings plc)
(The Hongkong and Shanghai Banking Corporation Limited)
Founder(s) Sir Thomas Sutherland Headquarters 8 Canada Square,
London, United Kingdom
Number of locations 7,500 offices in 87 countries & territories Area served Worldwide Key people Douglas Flint
(Group Chief Executive)
Products Credit cards, Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management Revenue US$ 98.918 billion (2010) Operating income US$ 19.037 billion (2010) Profit US$ 13.159 billion (2010) Total assets US$ 2.454 trillion (2010) Total equity US$ 147.667 billion (2010) Employees 295,995 (2011) Subsidiaries HSBC Bank plc
The Hongkong and Shanghai Banking Corporation
HSBC GLT India
HSBC Bank USA
HSBC Bank Middle East
HSBC Bank Brazil
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. As of 2011[update] it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine. It has around 7,500 offices in 87 countries and territories across Africa, Asia, Europe, North America and South America and around 100 million customers. As of 30 June 2010, it had total assets of $2.418 trillion, of which roughly half were in Europe, a quarter in the Americas and a quarter in Asia.
HSBC Holdings plc was founded in London in 1991 by The Hongkong and Shanghai Banking Corporation to act as a new group holding company and to enable the acquisition of UK-based Midland Bank. The origins of the bank lie in Hong Kong and Shanghai, where branches were first opened in 1865. Today, HSBC remains the largest bank in Hong Kong, and recent expansion in mainland China, where it is now the largest international bank, has returned it to that part of its roots.
HSBC is a universal bank and is organised within four business groups: Commercial Banking; Global Banking and Markets (investment banking); Personal Financial Services (retail banking); and Private Banking.
HSBC's primary listing is on the London Stock Exchange and it is a constituent of the FTSE 100 Index. It has secondary listings on the Hong Kong Stock Exchange (where it is a constituent of the Hang Seng Index), the New York Stock Exchange, Euronext Paris and the Bermuda Stock Exchange. As of October 2011, it was the second most highly capitalised company listed on the London Stock Exchange, with a market capitalisation of £93 billion.
- 1 History
- 2 Operations
- 3 Global product lines and programmes
- 4 Brand and advertising
- 5 Customer groups
- 6 See also
- 7 Notes
- 8 External links
Development of the bank
HSBC (abbreviation origin: the "Hongkong and Shanghai Banking Corporation") was founded in the former British colony of Hong Kong (in March 1865) and Shanghai (one month later) by Scotsman Sir Thomas Sutherland (1834–1922). HSBC Holdings plc established in 1990 became the parent company to The Hongkong 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 Holdings acquisition of Midland Bank gave HSBC Group a substantial market presence in the United Kingdom which was completed in 1992. As part of the takeover conditions for the purchase of Midland Bank, HSBC Holdings plc was required to relocate its world headquarters from Hong Kong to London in 1993.
Major acquisitions in South America started with the purchase of the Banco Bamerindus of Brazil for $1bn in March 1997 and the acquisition of Roberts SA de Inversiones of Argentina for $600m in May 1997.
In 1980, HSBC acquired a 51% shareholding in Marine Midland Bank, which it extended to full ownership in 1987. In May 1999, HSBC continued its US acquisitions with the purchase of Republic National Bank of New York for $10.3bn.
In July 2001 HSBC bought Demirbank, an insolvent Turkish bank. In July 2002, Arthur Andersen announced that HSBC USA, Inc., through a new subsidiary, Wealth and Tax Advisory Services USA Inc. (WTAS), would purchase a portion of Andersen's tax practice. The new HSBC Private Client Services Group would serve the wealth and tax advisory needs of high net worth individuals. Then in August 2002 HSBC acquired Grupo Financiero Bital, SA de CV, Mexico's third largest retail bank for $1.1bn.
Then in September 2003 HSBC bought Polski Kredyt Bank SA of Poland for $7.8m.
In the United Kingdom HSBC acquired Marks & Spencer Retail Financial Services Holdings Ltd for £763m in December 2004.
In December 2007 HSBC acquired The Chinese Bank in Taiwan.
