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117-465: The Suffolk House refers to two early residences built on the same site located some four miles west of George Town, Penang , Malaysia . Located on the banks of the Air Itam ("Black Water") River, the earliest of the two buildings is notable for having served as the residence of Francis Light , the founder of the first British settlement on Penang. Following Light's death in 1794, and with Penang becoming
234-698: 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
351-529: A Charter of Justice was granted which mandated the establishment of a "Court of Judicature" composed of the Governor, a recorder and three councillors. The high court was inaugurated at Fort Cornwallis in the following year, with Edmond Stanley as recorder. With the establishment of the court, George Town became the first settlement in British Malaya to possess a modern judicial system. In 1826, George Town
468-457: A brain drain which left it without the expertise to regulate urban development and arrest its decline. In response, George Town's civil societies banded together and galvanised public support for the conservation of historic buildings, and to restore the city to its former glory. Following subsequent heritage conservation efforts, a portion of the city centre was designated a UNESCO World Heritage Site in 2008. Widespread resentment over
585-502: A city shall continue to be preserved and maintained and shall remain unimpaired by the merger hereby effected". George Town had benefitted from a real estate boom towards the end of the 20th century, but in 2001, the Rent Control Act was repealed, worsening the depopulation of the city's historical core and leaving colonial-era buildings in disrepair. The city also suffered from incoherent urban planning, poor traffic management and
702-729: A fortress before the outbreak of fighting, the British high command led by Lieutenant-General Arthur Percival decided to abandon the island and secretly evacuate George Town's European population, leaving the settlement's Asian residents undefended against the Japanese advance. According to historian Raymond Callahan, "the moral collapse of British rule in Southeast Asia came not at Singapore, but at Penang". The Imperial Japanese Army (IJA) seized George Town on 19 December without encountering any resistance. During Japanese occupation , George Town
819-524: A growth in the private sector. George Town's jurisdiction was expanded by the Malaysian federal government to encompass the entirety of Penang Island and the surrounding islets in 2015. This expansion resulted in an enlargement of the city government's manpower and responsibilities, as well as enhancing the regulation of heritage conservation. The jurisdiction of George Town covers an area of approximately 306 km (118 sq mi), encompassing
936-647: 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
1053-582: 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
1170-829: 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
1287-535: 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
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#17328561603651404-565: A non-European gentry and middle class, which in turn fostered nascent intellectual activities and political movements. George Town, according to historian Mary Turnbull , emerged as "a Mecca for Asian intellectuals", who perceived it to be more intellectually receptive than Singapore. The settlement was a centre for reformist newspapers, and attracted political and intellectual figures such as Rudyard Kipling , W. Somerset Maugham and Sun Yat-sen . However, political turmoil in Qing China and
1521-545: A non-government organisation, which is concerned with the conservation and preservation of Malaysia's built heritage. The house and garden are open for public walkabout daily and guided tours are on offer. The first owners of the Suffolk House remains has been disputed, as to whether the present house was built for Light or Phillips. Light's will indicates that he bequeathed his common-law wife, Martina Rozells, "...the pepper gardens with my garden house, plantations and all
1638-644: A population of 794,313 as of 2020 . Classified as a "Gamma −" city , the second highest in Malaysia after Kuala Lumpur , George Town is the commercial centre for northern Malaysia and one of the few high-income economies of the cities outside the Klang Valley . According to Euromonitor International and the Economist Intelligence Unit , George Town has the highest potential for revenue growth among all Malaysian cities and contributed nearly 8 per cent of
1755-463: 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
1872-509: 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
1989-412: 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,
2106-488: A system in 1792 whereby matters of justice were partially delegated to local leaders. This decision was ratified by Lieutenant-Governor George Leith in 1800. However, further legal disputes meant that under the directives of the Bengal Presidency , this system was replaced by a set of regulations in 1805, drafted by Leith and revised by John Dickens, the presidency's appointed judge and magistrate for Penang. In 1807,
2223-852: A tin mining boom in the Malay Peninsula , the Port of Penang became a leading exporter of tin. By the end of the 19th century, George Town emerged as the foremost financial centre of British Malaya, as mercantile firms and international banks were established. Throughout the century, George Town's population grew rapidly in tandem with economic prosperity. Between 1797 and 1830, an influx of immigrants from all over Asia quadrupled its population. A cosmopolitan population emerged, comprising Chinese , Malay , Indian , Peranakan , Siamese and migrants of mixed European-Asian lineage referred to as "Eurasians". The population growth also created social problems, such as inadequate health facilities and rampant crime, with
