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69-529: Hana Financial Group was established as Hana Bank's transition to a holding company. In 2005, Hana Bank was delisted and incorporated into Hana Financial Group as a subsidiary. In 2005, Hana Financial Group acquired Daehan Investment and Securities, then Korea's second-largest asset management company. In 2012, Hana Financial Group acquired a 51.02 percent stake in Korea Exchange Bank (KEB) from Lone Star Funds for KRW 2.02 trillion. Due to opposition from

138-698: A hong trading house in British Hong Kong . The bank was established in 1865 in Hong Kong and opened branches in Shanghai in the same year. It was first formally incorporated in 1866. 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. The next year (1992), HSBC took over Midland Bank and thus became one of

207-601: A joint venture with LINE Financial Asia in 2021. In 2019, Hana Financial Group's subsidiary KEB Hana Bank acquired a 15% stake in Vietnam's BIDV . Korea Exchange Bank The Korea Exchange Bank ( KEB ; Korean :  KEB 외환은행 ) was a bank in South Korea , established in 1967 and eventually merged with Hana Bank in 2015. Korea Exchange Bank was established in 1967 as a government-owned bank specializing in foreign exchange transactions. In January 1975, it started

276-647: A large French bank, for £6.6 billion. 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 $ 1.1 billion. In November 2002, HSBC expanded further in

345-582: A new business unit as Wealth and Personal Banking. 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. In January 2021, HSBC announced that it would be closing 82 branches in Britain. In May 2021, HSBC announced

414-829: A new coal policy and provide further detail on its climate strategy by the end of 2021. The organisation's "Thermal Coal Phase-Out Policy" was published in December 2021. 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. 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 . In June 2022, HSBC announced its intention to sell its business in Russia. This requires approval from

483-535: A new head office building in Hong Kong in 1935. Bank note issuance displaced other forms of the era and of the region, such as silver taels , due to political and economic instability. HSBC gained significant influence as a result. Michael Turner became chief manager in 1953 and set about diversifying the business. His tenure came to an end in 1962 having established The Hong Kong and Shanghai Banking Corporation of California 1955 and having acquired The British Bank of

552-463: A preferred location for money laundering. The United States Department 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." 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." In July 2013, Alan Keir

621-509: A record $ 1.92 billion fine in this money laundering case. It was reported that bank officials consistently overlooked internal warnings about the inadequacy of HSBC's monitoring systems, according to the Justice Department. For example, in 2008, the CEO of HSBC Mexico was reportedly informed by Mexican law enforcement about a recording of a Mexican drug lord, who indicated that HSBC Mexico was

690-412: A representative office. HSBC announced renaming of its Personal Financial Services (PFS) business group to Retail Banking and Wealth Management (also known as RBWM) on HSBC's 2011 Investor Day. On 11 May 2013, the new chief executive Stuart Gulliver announced that HSBC would refocus its business strategy and that a large-scale retrenchment of operations, particularly in respect of the retail sector,

759-506: A securities business, and in April 1978 launched Korea's first credit card service. It was the official sponsor bank for 1986 Asian Games & 1988 Summer Olympics . KEB was partly privatized in 1989 through a so-called citizen share ownership plan, following which the government retained a 51-percent equity stake while the other 49 percent were distributed widely to the Korean citizenry, and

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828-401: A total 470 branches before divestments. On 9 August 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 it was announced that HSBC sought to sell its general insurance business for around $ 1 billion. In 2012, HSBC was the subject of hearings of

897-570: A £12.5 billion (US$ 17.7 billion; HK$ 138 billion) 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. On 25 April 2011, HSBC decided to shut down its retail banking business in Russia and reduce its private banking presence to

966-569: Is a 90% HSBC-owned joint venture. In November 2022, HSBC announced its intention to exit the Canadian market. Royal Bank of Canada would acquire 100% of the common shares of HSBC Canada for an all-cash purchase price of $ 13.5 billion, 9.4 times HSBC Canada's estimated 2024 earnings. Completion of the transaction is expected by late 2023, subject to regulatory approvals. HSBC has been under pressure to cut costs and divest non-Asian businesses. In February 2023, HSBC announced that its profits for

