HSBC

HSBC Holdings plc (Chinese: 滙豐 ), originally The Hongkong

HSBC Holdings plc
and Shanghai Banking Corporation, and known locally as
HongkongBank in Hong Kong during the 1980s-90s, is a British
universal bank and financial services group headquartered in
London, England, with historical and business links to East Asia
and a multinational footprint. It is the largest Europe-based bank
by total assets, ahead of BNP Paribas, with US$2.953 trillion as of
December 2021.[6] In 2021, HSBC had $10.8 trillion in assets
under custody (AUC) and $4.9 trillion in assets under
administration (AUA).[4]

HSBC traces its origin to a hong trading house in British Hong

Kong. The bank opened branches in Shanghai in 1865[1] and was
first formally incorporated in 1866.[7] In 1991, the present parent
legal entity, HSBC Holdings plc, was established in London and
the historic Hong-Kong-based bank from whose initials the group
took its name became that entity's fully-owned subsidiary.[8][9][10] Headquarters at 8 Canada Square
The next year (1992), HSBC took over Midland Bank and thus in Canary Wharf, London
became one of the largest domestic banks in the United Kingdom.
Type Public limited
HSBC has offices, branches and subsidiaries in 62 countries and company
territories across Africa, Asia, Oceania, Europe, North America, Traded as LSE: HSBA (https://
and South America, serving around 39 million customers.[11] As of www.londonstocke
2023, it was ranked no. 20 in the world in the Forbes rankings of xchange.com/stoc
large companies ranked by sales, profits, assets, and market k/HSBA//)
value.[12] HSBC has a dual[13] primary listing on the Hong Kong SEHK: 5 (https://w
Stock Exchange and London Stock Exchange and is a constituent ww.hkex.com.hk/M
of the Hang Seng Index and the FTSE 100 Index. It has secondary arket-Data/Securiti
listings on the New York Stock Exchange, and the Bermuda Stock es-Prices/Equities/
Exchange. Equities-Quote?sy
m=5&sc_lang=en)
HSBC has been implicated in a number of controversies and the NYSE: HSBC (http
bank has been repeatedly fined for money laundering (sometimes s://www.nyse.com/
in relation to major criminal organizations such as the Sinaloa quote/XNYS:HSB
cartel)[14] or setting up large scale tax avoidance schemes. C)
BSX: HSBC.BH (htt
History ps://www.bsx.com/
CompanyDisplay.a
sp?CompanyID=10
Foundation 77223879)
FTSE 100
After the British established Hong Kong as a crown colony in the component (HSBA)
aftermath of the First Opium War, merchants from other parts of Hang Seng
the British Empire, now in Hong Kong, felt the need for a bank to component (5)
finance the growing trade, through Hong Kong and sometimes
also through Shanghai, between China and India, the rest of the Industry Financial services
British Empire and Europe, of goods, produces and merchandises
Founded
of all kinds, but especially opium, cultivated in or transited (re- First
exported) through the Raj.[15][16] established on
3 March 1865
The founder, Thomas Sutherland of the Peninsular and Oriental in British Hong
Steam Navigation Company, wanted a bank operating on "sound Kong[1] (as The
Scottish banking principles." Still, the original location of the bank Hongkong
was considered crucial and the founders chose Wardley House in and Shanghai
Hong Kong since the construction was based on some of the best Bank)
feng shui in colonial Hong Kong.[17] First
incorporated on
After raising a capital stock of HK$5 million, the bank 14 August
commenced operations on 3 March 1865. It opened a branch in 1866[2] (as The
Shanghai in April of that year and started issuing locally
Hongkong and
denominated banknotes in both the Crown Colony and Shanghai
Shanghai
soon afterwards. The bank was incorporated in Hong Kong as
Banking
The Hongkong and Shanghai Banking Corporation by the
Corporation)
Hongkong and Shanghai Bank Ordinance (Numbers 2 and 5 of
25 March
1866),[18] and a branch in Japan was also established in Yokohama
1991[1][3] in
in 1866.[1][19] Shares of the bank were one of 13 securities initially
London (as
traded on the Shanghai Stock Exchange, and were traded on that
HSBC
exchange until the Japanese closed the exchange in 1941.[20] Holdings plc,
as parent
holding
Business development
company to the
entity in Hong
Sir Thomas Jackson became chief manager in 1876. During his
Kong now as a
twenty-six-year tenure, the bank became a leader in Asia. A period
subsidiary)
of expansion followed, with new buildings constructed in
Bangkok (1921), Manila (1922) and Shanghai (1923), and a new Founder Sir Thomas
head office building in Hong Kong in 1935. Bank note issuance Sutherland (for
displaced other forms of the era and of the region, such as silver The Hongkong and
taels, due to political and economic instability. HSBC gained Shanghai Banking
significant influence as a result.[22] Corporation
branch)
Headquarters 8 Canada Square
International expansion London, England,
UK
Michael Turner became chief manager in 1953 and set about
Area served Worldwide
diversifying the business. His tenure came to an end in 1962
having established The Hong Kong and Shanghai Banking Key people Mark Tucker (Group
Corporation of California 1955 and having acquired The British Chairman)
Bank of the Middle East and the Mercantile Bank (based in India) Noel Quinn (Group
in Aug 1959. Turner was succeeded in 1962 by Jake Saunders. In Chief Executive)
1964 the Chief Managership was superseded as the top executive
role in the bank by an Executive Chairmanship.[23] Products Asset management
Banking
During the Konfrontasi period in the 1960s, a group of Indonesian Commodities
forces bombed the MacDonald House building in Singapore (at
Credit cards
the time used by HSBC) just a few months after Singapore was
Equities trading
granted its independence from Malaysia. Three people were killed, Insurance
33 injured, and the two Indonesian military officers responsible for Investment
the bombing were tried and executed.[24] banking
Investment
The present building in Hong Kong was designed by Sir Norman
management
Foster and was held as one of the most expensive and
technologically advanced buildings in the world in 1986, costing Mortgage loans
HK$5.3 billion.[17] Mutual funds
Private equity
Securities services
Creation of the HSBC Group
Risk management
On 6 October 1989, it was registered as a regulated bank with the Wealth
Banking Commissioner of the Government of Hong Kong.[26] management
Revenue
HSBC Holdings plc, originally incorporated in England and US$51.727 billion
Wales,[27] was a non-trading, dormant shelf company when it (2022)[4]
completed its transformation on 25 March 1991[3] into the parent
Operating
holding company to the Hongkong and Shanghai Banking income US$17.528 billion
Corporation Limited now as a subsidiary, in preparation for its
(2022)[4]
purchase of the UK-based Midland Bank and the impending
transfer of sovereignty of Hong Kong to China. HSBC Holdings' Net income
acquisition of Midland Bank was completed in 1992 and gave US$16.670 billion
HSBC a substantial market presence in the United Kingdom. As (2022)[4]
part of the takeover conditions for the acquisition, HSBC Holdings AUM US$595 billion
plc was required to relocate its world headquarters from Hong (2022)[4]
Kong to London in 1993.[28] US$2.966 trillion
Total assets
(2022)[4]
Major acquisitions in South America started with the purchase of
the Banco Bamerindus of Brazil for $1 billion in March 1997[29] Total equity
and the acquisition of Roberts SA de Inversiones of Argentina for US$196.028 billion
$600 million in May 1997.[30] In May 1999, HSBC expanded its (2022)[4]