2340-401: 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
2457-570: 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
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#17328561603652574-569: 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
2691-473: 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
2808-571: Is a detached double-storey building of Euro-Indian Georgian styling. George Town, Penang George Town is the capital of the Malaysian state of Penang . It is the core city of the George Town Conurbation , Malaysia's second largest metropolitan area with a population of 2.84 million and the second largest metropolitan economy in the country. The city proper spans an area of 306 km (118 sq mi) encompassing Penang Island and surrounding islets, and had
2925-464: Is shaped by centuries of intermingling between various cultures and religions. It has also gained a reputation as Malaysia's gastronomical capital for its distinct culinary scene . The preservation of these cultures contributed to the designation of the city centre of George Town as a UNESCO World Heritage Site since 2008. George Town was named in honour of King George III , the ruler of Great Britain and Ireland between 1760 and 1820. Prior to
3042-457: Is situated. Over the centuries, the built-up area of George Town has expanded in three directions – along the island's northern coast, south down the eastern shoreline and towards Penang Hill to the west. The surrounding islets within George Town's jurisdiction are Jerejak , Andaman , Udini, Tikus , Lovers' , Betong , Betong Kecil, Kendi and Rimau islands. The riverine systems within
3159-672: Is the busiest cruise terminal in the country. Established as an entrepôt by Francis Light in 1786, George Town was the first British settlement in Southeast Asia , and its proximity to maritime routes along the Strait of Malacca attracted an influx of immigrants from various parts of Asia. It became the capital of the Straits Settlements in 1826, only to lose its administrative status to Singapore in 1832. Shortly before Malaya attained independence from Britain in 1957, George Town
3276-444: Is the densest in the country. Batu Lancang has the largest proportion of Chinese residents in any state constituency. Due to George Town's predominantly Chinese population and the longstanding political consciousness, the city has been regarded as a stronghold for the incumbent Pakatan Harapan (PH) coalition. As of 2023 , non-Malays formed the majority in 15 out of the 19 state constituencies in George Town, particularly around
3393-694: 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
3510-547: The Battle of Penang where the Imperial German Navy cruiser SMS Emden sank two Allied warships off the settlement. World War II , on the other hand, caused unprecedented social and political turmoil in George Town. In mid-December 1941, the settlement was subjected to severe Japanese aerial bombardment , forcing inhabitants to flee George Town and take refuge in the jungles. While Penang Island had been designated
3627-568: The British High Commissioner held the power to appoint six more. In 1956, George Town became Malaya's first fully-elected municipality and in the following year, it was granted city status by Queen Elizabeth II . This made George Town the first city within the Malayan Federation, and by extension, Malaysia. During the early years of Malaya's independence, George Town retained its free port status, which had been guaranteed by
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3744-705: 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
3861-613: The Köppen climate classification ( Af ). Weather forecast in George Town is served by the Penang Meteorological Office at Bayan Lepas , which acts as the primary weather forecast facility for northwestern Peninsular Malaysia. The city experiences relatively consistent temperatures throughout the course of the year, with an average high of about 32 °C and an average low of 24°C. It sees on average about 2,477 millimetres (97.5 in) of precipitation annually. Its proximity to
3978-560: The Penang Botanic Gardens and the 2,562 ha (25.62 km ) Penang National Park , was inscribed as a UNESCO Biosphere Reserve in recognition of the area's biodiversity. As land scarcity is a pressing issue in George Town, land reclamation has been extensively undertaken at high-demand areas, such as at Tanjong Tokong and Bayan Lepas . Between 1960 and 2015, George Town expanded by more than 9 km (3.5 sq mi) due to land reclamation that altered much of
4095-457: The Penang state government under an extendable one-year term. As of 2023 , one of the 24 councillor positions has been allocated to the city's non-governmental organisations (NGOs), while the remaining 23 are occupied by component parties of the ruling state government. The mayor since 2023 is Rajendran P. Anthony, the second mayor of Indian descent in the city's history after D. S. Ramanathan and
4212-820: 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
4329-559: The State Assembly Building in Light Street since 1959. George Town is represented by six Members of Parliament and 19 state constituencies . Prior to 2023, state elections had been conducted simultaneously with nationwide general elections every five years. Tanjong is the smallest parliamentary constituency in Malaysia by area. Padang Kota is the least populated state constituency by population, while Pengkalan Kota