1035-473: 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$ 2.919  trillion as of December 2023. In 2021, HSBC had $ 10.8 trillion in assets under custody (AUC) and $ 4.9 trillion in assets under administration (AUA). HSBC traces its origin to

1104-570: The 2002 FIFA World Cup in Korea and Japan , KEB was the first Korean bank to export South Korean won to another nation, by exporting bundles of 10,000 won notes to Japan . Korea Exchange Bank was acquired in 2003 by Lone Star Funds , a private U.S. equity fund, as part of the general reorganization of the South Korean financial sector following the Asian financial crisis . In 2006, Lone Star tried to sell

1173-694: The Bank of Communications of Shanghai. In the United Kingdom HSBC acquired Marks & Spencer Retail Financial Services Holdings Ltd for £763 million in December 2004. Acquisitions in 2005 included Metris Inc, a US credit card issuer for $ 1.6 billion in August and 70.1% of Dar es Salaam Investment Bank of Iraq in October. In April 2006, HSBC bought the 90 branches in Argentina of Banca Nazionale del Lavoro for $ 155 million. In December 2007 HSBC acquired

1242-705: The Hong Kong Stock Exchange and London Stock Exchange and is a constituent of the Hang Seng Index and the FTSE 100 Index . It has secondary listings on the New York Stock Exchange , and the Bermuda Stock Exchange . HSBC has been implicated in a number of controversies and the bank has been repeatedly fined for money laundering (sometimes in relation to major criminal organizations such as

1311-820: The Sinaloa cartel ) or setting up large scale tax avoidance schemes. After the British established Hong Kong as a crown colony in the aftermath of the First Opium War , merchants from other parts of the British Empire, now in Hong Kong, felt the need for a bank to finance the growing trade, through Hong Kong and sometimes also through Shanghai, between China and India , the rest of the British Empire and Europe, of goods, produces and merchandises of all kinds, but especially opium , cultivated in or transited (re-exported) through

1380-420: 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. 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 ), was disregarding terrorist financing links and

1449-576: 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 . In response, HSBC stated that it

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1518-564: The Americas, Europe and the Middle East. In particular, Hana Financial Group has substantial equity investments in banks in China, Indonesia and Vietnam. In 2007 Hana Financial Group established a subsidiary in China, Hana Bank China. In 2009 Hana Bank China was licensed to perform transactions involving Renminbi and debit card transactions. A year later, Hana Financial Group acquired an 18.44% stake in

1587-557: The Bank of Jilin Co. Ltd. In January, 2011 the group entered into a strategic alliance with the China Merchants Bank. Bank Bintang Manunggal was acquired by Hana Financial Group in 2007, and renamed PT. Bank Hana in 2008. The Indonesian subsidiary of Hana Financial Group acquired Bank KEB Indonesia as part of the group's global acquisition in 2014, and recently established LINE BANK by Hana Bank,

1656-535: The Banking Act of South Korea, Article 2 defines, "The term "non-financial business operator" means a person falling under any of the following items: (a) The same person with respect to which the total amount of gross capital (referring to the gross amount of assets less the gross amount of debts, on the balance sheet; hereinafter the same shall apply) of persons who are non-financial companies (referring to companies that run such non-financial businesses as determined by

1725-635: The Chinese Bank in Taiwan. In May 2008, HSBC acquired IL&FS Investment, an Indian retail broking firm. On August 3, 2008, HSBC began its banking operations in Algeria with the opening of a branch in Algiers. 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

1794-536: The International Center for Settlement of Investment Disputes (ICSID). Lone Star Funds alleged the Korean regulatory authorities' failures to approve the purchase by third parties of the claimant's stake in Korea Exchange Bank, and the unfair imposition of arbitrary capital gains taxes on the sale by Korean tax authorities. Lone Star claimed that the delay of approving Lone Star's sale of KEB shares until