presence in the United States with the purchase of Republic Number of 219,199 (2022)[4]
National Bank of New York for $10.3 billion.[31] employees
Subsidiaries Subsidiaries
2000 to 2010 Hang Seng Bank
HSBC Bank
Expansion into Continental Europe took place in April 2000 with Australia
the acquisition of Crédit Commercial de France, a large French HSBC Bank
bank, for £6.6 billion.[32] In July 2001 HSBC bought Demirbank, Argentina
an insolvent Turkish bank.[33] In July 2002, Arthur Andersen HSBC Bank
announced that HSBC USA, Inc., through a new subsidiary, Canada
Wealth and Tax Advisory Services USA Inc. (WTAS), would HSBC Bank India
purchase a portion of Andersen's tax practice. The new HSBC
HSBC Bank Hong
Private Client Services Group would serve the wealth and tax
Kong
advisory needs of high-net-worth individuals. Then in August
2002 HSBC acquired Grupo Financiero Bital, SA de CV, HSBC Bank Iran
Mexico's third largest retail bank for $1.1 billion.[34] HSBC Bank
Malaysia
HSBC México
In November 2002, HSBC expanded further in the United States. HSBC Bank Middle
Under the chairmanship of John Bond, it spent £9 billion East
(US$15.5 billion) to acquire Household Finance Corporation HSBC Sri Lanka
(HFC), a US credit card issuer and subprime lender.[35] In a 2003 HSBC Bank USA
cover story, The Banker noted "when banking historians look
HSBC Finance
back, they may conclude that [it] was the deal of the first decade of
the 21st century".[36] Under the new name of HSBC Finance, the HSBC UK Bank
division was the second largest subprime lender in the United M&S Financial
States.[37] Services[5]
Website hsbc.com (https://h
The new headquarters of HSBC Holdings at 8 Canada Square, sbc.com)
London officially opened in April 2003.[38]

In July 2003, HSBC announced that it had agreed to acquire

82.19% of the Korean fund administrator, Asset Management
Technology (AM TeK), for $12.47 million in cash; it was the
largest fund administrator in South Korea, with $24 billion of assets
under administration.[39] In September 2003 HSBC bought Polski
Kredyt Bank SA of Poland for $7.8 million.[40] In June 2004
HSBC expanded into China buying 19.9% of the Bank of
Communications of Shanghai.[41] In the United Kingdom HSBC
acquired Marks & Spencer Retail Financial Services Holdings Ltd
for £763 million in December 2004.[42] Acquisitions in 2005 Wardley House on the Hong Kong
Praya (waterfront), where the bank
included Metris Inc, a US credit card issuer for $1.6 billion in
had leased its first Hong Kong office
August[43] and 70.1% of Dar es Salaam Investment Bank of Iraq in
in 1865
October.[44] In April 2006, HSBC bought the 90 branches in
Argentina of Banca Nazionale del Lavoro for $155 million.[45] In
December 2007 HSBC acquired the Chinese Bank in Taiwan.[46]
In May 2008, HSBC acquired IL&FS Investment, an Indian retail
broking firm.[47]

In 2005, Bloomberg Markets magazine accused HSBC of money

laundering for drug dealers and state sponsors of terrorism. Then-
CEO Stephen Green said that "This was a singular and wholly
irresponsible attack on the bank's international compliance
procedures", but subsequent investigation indicated that it was
accurate and proved that the bank was involved in money Former Shanghai Club building on
laundering for the Sinaloa Cartel and throughout No. 12 Bund, Shanghai, purchased
Mexico. [48][49][50][51][52]
by HSBC in 1874 and its Shanghai
head office until reconstruction in the
In July 2006, HSBC announced that it would acquire Westpac's early 1920s
sub-custody operations in Australia and New Zealand for $112.5
million, making HSBC the leading sub-custody and clearing player
in Australia and New Zealand.[53]

In 2007, HSBC wrote down its holdings of subprime-related mortgage securities by $10.5 billion,
becoming the first major bank to report its losses due to the unfolding subprime mortgage crisis.[54][55]

According to Bloomberg, "HSBC is one of world's strongest banks by some measures".[56] 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.[57]
In March 2009, HSBC announced that it would shut down the
branch network of its HSBC Finance arm in the United States,
leading to nearly 6,000 job losses and leaving only the credit card
business to continue operating.[58][59] 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."[60] According to analyst Colin Morton, "the takeover
was an absolute disaster".[59][61]
The bank's first purpose-built head
In March 2009, it announced that it had made US$9.3 billion of
office building in Hong Kong (center
profit in 2008 and announced a £12.5 billion (US$17.7 billion;
right), designed by Clement Palmer
HK$138 billion) rights issue to enable it to buy other banks that
and completed in 1886 on the former
were struggling to survive.[62] However, uncertainty over the rights Wardley House location
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.[63]

2010 to 2013

On 25 April 2011, HSBC decided to shut down its retail banking

business in Russia and reduce its private banking presence to a
representative office.[64]
The same building (center right)
On 11 May 2013, the new chief executive Stuart Gulliver
following the Praya Reclamation
announced that HSBC would refocus its business strategy and that Scheme and creation of Statue
a large-scale retrenchment of operations, particularly in respect of Square
the retail sector, was planned. HSBC would no longer seek to be
'the world's local bank', as costs associated with this were spiraling
and US$3.5 billion needed to be saved by 2013, with the aim of
bringing overheads down from 55% of revenues to 48%. 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.[65][66] HSBC's board of directors had reportedly been
split over the succession planning and investors were alarmed that Rear façade of the 1886 building on
the row would damage the company.[67] Queen's Road, photographed in 1890

On 23 September 2010, Geoghegan announced he would step

down as chief executive of HSBC.[68] He was succeeded as chief executive 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 two 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.[69] According to Reuters, Chief Executive Stuart
Gulliver told the media, "There will be further job cuts. There will be something like 25,000 roles
eliminated between now and the end of 2013."[70]
In August 2011 "to align our U.S. business with our global network
and meet the local and international needs of domestic and overseas
clients", HSBC agreed to sell 195 branches in New York and
Connecticut to First Niagara Financial Group Inc, and divestures to
KeyCorp, Community Bank, N.A. and Five Star Bank for around
$1 billion, and announced the closure of 13 branches in
Connecticut and New Jersey. The rest of HSBC's U.S. network
will only be about half from a total 470 branches before
divestments.[71] On 9 August 2011, Capital One Financial Corp. HSBC Hong Kong banking hall in
agreed to acquire HSBC's U.S. credit card business for $2.6 1908
billion,[72] netting HSBC Holdings an estimated after-tax profit of
$2.4 billion.[73] In September it was announced that HSBC sought
to sell its general insurance business for around $1 billion.[74]

