HSBC

HSBC Holdings plc

Type	Public (LSE: HSBA, SEHK: 005, NYSE: HBC, Euronext: HSB, BSX: 1077223879)
Founded	Hong Kong (1865)
Founder(s)	Thomas Sutherland
Headquarters	8 Canada Square, Canary Wharf, London, UK
Key people	Stephen Green, Group Chairman Michael Geoghegan, Group Chief Executive
Industry	Finance and insurance
Market cap	US$ 175.7 billion (14 Oct 2008)[1]
Revenue	▲ US$ 146.50 billion (2008)
Net income	▲ US$ 19.1 billion (2008)
Total assets	US$ 2.35 trillion (2008)
Total equity	US$ 128.2 billion (2008)
Employees	330,000 (9,500 offices in 85 countries and territories)
Subsidiaries	HSBC Bank plc, The Hongkong and Shanghai Banking Corporation, HSBC Bank USA, HSBC Bank Middle East, HSBC Mexico, HSBC Bank Brasil, HSBC Finance
Website	http://www.hsbc.com

HSBC Holdings plc is a public limited company incorporated in England and Wales, headquartered in London.^[2] As of 2008, it is both the world's largest banking group and the world's largest company according to a composite measure by Forbes magazine.^[3][4] The group was founded from The Hongkong and Shanghai Banking Corporation, the acronym of which led to the current name. Today, whilst Hong Kong still continues to be a significant source of income for the group, no single geographical area dominates earnings. Recent acquisitions and expansion in China are returning HSBC to part of its roots.^[5] HSBC is Europe's biggest bank and has an enormous operational base in Asia and significant lending, investment, and insurance activities around the world. The company has a global reach and financial fundamentals matched by few other banking or financial multinationals.^[6]

HSBC is listed on the London, New York, Hong Kong, Paris and Bermuda Stock Exchanges, and is a constituent of the FTSE 100 Index and the Hang Seng Index.

1 History 2 Operations 2.1 Corporate profile 2.2 Americas 2.3 Asia Pacific 2.4 Europe 2.5 Middle East and Africa 3 Global product lines and programmes 3.1 Group Service Centres 3.2 HSBC Premier 3.3 HSBC Bank International 3.4 HSBCnet 3.5 HSBC Direct 4 Brand and advertising 4.1 Hexagon symbol 4.2 Sponsorship 5 Customer groups 5.1 Personal financial services 5.2 Commercial banking 5.3 Global banking and markets 5.4 Private banking 6 Controversy 6.1 Sudden withdrawal of graduate overdrafts 6.2 Data loss 6.3 Cultural insensitivity 7 See also 8 References 9 External links

HSBC is one of the oldest banking groups in the modern world. After the establishment of Hong Kong as a British colony in the aftermath of the Opium War, a bank was needed to finance the growing trade between China and Europe. Its main and foundation-laying subsidiary The Hongkong and Shanghai Banking Corporation (traditional Chinese: 香港上海滙豐銀行有限公司) was established in Hong Kong and Shanghai in 1865. (The founder, a Scotsman named Thomas Sutherland, wanted a bank operating on "sound Scottish banking principles.") Before 1998 it was also known colloquially as "Hongkong Bank" (by tradition "Hong Kong" always spelled as one word).

For the history of the HSBC Group prior to the founding of HSBC Holdings in 1990, see The Hongkong and Shanghai Banking Corporation.

HSBC Holdings was established in 1990 to become the parent company to The Hongkong and Shanghai Banking Corporation in preparation for its purchase of Midland Bank and a change of domicile for the transfer of sovereignty of Hong Kong. Shares in HSBC Holdings were first listed on the London Stock Exchange and Hong Kong Stock Exchange in 1991. The acquisition of Midland Bank giving HSBC a substantial presence in the UK was completed in 1992 and the headquarters of HSBC Holdings moved from 1 Queens Road Central, Hong Kong to 10 Lower Thames Street, London in 1993.^[7]

Major acquisitions in South America started with the purchase of Banco Bamerindus of Brazil for $1bn in March 1997^[8] and the acquisition of Roberts SA de Inversiones of Argentina for $600m in May 1997.^[9]

In May 1999 HSBC emarked on a major acquisition in the United States with the purchase of Republic National Bank of New York for $10.3bn.^[10]

Expansion into Continental Europe took place in April 2000 with the acquisition of Crédit Commercial de France, a large French bank for £6.6bn.^[11]

In July 2001 HSBC bought Demirbank, an insolvent Turkish bank.^[12] Then in August 2002 HSBC acquired Grupo Financiero Bital, SA de CV, Mexico's largest retail bank for $1.1bn.^[13]

The new headquarters of HSBC Holdings at 8 Canada Square, London officially opened in April 2003.^[14]

In November 2002 HSBC expanded in the United States acquiring Household International, a US credit card issuer for £9bn.^[15] 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".^[16]

Then in September 2003 HSBC bought Polski Kredyt Bank SA of Poland for $7.8bn.^[17]