1863-806: The KEB labor union, the merger between KEB and Hana Bank was delayed until 2015, and the two banks operated independently under the Hana Financial Group umbrella. An arbitration suit for additional compensation filed by Lone Star was dismissed in May 2019. Hana Financial, Inc. (Los Angeles, CA, USA) is not a member of Hana Financial Group. Founded in 1994, Hana Financial, Inc. is a non-bank financial institution , which offers factoring, asset based lending, and SBA lending. Hana Financial, Inc. has about $ 2 billion in annual factoring and loan originations. Subsidiaries of Hana Financial Group are active in 24 countries, spanning Asia,

1932-798: The Middle East and the Mercantile Bank (based in India) in Aug 1959. Turner was succeeded in 1962 by Jake Saunders . In 1964 the Chief Managership was superseded as the top executive role in the bank by an Executive Chairmanship. During the Konfrontasi period in the 1960s, a group of Indonesian forces bombed the MacDonald House building in Singapore (at the time used by HSBC) just a few months after Singapore

2001-495: The Presidential Decree; hereinafter the same shall apply) is not less than 25/100 of the total amount of gross capital of persons who are companies; (b) The same person with respect to which the total amount of gross capital of persons who are non-financial companies is not less than such an amount as prescribed by the Presidential Decree, which is not less than two trillion won; and (c) A securities investment company under

2070-528: The Raj . The founder, Thomas Sutherland of the Peninsular and Oriental Steam Navigation Company , wanted a bank operating on "sound Scottish banking principles". Still, the original location of the bank was considered crucial and the founders chose Wardley House in Hong Kong since the construction was based on some of the best feng shui in colonial Hong Kong . After raising a capital stock of HK$ 5 million,

2139-624: The Russian government, and the deal is expected to close in the first half of 2024. The projected loss is $ 300 million. A possible buyer is the Russian Expobank . In February 2024, the President of Russia allowed HSBC and Expobank to carry out this transaction. In July 2022, HSBC became the first foreign lender to open a Chinese Communist Party (CCP) committee in its Chinese investment banking subsidiary. The subsidiary, HSBC Qianhai Securities,

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2208-650: The Securities Investment Company Act (hereinafter referred to as the "securities investment company") with respect to which a person as referred to in item (a) or (b) holds more than 4/100 of the total number of the issued stocks (referring to the case that the same person owns stocks under his or another person's name or has voting rights to them through a contract, etc.; hereinafter the same shall apply)." Therefore, Lone Star Funds might have been considered as non-financial business operator. In 2003, Lone Star Funds tried to acquire Korea Exchange Bank. It

2277-631: The UK-based Midland Bank and the impending transfer of sovereignty of Hong Kong to China. HSBC Holdings' acquisition of Midland Bank was completed in 1992 and gave HSBC a substantial market presence in the United Kingdom. As part of the takeover conditions for the acquisition of the bank thereof, HSBC Holdings plc was required to relocate its world headquarters from Hong Kong to London in 1993. Major acquisitions in South America started with

2346-459: The United States. Under the chairmanship of John Bond, it spent £9 billion (US$ 15.5 billion) 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 ,

2415-653: The bank commenced operations on 3 March 1865. It opened a branch in Shanghai in April of that year and started issuing locally denominated banknotes in both the Crown Colony and Shanghai soon afterwards. The bank was incorporated in Hong Kong as The Hongkong and Shanghai Banking Corporation by the Hongkong and Shanghai Bank Ordinance (Numbers 2 and 5 of 1866), and a branch in Japan was also established in Yokohama in 1866. Shares of

2484-428: The bank in 2007. In February 2012, Hana Financial Group completed its ₩ 4.4 trillion (equivalent to ₩4.68 trillion or US$ 4.14 billion in 2017) purchase of Korea Exchange Bank from Lone Star Funds and Export–Import Bank of Korea . Issues arose in the process of the acquisition and sale of KEB by Lone Star, which caused conflicts between Lone Star Funds and South Korean regulatory authorities. According to

2553-406: The bank reportedly telling Mossack Fonseca it was "comfortable" with Rami Makhlouf as a customer, even though US Treasury sanctions against him were in effect at the time. 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

2622-630: The bank were one of 13 securities initially traded on the Shanghai Stock Exchange , and were traded on that exchange until the Japanese closed the exchange in 1941 . Sir Thomas Jackson became chief manager in 1876. During his twenty-six-year tenure, the bank became a leader in Asia. A period of expansion followed, with new buildings constructed in Bangkok (1921), Manila (1922) and Shanghai (1923), and