In 2012, HSBC was the subject of hearings of the U.S. Senate

permanent subcommittee for investigations for severe deficiencies
in its anti-money laundering practices (see Controversies). On 16
July the committee presented its findings.[75][76][77] Among other
things, it concluded that HSBC had been transferring $7 billion in
banknotes from its Mexican to its US subsidiary (much of it related
to drug dealing[78]), was disregarding terrorist financing links[50]
and was actively circumventing US safeguards to block
transactions involving terrorists, drug lords and rogue regimes,
including hiding $19.4 billion in transactions with Iran. This
investigation followed on from a probe by the US Federal Reserve
and Office of the Comptroller of the Currency found that there was
"significant potential for unreported money laundering or terrorist
financing".[79]
First purpose-built HSBC London
On 11 December 2012, HSBC agreed to pay a record $1.92 billion office on Gracechurch Street (1913,
fine in this money laundering case. "Bank officials repeatedly designed by William Campbell-
ignored internal warnings that HSBC's monitoring systems were Jones), replacing leased offices at
inadequate, the Justice Department said. In 2008, for example, the 31 Lombard Street; maintained by
HSBC until relocation to 99
CEO of HSBC Mexico was told that Mexican law enforcement
had a recording of a Mexican drug lord saying that HSBC Mexico Bishopsgate in 1976,[21] and later
converted into a Club Quarters hotel
was the place to launder money."[80] The United States Department
and Wetherspoons pub
of Justice, however, decided not to pursue criminal penalties, a
decision which the New York Times labelled a "dark day for the
rule of law."[81] HSBC chief executive Stuart Gulliver said: "We
accept responsibility for our past mistakes. We have said we are
profoundly sorry for them, and we do so again."[80]

Since 2013

In July 2013, Alan Keir was appointed chief executive of HSBC

Bank plc after Brian Robertson's resignation. Keir's duties include
overseeing the firm's UK, European, Middle Eastern, and African
The former HSBC banking hall in the
divisions.[82] Gracechurch Street building,
converted as the Crosse Keys pub
In June 2014, an indirect wholly-owned subsidiary HSBC Life
(UK) Limited agreed to sell its £4.2 billion UK pensions business
to Swiss Re.[83] In February 2015 the International Consortium of
Investigative Journalists released information about the business
conduct of HSBC under the title Swiss Leaks based on the 2007
hacked HSBC account records from whistle-blower Hervé
Falciani. The ICIJ alleges that the bank profited from doing
business with corrupt politicians, dictators, tax evaders, dealers of
blood diamonds, arms dealers and other clients.[84] US Senate HSBC Building on the Bund, the
investigators in 2012 had sought the hacked HSBC account records bank's Shanghai the headquarters
from Falciani and French authorities, but never received the from 1923 to 1955, photographed in
data.[85] 2021

HSBC announced in August 2015 that it would be selling its

Brazilian unit to Banco Bradesco for $5.2 billion following years of
disappointing performance.[86] In 2015, HSBC was recognised as
the most trusted foreign bank in India by The Brand Trust Report
2015.[87]

In 2016, the bank was mentioned numerous times in connection

with the Panama Papers investigation. Many Syrians were angered
when their accounts were judged high-risk and closed, despite the
HSBC Hong Kong head office in
bank reportedly telling Mossack Fonseca it was "comfortable" with
1936 after reconstruction
Rami Makhlouf as a customer, even though US Treasury sanctions
against him were in effect at the time.[88]

On 20 March 2017, the British newspaper The Guardian reported

that hundreds of banks had helped launder KGB-related funds out
of Russia, as uncovered by an investigation named Global
Laundromat. HSBC was listed among the 17 banks in the UK that
were "facing questions over what they knew about the international
scheme and why they did not turn away suspicious money
transfers," as HSBC "processed $545.3m in Laundromat cash,
mostly routed through its Hong Kong branch." Other banks facing
scrutiny under the investigation included the Royal Bank of
Scotland, NatWest, Lloyds, Barclays and Coutts.[89] In response,
HSBC stated that it was against financial crime, and that the case
"highlights the need for greater information sharing between the Tower at 99 Bishopsgate, HSBC's
main London office from 1976 to
public and private sectors."[90]
1993 and occupied by the bank until
On 1 October 2017, Mark Tucker succeeded Douglas Flint as its move to Canary Wharf in 2002-
2003
group chairman of HSBC, the first non-executive and outside
chairman appointed by the group.[91] Also in October 2017, HSBC
announced that John Flint, chief executive of Retail Banking and
Wealth Management, would succeed Stuart Gulliver as Group Chief Executive on 21 February 2018.[92] It
was further announced on 5 August 2019 that Flint was leaving and his role would be filled on a temporary
basis by Noel Quinn, head of HSBC's global commercial bank.[93] Noel Quinn was subsequently
appointed to the role on a permanent basis in March 2020.[94]

In February 2020, HSBC announced it would cut 35,000 jobs worldwide after it was announced corporate
profits decreased by 33% in 2019.[95]
In October 2020, HSBC committed to achieve zero-emission by
2050, e.g., by this year it would not only become carbon neutral by
itself but also will work only with carbon-neutral clients. It also
committed to providing 750–1,000 billion dollars to help clients
make the transition. It also pledged to achieve carbon neutrality in
his own operations by 2030.[96]

In January 2021, HSBC announced that it would be closing 82

branches in Britain.[97] In May 2021, HSBC announced the exit of
US retail banking business by selling 10 California branches to
Cathay Bank and 80 branches to Citizens Financial Group and
closing the remaining branches.[98] The bank said it intends to
focus on the banking and wealth management needs of globally
connected affluent and high net worth clients.[99]

In May 2021, HSBC committed to end the financing of the coal HSBC Main Building, Hong Kong,
industry, with a commitment to publish a new coal policy and designed by Norman Foster and
provide further detail on its climate strategy by the end of completed in 1985 on the same
2021.[100] The organisation's "Thermal Coal Phase-Out Policy" location as the 1886 and 1936
was published in December 2021.[101] predecessors

In August 2021, HSBC announced the acquisition of AXA

Singapore. HSBC Insurance (Asia-Pacific) Holdings Ltd, an
indirect wholly-owned subsidiary of HSBC would acquire 100%
of the issued share capital of AXA Singapore for $575m.[102] In
December 2021, HSBC Asset Management (India) Private Ltd, an
indirect wholly-owned subsidiary of HSBC announced it would
acquire L&T Investment Management for $425 million from L&T
Finance Holdings.[103]