4446-550: The Straits Settlements . A Municipal Commission for George Town came into being the following year. In 1957, prior to Malaya's independence , Queen Elizabeth II granted George Town city status, making it the first city in the new nation. By then, George Town had also become the first municipality in Malaya to have a fully-elected local government. Following the Indonesia–Malaysia confrontation , local government elections across
4563-420: 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
4680-509: The city centre . In the 2023 state election , PH retained 17 of George Town's state constituencies, with the far-right Perikatan Nasional (PN) opposition bloc seizing two of the Malay-majority seats at the western edge of the city. Parliamentary constituencies State constituencies HSBC HSBC Holdings plc ( Chinese : 滙豐 ; initialism from its founding member The Hongkong and Shanghai Banking Corporation )
4797-572: The founding of Singapore . The mansion remained in use as a governor's residence until the completion of The Residency in 1890, after which it was relegated to general government functions before being sold to Lim Cheng Teik. In 1928, Lim sold the building and land to Reverend P.L. Peach of the Methodist Church of Malaya for $ 40,000 ( Straits Settlement dollars) for the purpose of housing the Anglo-Chinese High School, later to become
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4914-473: The local Methodist Boys' School . A smaller school building containing 12 classrooms was built near the original north porch of the mansion in 1955. In 1956, the Methodist Church submitted plans to have Suffolk House demolished and to have new school buildings built over it. The President of the Municipal Council, John Sjovald Hoseason Cunnyngham-Brown, persuaded the school to retain the mansion but build on
5031-576: 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
5148-423: The British to enlarge and reinforce Fort Cornwallis as the garrison for the settlement. Local governance committees were formed from 1796 to resolve specific matters of administration. However, there were no unified legal systems in place to maintain order in the settlement. Light, who believed that feudal laws instituted by the newly-immigrated settlers were incompatible with British law , initially implemented
5265-457: The British. The George Town City Council enjoyed full financial autonomy and by 1965, it was the wealthiest local government in Malaysia, with an annual revenue almost double that of the Penang state government . This financial strength allowed the Labour -led city government to implement progressive policies, and to take control of George Town's infrastructure and public transportation. These included
5382-483: The Central Area Transit (CAT) bus service in collaboration with Rapid Penang . In 2025, MBPP projected its estimated revenue at RM433.3 million and an estimated expenditure of RM466.3 million, which included allocations for smart city projects, economic growth, cleanliness, sustainability and urban mobility. After Pakatan Rakyat (predecessor to the incumbent Pakatan Harapan ) was voted into power in 2008 ,
5499-635: 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
5616-851: The George Town City Council and the Penang Island Rural District Council were merged to form the Penang Island Municipal Council. This led to a prolonged debate over George Town's city status, in spite of Clause 3 of the Local Government (Merger of the City Council of George Town and the Rural District Council of Penang Island) Order, 1974, which stated that "the status of the City of George Town as
5733-429: The George Town City Council in 1966. Local government elections nationwide were also suspended in the aftermath of the Indonesia–Malaysia confrontation , never to be reinstated. The period of relative prosperity vis-à-vis the rest of Malaysia came to an end in 1969, when the Malaysian federal government rescinded George Town's free port status. This sparked massive unemployment, brain drain and urban decay within
5850-852: 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
5967-528: 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,
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#17328561603656084-624: 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,
6201-631: 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
6318-459: 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 ,
6435-425: The arrival of the British, the geographical area had been known as Tanjung Penaga , due to the abundance of penaga laut trees ( Calophyllum inophyllum ) found at the cape ( tanjung ) of the city. The city is often mistakenly spelled as "Georgetown", which was never the city's official name. This misspelling may be due to confusion with other places worldwide that share the same name. In common parlance,
6552-701: 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
6669-406: 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
6786-418: 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
6903-562: 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
7020-511: 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
7137-446: 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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#17328561603657254-465: The cape, it was densely covered in jungle. After the area was cleared, Light oversaw the construction of Fort Cornwallis , the first structure in the newly established settlement. The first roads of George Town – Light , Beach , Chulia and Pitt streets – were created in a grid-like configuration. This urban planning method facilitated the easy division, transaction and assessment of land, as well as efficient military deployment. The grid pattern