2691-670: The bank's international compliance procedures", but subsequent investigation indicated that it was accurate and proved that the bank was involved in money laundering for the Sinaloa Cartel and throughout Mexico . In July 2006, HSBC announced that it would acquire Westpac 's 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. In 2007, HSBC wrote down its holdings of subprime-related mortgage securities by $ 10.5 billion, becoming

2760-560: 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. 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." According to analyst Colin Morton, "the takeover was an absolute disaster". In March 2009, it announced that it had made US$ 9.3 billion of profit in 2008 and announced

2829-446: 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. US Senate investigators in 2012 had sought the hacked HSBC account records from Falciani and French authorities, but never received

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2898-407: The company to the highest bidder, Kookmin Bank , but the plan was scrapped when it faced investigations by South Korean prosecutors and regulators. In September 2007, HSBC agreed to purchase a controlling stake for $ 6 billion, but the sale was not approved by the South Korean government. In September 2008, Kookmin Bank and Hana Bank were considered for a takeover of KEB after HSBC failed to acquire

2967-581: The conclusion of the Board of Audit and Inspection, in November 2006, the prosecution started an investigation on the issue and prosecuted Kang-won Lee, the former president of Korea Exchange Bank, for breach of duty. In November 2008, the trial court ruled for Lee, and the verdict did not change in both appellate court and the Supreme Court. From January 2006, Lone Star Funds pursued the sale of KEB. However, during

3036-575: The data. 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. In 2015, HSBC was recognised as the most trusted foreign bank in India by The Brand Trust Report 2015. 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

3105-653: The division was the second largest subprime lender in the United States. The new headquarters of HSBC Holdings at 8 Canada Square , London officially opened in April 2003. 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. In September 2003 HSBC bought Polski Kredyt Bank SA of Poland for $ 7.8 million. In June 2004 HSBC expanded into China buying 19.9% of

3174-413: 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. The bank said it intends to focus on the banking and wealth management needs of globally connected affluent and high net worth clients. In May 2021, HSBC committed to end the financing of the coal industry , with a commitment to publish

3243-456: The first major bank to report its losses due to the unfolding subprime mortgage crisis . 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, HSBC announced that it would shut down

3312-405: The forced sale was illegitimate because it was upon the hostility of public opinion against Lone Star Funds, and the delay caused the financial loss because they had lost other chances to sell at a higher price due to the delay. In addition, Lone Star claimed that South Korea's tax authorities applied inconsistent and arbitrary standards for the transfer income tax regarding the sale of KEB shares for

3381-468: The largest domestic banks in the United Kingdom. HSBC has offices, branches and subsidiaries in 62 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 39 million customers. As of 2023, it was ranked no. 20 in the world in the Forbes rankings of large companies ranked by sales, profits, assets, and market value. HSBC has a dual primary listing on

3450-536: The last quarter of 2022 had almost doubled compared to those at the same time the previous year. However, its pre-tax profit actually fell because it absorbed the cost of selling its French retail banking operations. 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 . As interest rates increased globally in May 2023, HSBC Holdings reported

3519-513: 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

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3588-449: 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. HSBC's board of directors had reportedly been split over the succession planning and investors were alarmed that the row would damage the company. On 23 September 2010, Geoghegan announced he would step down as chief executive of HSBC. He

3657-480: The period, there were ongoing investigations and trials regarding KEB, and thus South Korea's financial regulators did not approve each attempt. The disapproval was because the potential possibility of Lone Star's invalid ownership depending on the results of the trial. In September 2007, Lone Star Funds and HSBC had a preliminary agreement for the sale of KEB. However, the Financial Services Commission

3726-548: The purchase of the Banco Bamerindus of Brazil for $ 1 billion in March 1997 and the acquisition of Roberts SA de Inversiones of Argentina for $ 600 million in May 1997. In May 1999, HSBC expanded its presence in the United States with the purchase of Republic National Bank of New York for $ 10.3 billion. Expansion into Continental Europe took place in April 2000 with the acquisition of Crédit Commercial de France ,