In June 2022, HSBC announced its intention to sell its business in

Building at 10 Lower Thames Street,
Russia. This requires approval from the Russian government, and
completed in 1989, occupied by
the deal is expected to close in the first half of 2024. The projected
Samuel Montagu & Co., then used
loss is $300 million. A possible buyer is the Russian
by HSBC Holdings as global head
Expobank.[104]
office from 1993 to relocation to
Canary Wharf in 2002–2003;
In July 2022, HSBC became the first foreign lender to open a
eventually sold by the bank in May
Chinese Communist Party (CCP) committee in its Chinese
2011[25]
investment banking subsidiary.[105] The subsidiary, HSBC Qianhai
Securities, is a 90% HSBC-owned joint venture.[105]

In November 2022, HSBC announced the exit of Canadian market. Royal Bank of Canada will acquire
100% of the common shares of HSBC Canada for an all-cash purchase price of $13.5 billion, which is a
multiple of 9.4 times HSBC Canada's estimated 2024 earnings. Completion of the transaction is expected
by late 2023, subject to regulatory approvals.[106] HSBC has been under pressure to cut costs and divest
non-Asian businesses.[107]

In February 2023, HSBC announced that its profits for the last quarter of 2022 has almost doubled when
compared to the same time of year before. However, its pre-tax profit actually fell because it absorbed the
cost of selling its French retail banking operations.[108] The bank also announced that they were closing
114 branches in the United Kingdom. The move came as more people were using online banking since the
pandemic, reducing the need for physical branches. The move has been criticized by Unite.[109]
As interest rates increased globally in May 2023, HSBC Holdings reported a 212% increase in quarterly
profit.[110]

In May 2023, HSBC defeated a proposal, backed by its largest stakeholder Chinese insurer Ping An, to
consider spinning off its Asia business into a Hong Kong-listed entity.[111]

Operations
HSBC has its world headquarters at 8 Canada Square in Canary
Wharf, London.[112] In June 2023, the bank announced its
intentions to exit this building when its lease expires in 2027,
stating their intention to move to a building in the City of London
near St Paul's Cathedral.[113]

A map showing the countries of the

Size, profit and auditors world in which HSBC currently has
operations
As of 2014, according to Relsbank, HSBC was the
fourth-largest bank in the world by assets (with
$2,670.00 billion), the second largest in terms of
revenues (with $146.50 billion) and the largest in terms
of market value (with $180.81 billion).[114]
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).[115]
In June 2006, The Economist stated that since the end of
2005 HSBC has been rated the largest banking group in
the world by Tier 1 capital.[116] In June 2014 The Banker
ranked HSBC first in Western Europe and 5th in the
world for Tier 1 capital.[117]
In February 2008, HSBC was named the world's most
valuable banking brand by The Banker
magazine.[118][119]
HSBC has been audited by PwC, one of the Big Four
Head office of HSBC Bank (China) in
auditors since 2015.[120] the north tower of Shanghai IFC
Despite being domiciled in the UK, HSBC generates (right)
around two-thirds of its profits in Asia, with China
contributing 44% of the bank's profit in 2022.[121][122]

Principal subsidiaries

These are HSBC's subsidiaries worldwide:[123]

Asia Pacific

HSBC Armenia
HSBC Bangladesh HSBC Centre, Hong Kong
HSBC Bank Australia
HSBC Bank India
 HSBC Bank Indonesia
The Hongkong and Shanghai Banking Corporation
Hang Seng Bank
HSBC China
HSBC Bank Malaysia
HSBC Bank Philippines
HSBC Bank Vietnam
HSBC Korea (Only commercial banking) (HSBC Korea HSBC building in Bur Dubai
withdrew consumer retail banking from South Korea in
2013)
HSBC Singapore
HSBC Sri Lanka
HSBC Taiwan

HSBC ceased retail banking operations in Thailand and Japan in

2012.[124] HSBC entered Brunei in 1947 but commenced winding
down its operations in April 2016 citing the bank's optimisation of
its global network and reduced complexity.[125][126] As of 2019,
HSBC stopped offering Amanah (a retail banking product and
service in compliance with the Islamic Shari'ah laws) in Bahrain, HSBC building in Beirut (right)
Bangladesh, Indonesia, Singapore and the UAE following a
strategic review of its global Islamic Finance businesses, while the
bank continues on offering the same Shari'ah compliant products
and services in Malaysia and in Saudi Arabia.[127][128]

Europe

HSBC Bank (Europe)

HSBC France
HSBC Greece
HSBC Trinkaus und Burkhardt AG
HSBC Bank Malta
HSBC Private Bank (Suisse) SA
HSBC UK Bank plc

Further, HSBC Private Bank is a name for UK-based private

banking division. HSBC Expat is the offshore banking division of
the HSBC Group based in St Helier, Jersey that focuses on Building at One Centenary Square in
providing finance and cross border services to expatriates and Birmingham, head office of HSBC
UK since 2018
migrants.[129]

Americas

HSBC Bank Argentina

HSBC Bank Bermuda
HSBC Bank Canada
HSBC Bank USA
HSBC Finance Corporation
HSBC México
 HSBC Securities (USA) Inc.

Middle East and North Africa

HSBC Bank Egypt

HSBC Bank Jordan
HSBC Bank Middle East
HSBC Bank (Turkey)
The Saudi British Bank
HSBC Saudi Arabia HSBC Tower, Mexico City facing the
Angel of Independence

Principal business groups and divisions

HSBC organises its customer-facing activities within three business

groups: Commercial Banking (CMB); Global Banking and
Markets (GBM); Wealth and Personal Banking (WPB).[130]

Commercial banking

HSBC provides financial services to small, medium-sized and

middle-market enterprises. The group has more than 2 million such
customers, including sole proprietors, partnerships, clubs and
associations, incorporated businesses and publicly quoted
companies.[131]

In December 2015, HSBC announced that Noel Quinn will

succeed Simon Cooper as the chief executive officer of
Commercial Banking. Simon Cooper has decided to leave the bank
to pursue other opportunities.[132]
HSBC Canada Building in Vancouver
Global banking and markets

Global Banking and Markets is the investment banking arm of HSBC. For Global Banking, it provides
investment banking and financing products for corporate and institutional clients, including corporate
banking, investment banking, capital markets, trade services, payments and cash management, and
leveraged acquisition finance. For Markets and Securities Services, it provides services in equities, credit
and rates, foreign exchange, money markets and securities services. Global Banking and Markets has
offices in more than 60 countries and territories worldwide, and positions itself as "emerging markets-led
and financing-focused".[133]

Wealth and personal banking

Wealth and Personal Banking helps customers to take care of their day-to-day finances and to manage,
protect and grow their wealth. HSBC provides more than 54 million[134] 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 (also
known as RBWM) was previously referred to as Personal Financial Services (PFS). This rename was
announced during HSBC's 2011 Investor Day.[135]
In 2020, HSBC announced merging two of its business lines:
Retail Banking and Wealth Management & Global Private Banking
to form a new business unit as Wealth and Personal Banking.[136]