7371-405: The city include the Kluang, Dua, Glugor and Pinang rivers. The Pinang River, which is 3.5 km (2.2 mi) long, flows through the city centre. Penang Hill, with a height of 833 m (2,733 ft), is the highest point in Penang, serving as a water catchment area and a green lung for the city. In 2021, the 12,481 ha (124.81 km ) Penang Hill Biosphere Reserve, which includes
7488-501: The city of George Town is also called " Penang ", which is the name of the larger state. In 1771, Francis Light , a former Royal Navy captain, was instructed by the British East India Company (EIC) to establish trade relations in the Malay Peninsula . He arrived in Kedah , a Siamese vassal state facing threats from the Bugis of Selangor . Kedah's ruler Sultan Muhammad Jiwa Zainal Adilin II offered Light Penang Island in exchange for British military protection. Light noted
7605-470: The city's decline also resulted in the then opposition Pakatan Rakyat bloc (now Pakatan Harapan ) wresting power in Penang from the incumbent Barisan Nasional (BN) administration in the 2008 state election . The newly-elected state government took a more inclusive approach to heritage conservation and sustainable urban development, while concurrently pursuing economic diversification . The city has since witnessed an economic rejuvenation, boosted by
7722-403: The city's eastern shoreline. In 2023, a massive reclamation project commenced off Batu Maung to build the 920 ha (9.2 km ) Silicon Island, envisioned as a new hub for high-tech manufacturing and commerce. Reclamation projects to create Gurney Bay and the nearby mixed-use precinct of Andaman Island are also ongoing. George Town features a tropical rainforest climate , under
7839-401: The city. The federal government also began channelling resources towards the development of Kuala Lumpur and Port Klang , leading to George Town's protracted decline. To revive Penang's fortunes, newly-elected Chief Minister Lim Chong Eu launched the Komtar project in 1974 and spearheaded the establishment of the Bayan Lepas Free Industrial Zone (Bayan Lepas FIZ) which, at the time,
7956-404: The country have been suspended since 1965. The Penang Island City Council (MBPP), headquartered in the City Hall , carries out the official administrative and legislative duties of the city. One of the two city governments in Penang, MBPP is led by a mayor , assisted by a secretary and 24 councillors who perform oversight responsibilities over 19 departments. Each councillor is appointed by
8073-405: The country's personal disposable income in 2015, second only to Kuala Lumpur. Its technological sector, anchored by hundreds of multinational companies , has made George Town the top exporter in the country . The Penang International Airport links George Town to several regional cities, while a ferry service and two road bridges connect the city to the rest of Peninsular Malaysia. Swettenham Pier
8190-472: 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
8307-599: 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
8424-421: The entirety of Penang Island and nine surrounding islets. George Town is slightly more than two-fifths the size of Singapore . The 295 km (114 sq mi) Penang Island has an uneven terrain with a mountainous topography down the middle. The island's coastal plains are narrow, with the most extensive plain located at the northeastern cape, where the 25.5 km (9.8 sq mi) city centre
8541-440: The estate until his death in 1794. On the purchase of the land from Light's estate in 1805, William Edward Phillips began the works of a Georgian -styled mansion called Suffolk Park. At the time of the mansion's construction, he was not the governor of the island, but later became the governor. Penang at the time, barely had 120 European residents, many of whom were trades people and merchants. The mansion subsequently served as
8658-524: The event of Penang's absorption into Malaya's customs union, the Penang Secessionist Committee was founded in 1948 and attempted to avert Penang's merger with Malaya. A petition at the time warned that the incorporation of Penang into Malaya would "reduce it to the churn of filth of a fishing village... trade assiduously built up during the last one and a half centuries will be turned to nothing, entailing untold monetary losses and hardship to
8775-413: 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
8892-456: 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
9009-507: The first political election ever held in the settlement. Although the committees were organised ad hoc and lacked regulatory power, these early measures marked the beginning of a systematic approach to municipal governance in Penang. In 1856, the India Board , an administrative body of British India , passed Act No. XXVII, which mandated the appointment of Municipal Commissioners and taxation of
9126-738: The first settlement in British Malaya to be liberated from the Japanese. After a period of military administration , the British dissolved the Straits Settlements in 1946 and merged the Crown Colony of Penang into the Malayan Union , which was then replaced with the Federation of Malaya in 1948. At first, the impending annexation of the British colony of Penang into the vast Malay heartland proved unpopular among Penangites. Partly due to concerns that George Town's free port status would be at risk in
9243-538: The first since 2015. MBPP's current urban planning strategy is set out in the Penang Island Local Plan 2030 , first published in 2022. The city government is responsible for municipal services including waste management, public maintenance and community service. It is also involved in major infrastructural projects such as the Jalan Bukit Kukus Paired Road . Since 2009, it has operated