3795-434: The purpose of extracting the maximum amount of taxes from Lone Star. For the compensation, Lone Star Funds demands about $ 4.7 billion, and the arbitration is ongoing in 2020. This bank and insurance -related article is a stub . You can help Misplaced Pages by expanding it . HSBC HSBC Holdings plc ( Chinese : 滙豐 ; initialism from its founding member The Hongkong and Shanghai Banking Corporation )

3864-478: 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. 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." In August 2011 "to align our U.S. business with our global network and meet

3933-492: Was able to acquire the bank at the price of about 1.3 billion dollars as of October 2003. However, after the acquisition, as the stock price of Korea Exchange Bank rose, Lone Star got about $ 1 billion of appraisal profit within 3 months. Therefore, in the National Assembly inspection of 2005, is arisen the suspicion that Korea Exchange Bank was sold at a significantly lower price than its fair market value because BIS ratio

4002-614: Was actively circumventing US safeguards designed to prevent 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". On 11 December 2012, HSBC agreed to pay

4071-488: Was against financial crime, and that the case "highlights the need for greater information sharing between the public and private sectors." On 1 October 2017, Mark Tucker succeeded Douglas Flint as group chairman of HSBC, the first non-executive and outside chairman appointed by the group. 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. It

4140-436: 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 divisions. 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 . In February 2015 the International Consortium of Investigative Journalists released information about

4209-449: Was assessed with the pessimistic scenario, given that KEB's BIS ratio had been assessed between 8.24% and 9.14% according to the three reports written between May 17, 2003, and July 16, 2003. Thus, the National Assembly ordered the Board of Audit and Inspection to investigate the suspicion. In June 2006, the Board concluded that the BIS ratio of 6.16% was assessed as unreasonably low under the unrealistically pessimistic scenario. Following

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4278-414: Was controversial because, according to the Banking Act, a non-financial business operator is not entitled to acquire a bank unless a bank's BIS ratio is below 8%. Consequently, the president of KEB, Kang-won Lee sent a report that Korea Exchange Bank's BIS ratio was assessed as 6.16% as of July 25, 2003. Based on the report, the Financial Supervisory Service approved the acquisition. Hence, Lone Star Funds

4347-526: 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. Noel Quinn was subsequently appointed to the role on a permanent basis in March 2020. In February 2020, HSBC announced it would cut 35,000 jobs worldwide after it was announced corporate profits decreased by 33% in 2019. In 2020, HSBC announced merging two of its business lines: Retail Banking and Wealth Management & Global Private Banking to form

4416-405: Was granted its independence from Malaysia. Three people were killed, 33 injured, and the two Indonesian military officers responsible for the bombing were tried and executed. The present building in Hong Kong was designed by Sir Norman Foster and was held as one of the most expensive and technologically advanced buildings in the world in 1986, costing HK$ 5.3 billion. On 6 October 1989, it

4485-421: 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

4554-411: Was registered as a regulated bank with the Banking Commissioner of the Government of Hong Kong . HSBC Holdings plc, originally incorporated in England and Wales, was a non-trading, dormant shelf company when it completed its transformation on 25 March 1991 into the parent holding company to the Hongkong and Shanghai Banking Corporation Limited now as a subsidiary, in preparation for its purchase of

4623-417: Was still holding off on the approval. After the 2008 global financial crisis, on September 19, 2008, HSBC gave up the acquisition of KEB. Eventually, on February 9, 2012, Lone Star Funds were forced to sell the KEB to Hana Financial Group due to the guilty verdict from the Korea Exchange Bank Credit Service stock manipulation case. On November 22, 2012, Lone Star brought arbitration against South Korea before

4692-424: 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

4761-416: Was then one of Korea's leading commercial banks. In April 1994, its shares were Listed on the Korea Exchange . Following the 1997 Asian financial crisis , Commerzbank invested $ 249 million into KEB in 1998 and acquired a 30 percent equity stake, mainly by converting prior credit to KEB into equity. In June 2002, KEB introduced ATM services in foreign currency , a first for Korea. That same year during

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