Group service centers

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), Gurgaon (India), Bangalore (India),
Chennai (India), Hyderabad (India), Vishakhapatnam (India),
Kolkata (India), Colombo (Sri Lanka), Guangzhou (China),
Kraków (Poland), 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 centers 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 centers) in three years' time." He went on to say that each HSBC tower in Auckland, New
centre cost the bank from $20m to $30m to set up, but that for Zealand
every job moved the bank saves about $20,000 (£10,400).[137]
Trades unions, particularly in the UK and US, blame these centers
for job losses and also for the effective imposition of wage caps on
their members.[137]

Products

HSBC Direct
HSBC Bank in George Town,
HSBC Direct is a telephone/online direct banking operation which Penang, Malaysia
attracts customers through mortgages, accounts and savings. It was
first launched in the USA[138] in November 2005 and is based on
HSBC's 'First Direct' subsidiary in Britain which was launched in
the 1980s. The service is now also available in Canada,[139]
Taiwan,[140] South Korea,[141] Australia, France.[142] Poland is
launching business direct in September 2009. In the US, HSBC
Direct is now part of HSBC Advance.[143]

HSBCnet

HSBCnet provides access to transaction banking functionality – HSBC Bank in Colombo Fort, Sri
ranging from payments and cash management to trade services Lanka
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.[144]

HSBC Advance

HSBC Advance is the group's product aimed at working

professionals. The exact benefits and qualifications vary depending HSBC Data Processing Center in
on country, but typically require a monthly direct deposit or Bangalore, India
maintain US$5,000 of deposit/investments or residential mortgage.
Business owners may use commercial relationship to qualify.
Advantages may vary depending on country, such as day-to-day
banking services including but not limited to a 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.[145]

HSBC Premier The HSBC Technology Center in

Colombo, Sri Lanka
HSBC Premier is the group's premium financial services
product.[146] It has its own portfolio of credit cards around the
world. The exact benefits and qualification criteria vary depending on the country. 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 ("Premier in One, Premier in
All").[147]

HSBC Jade

HSBC Jade is an invite-only financial services product aimed at individuals with net worths typically
between $1 million and $5 million in investible assets held with HSBC. Before invitation, members must
be HSBC Premier members for a designated period of time. In addition to HSBC Premier benefits, HSBC
Jade have select concierge services, estate planning services, and access to Jade Centres around the
globe.[148]

Controversies

Money laundering

In both 2003 and 2010, U.S. regulators ordered HSBC to strengthen its anti-money laundering
practices.[149] In October 2010, the United States OCC issued a Cease and Desist Order requiring HSBC
to strengthen multiple aspects of its Anti-Money Laundering (AML) program. The identified problems
included a once massive backlog of over 17,000 alerts identifying suspicious activity, failure to file timely
suspicious activity reports with U.S. law enforcement, failure to conduct any due diligence to assess risks to
HSBC affiliates before opening correspondent accounts for them, a three-year failure by HBUS from mid-
2006 to mid-2009 to conduct any AML of $15 billion in bulk cash transactions from those same HSBC
affiliates, failure to monitor $60 trillion in annual wire transfers by customers in countries rated lower risk
by HBUS, and inadequate and unqualified AML staffing, resources, and leadership. It was noted that
HSBC fully cooperated with the Senate investigation.[150]

In 2012, HSBC was fined by $14 million by Argentina for failure to report suspicious transactions in the
country in 2008.[151]

On 19 July 2012, India investigated alleged violation of safety compliance, in which Indian employees
were believed to be involved.[152] On 9 November 2012, Indian activist and politician Arvind Kejriwal
said he had details of 700 Indian bank accounts hiding black money with a total value of ₹60 billion
(US$750 million) with HSBC in Geneva.[153] In June 2013, a media outlet in India did an undercover
expose where HSBC officers were caught on camera agreeing to launder "black money." HSBC placed
these employees on leave pending their own internal investigation.[154]

In November 2012, it was reported that HSBC had set up offshore accounts in Jersey for suspected drug-
dealers and other criminals, and that HM Revenue and Customs had launched an investigation following a
whistle blower leaking details of £700 million allegedly held in HSBC accounts in the Crown
dependency.[155]

Following search warrants and raids beginning in January 2013, in mid-March 2013 Argentina's main
taxing authority accused HSBC of using fake receipts and dummy accounts to facilitate money laundering
and tax evasion.[156][157][158]

In early February 2013, appearing before UK's Parliamentary Banking Standards Commission, CEO Stuart
Gulliver acknowledged that the structure of the bank had been "not fit for purpose." He also stated,
"Matters that should have been shared and escalated were not shared and escalated." [159] HSBC has also
been accused of laundering money for terrorist groups.[159][160]

In June 2015, HSBC was fined by the Geneva authorities after an investigation into money laundering
within its Swiss subsidiary. The fine was 40 million Swiss Francs.[161]

In 2018, HSBC was fined 15 million rand by South Africa's central bank for weaknesses in its processes
meant to detect money laundering and terrorism financing, though it also added that HSBC was not found
to have facilitated any transactions involving money laundering or the financing of terrorism in South
Africa.[162]

In 2020, HSBC told AUSTRAC that it may have broken Australia's anti money laundering and counter-
terrorism laws after allegedly failing to report thousands of transactions to AUSTRAC.[163][164]

In July 2021, HSBC disclosed that in 2016 it discovered a suspected money laundering network that
received $4.2 billion worth of payments which has raised questions over whether it disclosed this
appropriately to US monitors as the bank was still under probation by U.S. authorities over anti-money
laundering concerns.[165][166]

In December 2021, HSBC was fined 64 million pounds ($85 million) by British regulators for failings in its
anti-money laundering processes spanning eight years.[167]

US Senate investigation (2012)

In July 2012, a US Senate committee issued a report[168] which stated that HSBC had been in breach of
money-laundering rules, and had assisted Iran and North Korea to circumvent US nuclear-weapons
sanctions.[169][170]

In December 2012, Assistant U.S. Attorney General Lanny Breuer suggested that the U.S. government
might resist criminal prosecution of HSBC which could lead to the loss of the bank's U.S. charter. He
stated, "Our goal here is not to bring HSBC down, it's not to cause a systemic effect on the economy, it's
not for people to lose thousands of jobs."[149]

In December 2012, HSBC was penalised $1.9 billion (US), the largest fine under the Bank Secrecy Act,
for violating four U.S. laws designed to protect the U.S. financial system.[171] HSBC had allegedly
laundered at least $881 million in drugs proceeds through the U.S. financial system for international cartels,
as well as processing an additional $660 million for banks in US sanctioned countries. According to the
report, "The U.S. bank subsidiary [also] failed to monitor more than $670 billion in wire transfers and more
than $9.4 billion in purchases of physical dollars from its Mexico unit."[171] As part of the agreement
deferring its prosecution, HSBC acknowledged that for years it had ignored warning signs that drug cartels
in Mexico were using its branches to launder millions of dollars, and also acknowledged that HSBC's
international staff had stripped identifying information on transactions made through the United States from
countries facing economic sanctions such as Iran and Sudan.[149]