9360-405: The fourth presidency of India in 1805, a newer Suffolk House replaced the original house, assuming multiple roles before it was later neglected and subsequently restored. The original Suffolk House served as Francis Light 's residence and has been described as a simple Anglo-Indian Garden House style of timber and attap construction, built within his pepper estate called Suffolk. Light lived on
9477-617: The house were hampered by complications, including problematic land transfers and waning interest. In 1993, the Penang Heritage Trust conducted structural studies and stabilisation works on the buildings with assistance from the SACON Heritage Unit, an organisation based in South Australia ( Adelaide , the capital of South Australia, was surveyed and laid out by Francis Light's son, William Light ). The Suffolk House Committee
9594-582: The influx of Chinese migrants posed security concerns among the British authorities. Sun chose George Town as the headquarters for revolutionary activities by the Tongmenghui in Southeast Asia that eventually launched the Wuchang Uprising , a precursor to the Xinhai Revolution that ushered in the beginning of Republican China . George Town emerged from World War I relatively unscathed, except for
9711-401: The island of Sumatra makes George Town susceptible to dust particles carried by wind from transient forest fires that cause the perennial Southeast Asian haze . In 1796, a committee was formed to record trade revenue, and another committee responsible for property valuation was established in 1800. The latter committee was assembled through an election of ratepaying representatives, making it
9828-455: The island on 17 July that year. They took formal possession of the island "in the name of King George III of England " on 11 August. Penang Island was renamed Prince of Wales Island after the heir to the British throne . George Town was the first British colonial possession in Southeast Asia and marked the beginning of the gradual British colonisation in Malaya . When Light first landed on
9945-457: The land by me cleared in that part of this island called Suffolk...", which does not provide proof that his house resembled in any way the current Suffolk House. Historian F. G. Stevens, one of the main authorities on the early development of Penang, pointed out in a 1929 article "A Contribution to the Early History of Prince of Wales Island" that the road leading to the house from Air Itam Road
10062-468: 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
10179-582: 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
10296-479: The latter culminating in rioting in 1867 . George Town came under direct British rule when the Straits Settlements became a British crown colony in 1867. Law enforcement and immigration control were gradually strengthened to suppress organised crime . More investments were also made on the settlement's health care and public transportation. Advances in education and living standards gave rise to
10413-513: 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
10530-496: The local population also forced women into sexual slavery . Between 1944 and 1945, Allied bombers based in India targeted naval and administrative buildings in George Town , damaging and destroying several colonial buildings in the process. The Penang Strait was mined to constrict Japanese shipping. Following Japan's surrender , on 3 September 1945, British Royal Marines launched Operation Jurist to retake George Town, making it
10647-514: The maintenance of its own public bus service, as well as the construction of public housing schemes and the Ayer Itam Dam . However, longstanding political differences between the George Town City Council and the Alliance -controlled state government led to allegations of maladministration against the city government. In response, Chief Minister of Penang , Wong Pow Nee , took over the powers of
10764-506: The merchants in Penang". The secessionist movement was ultimately met with British disapproval. To assuage the concerns raised by the secessionists, the British government guaranteed George Town's free port status and promised greater decentralisation. Meanwhile, municipal elections, which had been abolished in 1913, were reintroduced in 1951 , further diminishing the secessionists' commitment to their cause. Nine councillors were to be elected from George Town's three electoral wards, while
10881-686: The move and the Federal Court later ruled that local government elections are not within the purview of state governments. George Town is the administrative capital of Penang. The offices of the Chief Minister of Penang and the Penang state government are located in Komtar , while the official residence of the Governor of Penang is located in Scotland Road. Penang's legislature has been convened in
10998-540: The newly-elected state government attempted to reinstate local government elections within Penang. Backed by strong support from George Town's NGOs, the Local Government Elections (Penang Island and Province Wellesley) Enactment was passed in 2012, which would have allowed city government elections for the first time since the 1960s. However, the Barisan Nasional -controlled federal government objected to
11115-449: 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
11232-483: The pitched jack roof. From 2004 onwards, rehabilitation work were aided by further state funding and donations from HSBC (of RM 2.5 million) and various parties. An estimated RM 5 million was needed to restore and refit the mansion. After years of anticipation, Suffolk House finally opened its doors to the public in 2009. The house is managed by the YKH Group of Restaurant under the supervision of Badan Warisan Malaysia ,
