HSBC (Hong Kong)
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The Hongkong and Shanghai Banking Corporation Limited (Chinese: 香港上海滙豐銀行有限公司), commonly abbreviated as HSBC and formerly known as HongkongBank (Chinese: 滙豐; Cantonese Yale: Wuihfūng; styled Wayfoong by the bank), is the Hong Kong–based Asia-Pacific subsidiary of the HSBC banking group, for which it was the parent entity until 1991.
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.jpg) HSBC Main Building (HSBC headquarters), Central, Hong Kong | |
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Native name | 香港上海滙豐銀行有限公司 |
| Formerly | The Hongkong and Shanghai Bank |
| Company type | Public limited company (Origin: Body Corporate formed by Special Ordinance)[1] |
| Industry | Financial services |
| Founded | 3 March 1865 in British Hong Kong[2] Incorporated on 14 August 1866[3] |
| Founder | Sir Thomas Sutherland |
| Headquarters | HSBC Main Building, 1 Queen's Road Central, Central, , Hong Kong |
Key people | Peter Wong (Chairman) David Liao (Co-CEO) Surendra Rosha (Co-CEO) |
| Products | Retail banking, commercial banking, investment banking, mortgage loans, private banking, wealth management, credit cards, finance and insurance |
Number of employees | 20,000 (2024)  |
| Parent | HSBC |
| Subsidiaries |
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| Website | www |
The largest bank in Hong Kong, HSBC operates branches and offices throughout the Indo-Pacific region and in other countries around the world. It is also one of the three commercial banks licensed by the Hong Kong Monetary Authority to issue banknotes for the Hong Kong dollar.
Hong Kong banking
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Under the HSBC brand, the bank maintains a network of around 220 branches throughout Hong Kong, 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.
Headquarters
[change | change source]The HSBC Hong Kong headquarters building is located in No 1 Queen's Road Central in the Central district on Hong Kong Island.[4] It was also home to HSBC Holdings's headquarters until the latter firm's move to London to meet the requirements of the UK regulatory authorities after the acquisition of the Midland Bank in 1992. It was designed by British architect Norman, Lord Foster, and was the most expensive building in the world based on usable floor area at the time it was built.[5]
Hong Kong dollar bank notes
[change | change source]HSBC is one of the three commercial banks which are authorised to issue banknotes for Hong Kong - the other two being the Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong).[6] Of the total notes in circulation measured by value, HSBC is the most prolific issuer, its notes representing 67.7% of those in issue. Hong Kong is unusual in that it is one of the few countries or territories where commercial banks are still permitted to issue their own banknotes.
Closure of bank accounts
[change | change source]In June 2023, it was reported that HSBC had closed the bank accounts of the pro-democracy League of Social Democrats (LSD), and had refused to give reasons for its decision.[7]
References
[change | change source]- ↑ Hong Kong Companies Registry Company registry numbers: SO0000027 and 0263876.
- ↑ "HSBC's history". HSBC Holdings plc. Archived from the original on 31 January 2013. Retrieved 4 September 2010.
- ↑ "The Hongkong and Shanghai Bank Ordinance (Number 2 of 1866)". Legislative Council of Hong Kong (digitalised by the University of Hong Kong (Hongkong University Libraries)). Retrieved 21 June 2015.
- ↑ "Contact Us." HSBC. Retrieved on 12 September 2011. "The Hongkong and Shanghai Banking Corporation LtdThe Hongkong and Shanghai Banking Corporation - Hong Kong Address:GPO Box 64, Hong Kong, 1 Queen's Road Central, Hong Kong SAR, China"
- ↑ "HSBC Headquarters Hong Kong - The World's Most Expensive Building. ilovehongkong.org Retrieved 2018-06-03". Archived from the original on 26 October 2019. Retrieved 3 June 2018.
- ↑ Note-issuing Banks from HKMA website. Retrieved 2018-06-03
- ↑ Mok, Lea (2 June 2023). "HSBC terminates bank accounts of Hong Kong opposition party League of Social Democrats without giving reason". Hong Kong Free Press HKFP. Retrieved 2 June 2023.