A December 2012 CNNMoney article compared the 1.9 billion dollar fine to HSBC's profit "last year"
(2011) of 16.8 billion.[149]

In 2016, HSBC was sued by American families involved in deaths by organized-crime gangs for
processing funds ("money laundering") for the Sinaloa cartel.[172]

FinCEN Files (2020)

The FinCEN Files showed that HSBC continued to serve alleged criminals and corporations involved in
government corruption, including $292 million for the Waked Family company Viva Panama between
2010 and 2016 before the United States Department of the Treasury declared it a drug money-laundering
organization. HSBC's activities took place while the bank was under probation from the U.S. government;
six former HSBC employees reported to the International Consortium of Investigative Journalists that the a
deferred prosecution agreement for HSBC marked a "cultural shift" in the organization toward profit-
making motives. Employees working in compliance at HSBC also expressed concern to Buzzfeed about
what they felt were inadequate efforts to combat money laundering, including hasty investigations and
unachievable internal investigation quotas.[173][174] In response to the report HSBC said it is "continually
seeking ways to improve" its financial crime compliance regime.[175]

Forex, Libor and Euribor scandals (2014)

The bank was fined US$275m by the US CFTC in 2014 for taking part in the Forex scandal.[176] The
bank also settled for US$18m in the related Libor scandal and EUR 33m for the Euribor rate scandal
(relative to other banks a small amount).[177][178] In October 2020 HSBC was fined about $2.2 million
over the Euribor rate scandal in Switzerland.[179]

Belgian tax fraud, money laundering charges (2014)

In November 2014, HSBC was accused of tax fraud and money laundering by Belgian Prosecutors for
helping hundreds of clients move money into offshore tax havens.[180][181]

In August 2019, HSBC agreed to pay $336 million to settle the case.[182][183]

Tax avoidance schemes (2015)

In February 2015, the International Consortium of Investigative Journalists released information about the
bank's business conduct under the title Swiss Leaks. The ICIJ alleges that the bank profited from doing
business with tax evaders and other clients.[84] The BBC reported that the bank had put pressure on media
not to report about the controversy, with British newspaper The Guardian claiming bank advertising had
been put "on pause" after The Guardian's coverage of the matter.[184] Peter Oborne, chief political
commentator at The Daily Telegraph, resigned from the paper and in an open letter claimed the newspaper
suppressed negative stories and dropped investigations into HSBC because of the bank's advertising.[185]

In November 2017, HSBC agreed to pay $352 million to settle a French investigation into the case.[186]

In August 2019, the former head of HSBC Swiss from 2000 to 2008, Peter Braunwalder pleaded guilty in
a French court for helping wealthy clients hide $1.8 billion. He was fined $560,000 and received a one-
year suspended jail sentence.[187]

In December 2019, HSBC Swiss agreed to pay a $192 million United States fine for the case.[188][189]

$3.5 billion currency scheme (2016)

In July 2016, the United States Department of Justice charged two executives from HSBC Bank over an
alleged $3.5 billion currency scheme which defrauded HSBC clients and "manipulated the foreign
exchange market to benefit themselves and their bank".[190] "Mark Johnson and Stuart Scott, both British
citizens, are being accused".[191] "Johnson was arrested late Tuesday [19 July 2016] at JFK International
Airport in New York City."[191] "Stuart Scott, who was HSBC's European head of foreign exchange
trading in London until December 2014, is accused of the same crimes. A warrant was issued for Scott's
arrest, but he fled to Britain. In July 2018 the High Court of Justice ruled against extraditing him to the
United States since most of the alleged crimes took place in Britain and because Scott has no significant
connection to the United States.[192][190]

Mark Johnson was later convicted of nine counts of wire fraud and conspiracy to defraud related to front
running the currency trades of HSBC clients and sentenced to two years in federal prison.[193][194] He was
released after serving three months in prison and was allowed to return home to the U.K. while he pursued
an appeal. November 2020 the U.S. Supreme Court declined to hear an appeal of his 2017 conviction,
which was previously upheld by the United States Court of Appeals for the Second Circuit. It meant he
would have to return to the U.S. to serve his sentence.[195] In February 2021 a judge ruled that Johnson
would not need to report to prison until he is vaccinated against COVID-19.[196] In January 2018 HSBC
agreed to pay a $101.5 million fine over the case.[197][198]

Defense industry (2018)

In December 2018, The Jerusalem Post reported that HSBC confirmed that the bank would divest from
Elbit Systems Ltd., Israel's largest non-government-owned military contractor,[199] active in numerous
defence-related industries. HSBC justified its decision by claiming it "strongly supports observance of
international human rights principles as they apply to business."[200] In response, the group Palestine
Solidarity Campaign (PSC) released a press release in which it "declared a victory" and quoted PSC
director Ben Jamal saying the decision demonstrates "the effectiveness of Boycott, Divestment, and
Sanctions as a tactic."[201] JewishPress.com reported that multiple sources claimed HSBC's decision was
not influenced by the BDS movement but was an "investment decision."[202]

In an editorial titled "Bad Banking", The Jerusalem Post wrote, "HSBC, if this is your final decision, you
will go down on the wrong side of history. Do you understand that Israel is using Elbit technology to
protect itself against Palestinian terror, and not to undermine the rights of the Palestinian people? If you are
really concerned about human rights, perhaps you might consider using some of your own income to invest
in the Palestinian economy, and boost cooperation between Israeli and Palestinian institutions."[203]

Housing crisis fine (2018)

In 2018, HSBC agreed to pay a $765 million fine to settle claims it mis-sold Residential mortgage-backed
securities between 2005 and 2007.[204][205] Forbes noted the settlement was the lowest of 11 banks that
settled with the Department of Justice.[206] HSBC has said in statement that it has been improving relevant
control mechanisms since the financial crisis.[207]

Support for China's Security Law for Hong Kong (2020)

In June 2020, on the eve of the anniversary of the Tiananmen Square protests, HSBC took the rare step of
wading into political issues by publicly backing Beijing's controversial new national security law for Hong
Kong.[208] The chief executive for HSBC's Asia-Pacific division, Peter Wong, signed a petition supporting
the law and stated in a post on Chinese social media that HSBC "respects and supports all laws that
stabilise Hong Kong's social order."[209][210]

Though HSBC moved its headquarters to London in 1993, Hong Kong remains its largest market
accounting for 54% of its profit, a third of its global revenue, and 50,000 local staff.[211][212] In response,
Joshua Wong, a top Hong Kong pro-democracy activist decried the bank's position stating that HSBC's
stance demonstrates "how China will use the national security law as new leverage for more political
influence over foreign business community in this global city."[210] Alistair Carmichael, the U.K. chairman
of the All Parliamentary Group on Hong Kong, said HSBC made a serious error by bending to China's will
regarding the security law, calling it "a colossal misjudgment" since it would be seen as a large British
corporation advocating for "a fairly flagrant breach of international law" when banks rely on a rules-based
system.[208] Human Rights Watch alleged that "the new national security law will deal the most severe
blow to the rights of people in Hong Kong since the territory's transfer to China in 1997."[211]