In May 2008 HSBC acquired IL&FS Investment, an Indian retail broking firm.
In November 2002 HSBC expanded further in the United States. Under the chairmanship of Sir John Bond, it spent £9bn (US$15.5000bn) to acquire Household Finance Corporation (HFC), a US credit card issuer and subprime lender. In a 2003 cover story, The Banker noted "when banking historians look back, they may conclude that [it] was the deal of the first decade of the 21st century". Under the new name of HSBC Finance, the division was the second largest subprime lender in the US.
In March 2009, HSBC announced that it would shut down the branch network of its HSBC Finance arm in the U.S., leading to nearly 6,000 job losses and leaving only the credit card business to continue operating.
Chairman Stephen Green stated, "HSBC has a reputation for telling it as it is. With the benefit of hindsight, this is an acquisition we wish we had not undertaken."; analyst Colin Morton said, "the takeover was an absolute disaster".
Although it was at the centre of the subprime storm, the wider group has weathered the financial crisis of 2007–2010 better than other global banks. According to Bloomberg, "HSBC is one of world’s strongest banks by some measures." When HM Treasury required all UK banks to increase their capital in October 2007, the group transferred £750 million to London within hours, and announced that it had just lent £4 billion to other UK banks. In March 2009, it announced that it had made US$9.3bn of profit in 2008 and announced a £12.5bn (US$17.7bn; HK$138bn) rights issue to enable it to buy other banks that were struggling to survive. However, uncertainty over the rights' issue's implications for institutional investors caused volatility in the Hong Kong stock market: on 9 March 2009 HSBC's share price fell 24.14%, with 12 million shares sold in the last few seconds of trading.
2010 to present
On 11th May 2011 the new chief executive Stuart Gulliver announced that HSBCs would refocus its business strategy and that a large-scale retrenchment of operations, particularly in respect of the retail sector, was planned. HSBC would no longer seek to be 'the world's local bank', as costs associated with this were spiralling and US$3.5bn needed to be saved by 2013, with the aim of bringing overheads down from 55% of revenues to 48%. Gulliver stated that HSBC would focus on the business of wealth management in dynamic and developing markets, principally in the UK and far east. Immediate judgement was passed on this plan, with the share price shrinking 1.5%. Gulliver also added that a decision on whether or not to relocate its head office out of the UK tax domain would be made at the end of the year. In 2010, then-chairman Stephen Green planned to depart HSBC to accept a government appointment in the Trade Ministry. Group Chief Executive Michael Geoghegan was expected to become the next chairman. However, while many current and former senior employees supported the tradition of promoting the chief executive to chairman, many shareholders instead pushed for an external candidate. Geoghegan's detractors noted that while he was effective at getting things done, they argued that his blunt style was unsuited to leading the board and representing HSBC with heads of government, and his appointment as chairman would also flout UK governance guidance that barred chief executives becoming chairman. Geoghegan had reportedly threatened to quit if he was passed over in favour of former Goldman Sachs President John Thornton. HSBC's board of directors had reportedly been split over the succession planning, and investors were alarmed that this row would damage the company.
On 23 September 2010, Geoghegan announced he would step down as chief executive of HSBC.  He was succeeded as chief executive of HSBC by Stuart Gulliver, while Green was succeeded as Chairman by Douglas Flint; Flint was serving as HSBC's finance director (chief financial officer). August 2011: Further to CEO Stuart Gulliver's plan to cut $3.5 billion in costs over the next 2 years, HSBC announced that it will cut 25,000 jobs and exit from 20 countries by 2013 in addition to 5,000 job- cuts announced earlier in the year. The consumer banking division of HSBC will focus on the UK, Hong Kong, high-growth markets such as Mexico, Singapore, Turkey and Brazil, and smaller countries where it has a leading market share.
August 1, 2011 "to align our U.S. business with our global network and meet the local and international needs of domestic and overseas clients", HSBC Holding Plc, agreed to sell 195 branches in New York and Connecticut for around $1 billion to First Niagara Financial Group Inc. HSBC will also close 13 branches in Connecticut and New Jersey in 2012. The rest of HSBC's U.S. network will only be about half from a total 470 branches before divestments. On August 9, 2011, [Capital One Financial Corp.] agreed to acquire HSBC's U.S. credit card business for $2.6 billion, netting HSBC Holdings an estimated after-tax profit of $2.4 billion. In September was announced that HSBC seeks to sell its general insurance business for around $1 billion. This is a part of Chief Executive Officer Stuart gulliver's plan to divest some assets.
