What was hsbc called before

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The Hongkong and Shanghai Banking Corporation obtained a controlling interest in , shortly after banks in Hong Kong had faced a brief period of crisis. Below: The staff of the Calcutta branch of the Mercantile Bank in The branch had opened for business in Not all these alliances were in commercial banking.

Wardley later developed its own series of subsidiaries in financial centres throughout Asia. In , it also acquired a controlling interest in Equator Holdings Limited, whose subsidiaries offer merchant and investment banking, trade and advisory services in Africa.

The Hongkong and Shanghai Banking Corporation continued to seek new opportunities for diversification in the emerging markets of the Asia-Pacific region. The globalisation of the economy in the s and s opened up financial markets that had previously been closed to foreign banks.

In , the bank obtained a banking licence in Australia and then established Left: Label from the first current account ledger used at the London office of The Hongkong and Shanghai Banking Corporation in The bank took full ownership of this subsidiary in and also acquired a banking licence in New Zealand.

By the beginning of , HSBC had the largest network of any foreign bank with 99 outlets. This network has been supplemented by a series of strategic partnerships. In , an 8 per cent share in the Bank of Shanghai was purchased and, in the following year, HSBC acquired a 10 per cent share in Ping An Insurance Company of China, the second largest life insurance operator in the country. There has been major business growth in India. The Group has also pioneered the use of global resourcing centres to achieve a competitive advantage.

Above: View of Raffles Place, Singapore, in about The offices of the Mercantile Bank are situated in the centre, at the far end of the square. These centres have allowed HSBC to utilise its worldwide reach by offering a costeffective solution to improving customer service on an international basis. In addition to investing in the emerging markets of China and India, HSBC has also strengthened its businesses in some of the other fast-growing economies of the Asia-Pacific region.

The Hongkong and Shanghai Banking Corporation also maintained its commitment to its birthplace as a key strategic aim. By , the bank was operating over branches, supported by an extensive network of ATMs and internet banking services.

Represented by the largest bank in the Hong Kong SAR and with a major presence on the mainland, HSBC maintains its position as one of the foremost financial institutions in the dynamic markets of the Asia-Pacific region. Having left a secure appointment at the Bank of England to take up the challenge of commercial banking, Geach had the business support and capital backing of leading merchants and manufacturers in Birmingham.

The town and its region were the homeland of the Industrial Revolution and the new bank began business in a thriving but highly competitive local economy. In the s and s, Midland occupied an important niche in Birmingham business, particularly in the discounting of bills of exchange for its customers. Both firms had been pioneers of banking in the West Midlands: the origins of the Stourbridge bank can be traced back to and the Bewdley bank dated from Below: Extract from the deed of settlement establishing Midland Bank in August HSBC in Europe.

Acquisitions and development In its first 50 years, Midland steadily enlarged its business in Birmingham and the surrounding region. From the s, it expanded its customer base by opening new branches and by acquiring other banks. Its most important initiative was the decision to move into the wider national market.

This was achieved in by the acquisition of the Central Bank of London which gave Midland a seat in the London Clearing House and, in , by taking over the City Bank which provided a London head office. The key figure in this remarkable advance was Edward Holden, Managing Director from to and Chairman and Managing Director from until his death in He oversaw more than 20 bank amalgamations between and , and opened new branches throughout England and Wales.

After the First World War, the leading British banks entered an agreement with the government that they would not attempt further amalgamations without Treasury approval. As a result, Midland turned its attention to expanding its branch network, adding new banking services, mechanising its systems from and advertising its activities. This bank became part of Midland in Post-war recovery and international alliances The ending of credit restrictions in brought renewed competition into British banking.

Midland responded by extending its branch network and by introducing a series of innovative services, including personal loans , personal cheque accounts and cheque cards At the same time, the bank diversified its interests away from traditional commercial banking.

Forward Trust, which was acquired in , emerged as a leader in instalment finance, leasing and factoring services. Limited, was the first association between a British clearing bank and a London merchant bank. Further diversification followed in , when Midland was the leading member of the consortium that acquired the Thomas Cook travel business. After becoming sole owner in , Midland sold its interest in , but continued the link for many years by offering Thomas Cook services through the branch network.

From , the emphasis switched, first to opening branches or representative offices in the major financial centres of the world and, second, to acquiring international subsidiaries.

After a series of heavy losses by the Californian bank, Midland took full ownership in and then sold Crocker to Wells Fargo the following year. Below: The coat of arms blazon granted to Midland in Trinkaus developed the firm into a bank and gave it his own name.

The wood panelling, stained glass and counter lamps were all typical features of branch premises during the 19th century and the first half of the 20th century. The most important innovation during this period was the launch of First Direct in First Direct pioneered the revolutionary concept of telephone banking, with a person-to-person service available 24 hours a day, days a year.

It now offers internet banking as well and serves more than one million customers. It was one of the largest acquisitions in banking history, giving HSBC the major foothold in Europe that it needed to complement its existing business in Asia and the Americas. Rossier then continued to run the bank until his retirement in A successful working relationship was developed with the Paris department store Galeries Lafayette. The early success of the business led to considerable expansion.

But it began with maritime business and the opium trade. Its first sail and steam cargo ship, the Don Juan , left the London docks on 1 September only to be wrecked off the coast of Gibraltar.

After merging with the Transatlantic Steamship Company in , it created the first luxury Mediterranean cruise. Mackay had close ties with Sheng Xuanhuai, a minister of transport under the Manchu Qing dynasty in China, the last before the collapse of the imperial government in HSBC was born from one simple idea — a local bank serving international needs.

We have been supporting our customers for more than years. Today, we serve more than 40 million personal, wealth and corporate customers worldwide in 64 countries and territories. The experiences of the past century and a half have formed the character of HSBC. A glance at our history explains why we believe in capital strength, in strict cost control and in building long-term relationships with customers.

The bank has weathered change in all forms — revolutions, economic crises, new technologies — and adapted to survive. The resulting corporate character enables HSBC to meet the challenges of the 21st century.