British Foreign Secretary Dominic Raab also commented on HSBC's stance, saying "Businesses will make
their own judgment calls, but let me just put it this way – we will not sacrifice the people of Hong Kong
over the altar of banker bonuses".[213]

Since August 2020, HSBC has frozen the accounts of numerous pro-democratic organizations and activists,
and their families, including Jimmy Lai, Ted Hui and the Good Neighbour North District Church.[214][215]

In January 2021, the CEO of HSBC defended its relationship with Chinese authorities in Hong Kong and
freezing of Ted Hui's account to the United Kingdom's parliamentary foreign affairs committee.[216][217]

In February 2021, more than 50 members of the Inter-Parliamentary Alliance on China called for the
immediate unfreezing of funds belonging to Ted Hui and his family,[218][219]
In 2023 an All-party parliamentary group released a report regarding the actions of the bank's operations in
Hong Kong.[220] The report found that HSBC was complicit in human rights abuses by bank's cutting off
the pension plan after the Hong Kong authority cut off pension funding for those that fled the anti-
democratic crackdown on the region. The group was chaired by Alistair Carmichael who stated that the
bank has been "complicit in the repression of the human rights of innocent Hong Kongers".[221]

Sterling Lads (2021)

EU antitrust regulators fined HSBC 174.3 million euros for foreign exchange market rigging by
exchanging sensitive information and trading plans through an online chat room dubbed "Sterling
Lads".[222][223]

Other

Data loss (2008)

In 2008, HSBC issued a statement confirming it had lost a disc containing details of 370,000 customers of
its life insurance business. HSBC said the disc had failed to arrive in the post between offices and it was not
encrypted.[224] The bank was later fined over £3 million by the Financial Services Authority for failing to
exercise reasonable care with regards to data protection in connection with this and other lost customer
information.[225]

Breaching Iran sanctions for Huawei (2009–2014)

From 2009 to 2014, in breach of United States sanctions on Iran, the bank facilitated money transfers in
Iran on behalf of the Chinese company Huawei.[226]

Gaddafi Libya claims (2011)

According to Global Witness and cited by BBC, "billions of dollars of assets" were held by the bank for
the Libyan Investment Authority, controlled by Colonel Muammar Gaddafi. Following Gaddafi's
overthrow the bank declined to reveal information about the funds citing customer
confidentiality.[227][228][229]

Deforestation claims (2012, 2018)

In the report titled "In the Future There Will Be No Forests Left" produced by Global Witness, the bank
was accused of supporting the seven largest Malaysian timber conglomerates, which are responsible for
deforestation in the Malaysian state of Sarawak.[230] The bank declined to divulge its clients, citing client
confidentiality, but maintains that the accusations are not accurate.[231] The environmentalist group
Greenpeace has also alleged that the bank is contributing to the deforestation in Indonesia and subsequent
hazardous impacts in the region by providing funds to palm oil producers for new plantations. The bank
has denied these claims, citing its sustainability policy that prohibits the bank from financing projects that
"damage high conservation value forest."[232]

Money-laundering policies (2014)

The bank was reported to have refused large cash withdrawals for customers without a third-party letter
confirming what the money would be used for.[233] Douglas Carswell, the Conservative MP for Clacton,
was alarmed by the policy: "All these regulations which have been imposed on banks allow enormous
interpretation. It basically infantilises the customer. In a sense, your money becomes pocket money and the
bank becomes your parent."[233]

Payments-processing failures (2015)

In August 2015, the bank failed to process BACS payments resulting in thousands of salaries not paid,
house purchase and payment for essential home care failures.[234]

Spam phone calls (2020)

In January 2020, HSBC agreed to pay a $2.4 million settlement for a lawsuit filed in 2015 by customers
who stated they received spam phone calls from the company.[235]

Racism report (2021)

HSBC banker Ian Clarke alleged a failure of HSBC to retain or promote black and other ethnic minority
staff, a lack of such people in senior positions, and insufficient policies to address these problems. HSBC
did not address the specifics of Clarke's assertions and he resigned shortly thereafter.[236][237]

Climate change (2022)

Stuart Kirk, the bank's global head of responsible investing, was suspended in May due to his speech in
which he said "There's always some nut job telling me about the end of the world." He quit his position in
July, criticising the "cancel culture" in his Linkedin post, and blaming it for his suspension and
resignation.[238] In October, the company had its two advertisements banned due to being misleading about
the company's activities for reducing the effects of climate change. The Advertising Standards Authority
(ASA), who was behind the ban, stated that the posters omitted material information about how HSBC
planned to tackle the climate change and reduce its impact.[239]

Logo
The group announced in November 1998 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 Logo used from 1998 to 2018
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 Logo used from 2018 to present
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 Austrian graphic artist Henry Steiner.[240]
In 2018, HSBC made minor changes to their logo. The wordmark was repositioned from left to the right,
resized to be smaller, and was switched from Serif to a licensed custom font called Univers Next for
HSBC. The logo red was made slightly darker red.[241]

Sponsorships
Having sponsored the Jaguar Racing Formula One team since the
days of Stewart Grand Prix, HSBC ended its relationship with
motorsport after seven years when Red Bull purchased Jaguar
Racing from Ford.[242]

In the mid-2000s, HSBC switched its focus to golf, taking title

The 2004 Jaguar Racing Formula
One car, being driven by Mark
Webber
sponsorship of several events such as the HSBC World Match Play
Championship, HSBC Women's World Match Play Championship
(now defunct), WGC-HSBC Champions, Abu Dhabi HSBC Golf
Championship, HSBC Women's Champions, HSBC Golf Business
Forum and HSBC Golf Roots (a youth development programme).
HSBC was named the 'Official Banking Partner' of the Open
Championship, in a five-year deal announced in 2010.[243]

In October 2010, the International Rugby Board announced that they had concluded a 5-year deal with
HSBC which granted them status as the first-ever title sponsor of the World Sevens Series. Through the
accord, HSBC is paying more than $100 million for the title naming rights to all the tournaments. HSBC
opted to sub-license the naming rights to all but one of the individual tournaments while retaining its name
sponsorship of the overall series and the Hong Kong Sevens.[244] The company also sponsors the Hong
Kong Rugby Union and the New South Wales Waratahs team in Super Rugby. It sponsored British & Irish
Lions during their 2009 tour to South Africa and 2013 tour to Australia.[245]

HSBC is the official banking partner of the Wimbledon Championships tennis tournament, providing
banking facilities on site and renaming the junior event as the HSBC Road to Wimbledon National 14 and
Under Challenge.[246]

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.[247]

Leadership
Group Chairman: Mark Tucker (October 2017 to present)[248]
Chief Executive: Noel Quinn (March 2020 to present)[248][249]