In February 2008, HSBC was named the world's most valuable banking brand by The Banker magazine. Not known for marked fluctuations in securities exchanges around the world relative to its rivals, HSBC is more well known in banking circles for its conservative and risk-averse approach in its business operations – a company tradition going back to the 19th century. In its technical management, however, HSBC has recently suffered a series of headline-making incidents in which some customer data were allegedly leaked or simply went missing. Although the consequences turned out to be small, the embarrassing effect on the group's image did not go unnoticed.
As of 2 April 2008, according to Forbes magazine, HSBC was the fourth largest bank in the world in terms of assets ($2,348.98 billion), the second largest in terms of sales ($146.50 billion) and the largest in terms of market value ($180.81 billion). It was also the most profitable bank in the world with $19.13 billion in net income in 2007 (compared to Citigroup's $3.62 billion and Bank of America's $14.98 billion in the same period).
HSBC is the largest bank both in the United Kingdom and in Hong Kong and prints most of Hong Kong's local currency in its own name. Since the end of 2005, HSBC has been rated the largest banking group in the world by Tier 1 capital.
The HSBC Group has a significant presence in each of the world's major financial markets, with the Americas, Asia Pacific and Europe each representing around one third of the business. With around 8,000 offices in 87 countries & territories, 210,000 shareholders, 300,000 staff and 128 million customers worldwide, HSBC arguably has the most international presence among the world's multinational banking giants.
The HSBC Group operates as a number of local banks around the world, which explains its advertising tagline "The World's Local Bank." In response to ongoing discussions about the survival strategies for banks, and the suggestion of "Living Wills" HSBC explains its structure as "separately incorporated and capitalised" the structure is based on a lead bank in each region, which has responsibility for the group's operations in that area, as listed below. For details of other group companies see Category:HSBC.
HSBC is currently audited by one of the Big Four auditors, KPMG. The HSBC and KPMG headquarters are adjacent to one another, with KPMG occupying 15 Canada Square. HSBC Main Building, Hong Kong where the CEO office is, also adjacent to KPMG office locate in Prince's Building.
The head office is in 8 Canada Square in Canary Wharf, London. On Friday 25 September 2009 the company stated that while its head office would remain in London and the main regulator would continue to be the Financial Services Authority, the CEO would move from London to Hong Kong beginning on February 2010.
Global product lines and programmes
Group Service Centres
As a cost saving measure HSBC is offshoring processing work to lower cost economies in order to reduce the cost of providing services in developed countries. These locations take on work such as data processing and customer service, but also internal software engineering at Pune (India), Hyderabad (India), Vishakhapatnam (India), Kolkata (India), Guangzhou (China), Curitiba (Brazil) and Kuala Lumpur (Malaysia).
Chief Operating Officer Alan Jebson said in March 2005 that he would be very surprised if fewer than 25,000 people were working in the centres over the next three years: “I don’t have a precise target but I would be surprised if we had less than 15 (global service centres) in three years’ time.” He went on to say that each centre cost the bank from $20m to $30m to set up, but that for every job moved the bank saves about $20,000 (£10,400).
Trade unions, particularly in the US and UK, blame these centres for job losses in developed countries, and also for the effective imposition of wage caps on their members.
Currently, HSBC operates centres out of eight countries, including Brazil (Curitiba), The Czech Republic (Ostrava), India (Kolkata, Hyderabad, Bangalore, Visakhapatnam, Mumbai, Gurgaon and Pune), China (Shanghai, Guangzhou and Shenzhen), Malaysia (Kuala Lumpur), Poland (Krakow), Sri Lanka (Rajagiriya) and Philippines (Manila). The Malta trial for a UK high value call centre has resulted in a growing operation that country. An option under consideration is reported to be a processing centre in Vietnam to access the French skills of the population and therefore cut costs in the bank’s French operations.