11349-548: 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 ,
11466-554: The residence of several more early governors for less than a quarter century, including William Edward Phillips ' father-in-law, Governor Bannerman, amongst other Governors of Penang and the Governors of the Straits Settlements . The mansion also served as a venue for social and official functions. During the 1810s and 1820s, the mansion was a Government House that assumed the role as a meeting place for critical political discussions, including, discussions with Stamford Raffles regarding
11583-491: The rest of the land. The main school building and another wing was completed later in 1956. The building assumed various roles through its 46 years of ownership by the Methodist Church. In 1931, Standard Six students were transferred into the building, before the entire Primary School (Standards 1–6) eventually moved into it in 1945. World War II saw the building temporarily occupied by the Japanese administration . A dental clinic
11700-530: The strategic potential of the island as a "convenient magazine for trade" that could enable the British to check Dutch and French territorial ambitions in Southeast Asia, and tried unsuccessfully to persuade his superiors to accept the Sultan's offer. Light was finally authorised to negotiate the British acquisition of Penang Island in 1786. After the cession was finalised with Muhammad Jiwa's successor Sultan Abdullah Mukarram Shah , Light and his entourage landed on
11817-478: 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
11934-614: 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
12051-490: Was added into the building in 1953, and it also served as the Old Tuckshop (school canteen) until 1975. The building's rapid deterioration had been noted since the 1950s, and in 1975, the building was declared unsafe and vacated. Between then and its restoration in the 2000s, the building's roof and upper floor had collapsed. Campaigning to restore the mansion has existed since 1961. Through the years, various efforts to restore
12168-488: 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
12285-520: Was also replicated in Singapore following the acquisition of the island by Stamford Raffles in 1819. As Light intended, George Town grew rapidly as a free port and a conduit for spice trade , taking maritime commerce from Dutch posts in the region. The spice trade allowed the EIC to cover the administrative costs of Penang. The threat of French invasion in the midst of the Napoleonic Wars forced
12402-514: Was also formed by the Penang state government . In 2000, the Methodist Boys' School was given a neighbouring plot of land from the state government in exchange for the land on which Suffolk House stood. Restoration work began in November 2000, but funds by the state government were only sufficient to provide stabilisation steel work, repair the central jack roof timbers over the ball room and retile
12519-502: 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
12636-405: Was declared a city by Queen Elizabeth II , making it the first city in the country's history. In 1974, George Town was merged with the rest of the island, throwing its city status into doubt until 2015, when its jurisdiction was reinstated and expanded to cover the entire island and adjacent islets. The city is described by UNESCO as having a " unique architectural and cultural townscape" that
12753-526: 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
12870-405: 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
12987-452: Was made the capital of the Straits Settlements , which also comprised Singapore and Malacca . In 1832, the administrative centre was relocated to Singapore, as it surpassed George Town in commercial and strategic prominence. Despite its secondary importance to Singapore, George Town continued to play a crucial role as a British entrepôt. Following the opening of the Suez Canal in 1869 and
13104-534: Was only "lined out but not made" in 1807, discounting the possibility that the house could have been built before then. Australian historian Marcus Langdon believes that Suffolk House was built by Phillips, who was also the owner of Strawberry Hill, on Penang Hill , and not David Brown. The original house was simply a humble timber-and-attap garden house, fashioned in a simple Anglo-Indian Garden House style formerly common in British India . The current Suffolk House
13221-638: Was only lightly garrisoned by the IJA, while the Imperial Japanese Navy converted Swettenham Pier into a major submarine base for the Axis powers . Japanese military police imposed order by massacring Chinese civilians under the Sook Ching policy; the victims were buried in mass graves all over the island, such as at Rifle Range , Bukit Dumbar and Batu Ferringhi . Poverty and wanton Japanese brutality towards
13338-480: Was outside the city. Although these were successful in transforming Penang into a tertiary-based economy , they also led to the decentralisation of the urban population as residents gravitated towards newer suburban townships closer to the Bayan Lepas FIZ. The destruction of hundreds of shophouses and whole streets for the construction of Komtar further exacerbated the hollowing out of George Town. In 1974,
13455-478: 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
13572-575: 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
13689-424: 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
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