List of former chairmen

The position of group chairman was formed in 1991; the preceding position, Chairman of HSBC (Hong
Kong), has remained a separate position.[250]

1. Francis Chomley (1865–1866)

2. John Dent (1867)
3. Edward Cunningham (1867)
4. Agathon Nissen (1867)
 5. George Hellend (1867–1868)
6. George Heard (1869)
7. Henry Lemann (1870)
8. Richard Rowett (1871–1872)
9. Thomas Pyke (1872–1873)
10. Solomon Sassoon (1873–1874)
11. William Forbes (1874–1875)
12. Adolph von Andre (1875–1876)
13. Emanuel Belilios (1876–1877)
14. Hans Hoppius (1877–1878)
15. Frederick Sassoon (1878–1879)
16. William Forbes (1879–1880); second term
17. William Keswick (1880–1881)
18. Alexander McIver (1881–1882)
19. Henry Liston-Dalrymple (1882–1883)
20. Wilhelm Reiners (1883)
21. Alexander MacEwen (1883–1885)
22. Frederick Sassoon (1885–1886); second term
23. Alexander McIver (1886); second term
24. Max Grote (1886–1887)
25. Charles Bottomley (1887–1888)
26. John Bell-Irving (1888–1889)
27. William Forbes (1889–1890); third term
28. Henry Liston-Dalrymple (1890–1891); second term
29. Jacob Moses (1891–1892)
30. Stephen Michaelsen (1892–1893)
31. Hans Hoppius (1893–1894); second term
32. Charles Holliday (1894–1895)
33. Jacob Moses (1895–1896); second term
34. Alexander McConachie (1896–1897)
35. Stephen Michaelsen (1897–1898)
36. James Jardine Bell-Irving (1898–1899)
37. Roderick Gray (1899–1900)
38. Nicolaus Siebs (1900–1901)
39. James Keswick (1901–1902)
40. Robert Shewan (1902–1903)
41. Abraham Raymond (1903–1905); two consecutive terms
42. Herbert Tomkins (1905–1906)
43. Armin Haupt (1906–1907)
44. George Medhurst (1907–1908)
45. Henry Keswick (1908–1909)
46. William Gresson (1909–1910)
47. Herbert Tomkins (1910–1911); second term
48. Edward Shellim (1911–1912)
49. Francis Armstrong (1913–1914)
50. David Landale (1914–1916)
51. Walter Pattenden (1916–1917)
52. Stanley Dodwell (1917–1918)
53. Percy Holyoak (1918–1919)
54. John Plummer (1919–1920)
55. Edward Parr (1920–1921)
56. George Edkins (1921–1922)
57. George Dodwell (1922–1923)
58. Archibald Lang (1923–1924)
59. Dallas Bernard (1926–1928)
60. Albert Compton (1928–1929)
61. Neilage Brown (1929–1930)
62. John Plummer (1930–1931); second term
63. Charles Mackie (1931–1932)
64. John Paterson (1932–1933)
65. Thomas Pearce (1933–1934)
66. Charles Mackie (1934–1935); second term
67. Stanley Dodwell (1935–1936)
68. John Paterson (1936–1937); second term
69. Geoffrey Miskin (1937–1938)
70. Thomas Pearce (1938–1939); second term
71. Andrew Shields (1939–1940)
72. Harrie Wilkinson (1940–1941)
73. John Paterson (1941–1942); third term
74. Arthur Morse (1941–1953)
75. Cedric Blaker (1954–1958)
76. Michael Turner (1959–1962)
77. Hugh Barton (1962–1963)
78. William Knowles (1964)
79. John Saunders (1964–1972)
80. Guy Sayer (1972–1977)
81. Michael Sandberg, Baron Sandberg (1978–1986)
82. Sir William Purves (1986–1998); Group Chief Executive from 1990 to 1992; group chairman
from 1990 to 1998[251]
83. Sir John Bond (1998–2006)[252]
84. The Lord Green (2006–2010)[253]
85. Sir Douglas Flint (2010–2017)[254]

List of former chief executives

The position of Group Chief Executive was formed in 1991; the preceding position, chief executive of
HSBC (Hong Kong), has remained as a separate position.[250]

1. Victor Kresser (1868–1870)

2. James Greig (1871–1876)
 3. Sir Thomas Jackson (1876–1886)
4. John Walter (1886–1887)
5. Sir Thomas Jackson (1887–1889); second term
6. George Noble (1889–1890)
7. Sir Thomas Jackson (1890–1891); third term
8. François de Bovis (1891–1893)
9. Sir Thomas Jackson (1893–1902); fourth term
10. James Smith (1902–1910)
11. Newton Stabb (1910–1920)
12. Alexander Stephen (1920–1924)
13. Arthur Barlow (1924–1927)
14. Arthur Hynes (1927–1930)
15. Sir Vandeleur Grayburn (1930–1941)
16. Sir Arthur Morse (1941–1953)
17. Michael Turner (1953–1962)
18. Sir Jake Saunders (1962–1964)
19. Hsi-Jui Shen (1964–1972)
20. Guy Sayer (1972–1977)
21. Michael Sandberg, Baron Sandberg (1978–1986)
22. William Purves (1986–1993)[255]
23. John Bond (1993–1998)[256]
24. Keith Whitson (1998–2003)[257]
25. Stephen Green (2003–2006)[253]
26. Michael Geoghegan (2007–2010)[258]
27. Stuart Gulliver (2011–2018)[259]
28. John Flint (2018–2019)[260]

See also
Banks portal

London portal

Companies portal

HSBC lions
List of banks in the United Kingdom
List of buildings and structures in Hong Kong
List of investors in Bernard L. Madoff Investment Securities
Peking University HSBC Business School
Primary dealer
Too big to fail

References
1. "HSBC's history" (https://web.archive.org/web/20130131202233/http://www.hsbc.com/about-
 hsbc/history/hsbc-s-history). HSBC Holdings plc. Archived from the original (https://www.hsb
c.com/about-hsbc/history/hsbc-s-history) on 31 January 2013. Retrieved 4 September 2010.
2. "The Hongkong and Shanghai Bank Ordinance (Numbers 2 and 5 of 1866)" (http://oelawhk.l
ib.hku.hk/items/show/780). Legislative Council of Hong Kong (digitalised by the University of
Hong Kong (Hongkong University Libraries)). Retrieved 21 June 2015.
3. "Consent to Variation of Class Rights, signed, JM Gray, for and on behalf of HSBC Holdings
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External links
Official website (https://hsbc.com/)
Business data for HSBC Holdings plc: SEC filings (https://www.sec.gov/cgi-bin/browse-edg
ar?action=getcompany&CIK=1089113)
HSBC companies (https://opencorporates.com/corporate_groupings/HSBC) grouped at
OpenCorporates

Retrieved from "https://en.wikipedia.org/w/index.php?title=HSBC&oldid=1185849571"