On 27 June 2006, HSBC reported that a "small number" of customers had suffered from fraud totalling £233,000 after an employee at the Bangalore call centre supplied confidential customer information to fraudsters.
HSBC Private Bank
HSBC Private Bank is the group's private banking operation, providing private banking and trustee services to wealthy individuals and their families worldwide. The Private Bank has in excess of 60 offices worldwide, with the major centres being Miami, New York, London, Geneva and Hong Kong.
HSBC Premier is the group's premium financial services product. The exact benefits and qualification criteria vary depending on country, but typically require deposits and investments of at least $100,000, £50,000, or €100,000. Alternatively those who have an individual annual income of at least £100,000 paid into their HSBC Premier Bank Account and are a customer of the bank's Independent Financial Advisory Service. Customers have a dedicated Premier Relationship Manager, global 24 hour access to call centres, free banking services and preferential rates. A HSBC Premier customer receives the HSBC Premier services in all countries that offer HSBC Premier, without having to meet that country's qualifying criteria.
HSBC Advance is the group's product aimed at working professionals. The exact benefits and qualifications vary depending on country, but typically require a transfer of Salary of USD 1,500 or more every month or Maintain USD 25,000 of deposits in a Savings/Current Account or investments. Advantages include and may vary depending on country this include day-to-day banking services included but not limited to Platinum Credit Card, Advance ATM Card, Current Account and Savings Account. Protection plans and Financial Planning Services. A HSBC Advance customer enables the customer to open accounts in another country and transfer their credit history.
HSBC Bank International
HSBC Bank International is the offshore banking arm of the HSBC Group, focusing on providing offshore solutions and cross border services to expatriates and migrants. It provides a full range of multi-currency personal banking services to a range of customer segments, including a full internet banking and telephone banking service. Sometimes referred to as "HSBC Offshore", the business also offers independent financial planning, and has representative offices all over the world, often working alongside local HSBC operations in those regions.
HSBC Bank International originated from the business started by Midland Bank and is based in the Channel Islands with further operations on the Isle of Man. Its operations in the Channel Islands are centred around its registered headquarters on the seafront in St Helier, Jersey. Named 'HSBC House', the building comprises departments such as Premier, Global Funds & Investments, e-Business and a 24 hour 'Direct Banking Centre'.
HSBCnet is a global service that caters to local business needs by offering specialised functionality for different regions worldwide.
The system provides access to transaction banking functionality – ranging from payments and cash management to trade services features – as well as to research and analytical content from HSBC. It also includes foreign exchange and money markets trading functionality.
The system is used widely by HSBC's high-end corporate and institutional clients served variously by the bank's global banking and markets, commercial banking and global transaction banking divisions.
HSBCnet is also the brand under which HSBC markets its global e-commerce proposition to its corporate and institutional clients.
HFC Bank (UK Operation) is a wholly owned subsidiary, with 135 High Street branches in the UK selling loans to the "sub-prime" market. During 2007 and 2008, it has been trying to fend off a union recognition campaign by the Trade Union Unite.
HSBC Direct is a telephone/online direct banking operation which attracts customers through mortgages, accounts and savings. It was first launched in the USA in November 2005 and is now available in Britain, Canada, Taiwan, South Korea and France. Poland is launching business direct in September 2009. In the US, HSBC Direct is now part of HSBC Advance
Brand and advertising
The group announced in November 1999 that the HSBC brand and the hexagon symbol would be adopted as the unified brand in all the markets where HSBC operates, with the aim of enhancing recognition of the group and its values by customers, shareholders and staff throughout the world.
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 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.
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 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 15 rugby union competition, as well as the Hawthorn Football Club in the Australian Football League.
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 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 splits its business into four distinct groups:
Retail Banking and Wealth Management
HSBC provides more than 100 million customers worldwide with a full range of personal financial services, including current and savings accounts, mortgage loans, car financing, insurance, credit cards, loans, pensions and investments.
Retail Banking and Wealth Management was previously referred to as Personal Financial Services. This rename was announced during HSBC's 2011 Investor Day.
HSBC provides financial services to small, medium-sized and middle-market enterprises. The group has more than 3 million of such customers, including sole proprietors, partnerships, clubs and associations, incorporated businesses and publicly quoted companies.
Global banking and markets
Global Banking and Markets is the investment banking arm of HSBC. It provides investment banking and financing solutions for corporate and institutional clients, including corporate banking, investment banking, trade services, payments and cash management, and leveraged acquisition finance. It provides services in credit and rates, foreign exchange, money markets and securities services, in addition to asset management services.
Global Banking and Markets has offices in more than 60 countries and territories worldwide, and describes itself as "emerging markets-led and financing-focused".
Global Banking and Markets is currently being led by former fixed-income trader Samir Assaf, who was promoted from global head of markets on 10 December 2010.
HSBC Private Bank is the marketing name for the private banking business conducted by the principal private banking subsidiaries of the HSBC Group worldwide. HSBC Private Bank, together with the private banking activities of HSBC Trinkaus, known collectively as Group Private Banking, provides services to high net worth individuals and their families through 93 locations in some 42 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. As of December 2007, profits before tax were US$1,511 million and combined client assets under management were US$494 billion.
In September 2008, HSBC announced that it would combine its two Swiss private banks under one brand name in 2009, with HSBC Guyerzeller and HSBC Private Bank to be merged into one legal entity, under the newly appointed CEO of HSBC Private Bank, Alexandre Zeller.
- HSBC Buildings
- List of banks in the United Kingdom
- List of buildings and structures in Hong Kong
- Primary dealers
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- ^ "HSBC South Korea". Hsbcdirect.com. 25 January 2010. http://www.hsbcdirect.com/southkorea. Retrieved 18 April 2011.
- ^ "HSBC South Korea". Hsbcdirect.com. 25 January 2010. http://www.us.hsbc.com/1/2/1/advance. Retrieved 18 April 2011.
- ^ "HSBC and SOS Children's Villages partnership". Soschildrensvillages.org.uk. 8 October 2005. http://www.soschildrensvillages.org.uk/sos-childrens-charity/our-partners/hsbc-sos-partnership.htm. Retrieved 18 April 2011.
- ^ "Official British & Irish Lions site". Lionsrugby.com. http://www.lionsrugby.com/. Retrieved 18 April 2011.
- ^ "Official Suppliers". wimbledon.org. http://www.wimbledon.org/en_GB/about/infosheets/officialsuppliers.html. Retrieved 12 November 2010.
- ^ "HSBC Named 'Official Banking Partner' of The Open". SponsorPitch. 15 October 2010. http://sponsorpitch.com/articles/1717. Retrieved 12 November 2010.
- ^ HSBC.com
- ^ "About Global Banking and Markets". Hsbcnet.com. http://www.hsbcnet.com/solutions/about-gbm. Retrieved 18 April 2011.
- ^ "Meet Samir Assaf, eFinancialNews". Efinancialnews.com. http://www.efinancialnews.com/story/2010-12-10/hsbc-samir-assaf-profile. Retrieved 18 April 2011.
- ^ Press Clippings, HSBC Guyerzeller website[dead link]
- Business data
- HSBC Holdings plc at Google Finance
- HSBC Holdings plc at Yahoo! Finance
- HSBC Holdings plc at Hoover's
- HSBC Holdings plc at Reuters
- HSBC Holdings plc SEC filings at EDGAR Online
- HSBC Holdings plc SEC filings at the Securities and Exchange Commission
HSBC Group Corporate directors:
- Douglas Flint (Group Chairman)
- Stuart Gulliver (Group CEO)
- Safra A. Catz
- Laura Cha
- Vincent Cheng
- Marvin Cheung
- John Coombe
- Rona Fairhead
- Sandy Flockhart
- James Hughes-Hallett
- Sam Laidlaw
- Rachel Lomax
- Iain Mackay
- Gwyn Morgan
- N. R. Narayana Murthy
- Sir Simon Robertson
- John L. Thornton
- Sir Brian Williamson
Brands: Principal local banks: Minority stakes and joint ventures:
Wikimedia Foundation. 2010.
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