A terrorist attack took place in November 2003: a bomb blast in Istanbul damaged the bank’s head office in Turkey, causing several deaths and hundreds of injuries.^[18]

In October 2003 HSBC bought the Bank of Bermuda for $1.3bn.^[19]

In June 2004 HSBC expanded into China buying 19.9% of the Bank of Communications of Shanghai.^[20] Most recently in China, HSBC declined to repurchase its former corporate headquarters on the Shanghai Bund from the Shanghai Pudong Development Bank, which now occupies the magnificent, restored building.^{[citation needed]}

In the United Kingdom HSBC acquired Marks & Spencer Retail Financial Services Holdings Ltd for £763m in December 2004.^[21]

Acquisitions in 2005 included Metris Inc, a US credit card issuer for $1.6bn in August^[22] and 70.1% of Dar Es Salaam Investment Bank of Iraq in October.^[23]

In April 2006 HSBC bought the 90 branches in Argentina of Banca Nazionale del Lavoro for $155m.^[24] Later that year, in July HSBC bought Grupo Banistmo, the largest financial services company in Central America, based in Panama for $1.8bn.^[25]

In December 2007 HSBC acquired The Chinese Bank in Taiwan.^[26]

In May 2008 HSBC acquired IL&FS Investment, an Indian retail broking firm.^[27]

In February 2008, HSBC was named the world's most valuable banking brand by The Banker magazine.^[28][29] Not known for marked fluctuations in securities exchanges around the world relative to its rivals, HSBC is more well known in banking circles for its conservative and risk-averse approach in its business operations - a company tradition going back to the 19th century.^[30] In its technical management, however, HSBC has recently suffered a series of headline-making incidents in which some customer data were allegedly leaked or simply went missing. Although the consequences turned out to be small, the embarrassing effect on the group's image did not go unnoticed.^[31]

As of April 2, 2008, according to Forbes magazine, HSBC was the fourth largest bank in the world in terms of assets ($2,348.98 billion), the second largest in terms of sales ($146.50 billion), the largest in terms of market value ($180.81 billion). It was also the most profitable bank in the world with $19.13 billion in net income in 2007 (compared to Citigroup's $3.62 billion and Bank of America's $14.98 billion in the same period).^[32]

HSBC is by far the largest bank both in the United Kingdom and in Hong Kong and prints most of Hong Kong's local currency in its own name. Since the end of 2005, HSBC has been the largest banking group in the world by Tier 1 capital.^[33]

The HSBC Group has a significant presence in each of the world's major financial markets, with the Americas, Asia Pacific and Europe each representing around one third of the business. With 9,500 offices in 85 countries, 210,000 shareholders, 330,000 staff and 128 million customers worldwide, HSBC arguably has the most international presence among the world's multinational banking giants.

The HSBC Group operates as a number of local banks around the world. Outlined below are countries which, in 2007, generated the top 20 profit before tax figures, with the addition of the United States as specific issues exclude that country from the top 20 for 2007.^[34] For details of other group companies see Category:HSBC.

• HSBC Bank Argentina SA has around 150 branches throughout Argentina providing a full range of banking and financial products and services to over 1.2 million customers.

• HSBC acquired The Bank of Bermuda Limited in February 2004 for US$1.3bn. Founded in 1889, Bank of Bermuda is a leading provider of fund administration, trust, custody, asset management and banking services. Since the acquisition the group has focused its global efforts in some areas of these services on the island.

• HSBC Bank Brasil SA is HSBC’s largest presence in South America. HSBC is now among the ten largest banks in Brazil, with more than 1,700 branches and sub-branches in 550 Brazilian cities.

• HSBC Bank Canada is the seventh largest bank in Canada, with offices in every province except for Prince Edward Island, and is the largest foreign-owned bank in the country. HSBC has a very strong presence in overseas Chinese communities, especially in Vancouver and Toronto^{[citation needed]}. The bank's headquarters are located in Vancouver, British Columbia.

• The HSBC Group has had a presence in Chile since 1981. By 1985 it had three branches, two in Santiago and one in Valparaíso. In 1993 sold its operations to Banco O'Higgins, which was owned by the Luksic Group. In 1997 a merger between Banco O'Higgins and Banco de Santiago created Banco Santiago, one of the largest local banks in Chile and in which HSBC continues to have a 7% shareholding. The acquisition of the former Republic National Bank of New York returned HSBC to Chile through two full service branches of HSBC Bank USA, in addition to a domestic factoring business.

• Corporacion HSBC S.A. is the third largest bank in Costa Rica.

• HSBC El Salvador, SA is the third largest banking and financial service in the country.

• HSBC Honduras is one of the largest banks in the country.

• HSBC Mexico, SA is one of Mexico’s four largest banking and financial service companies, with 1,400 branches, 4,800 ATMs and 6 million customers. HSBC purchased Banco Internacional, SA known as Bital, in November 2002, rebranding it overnight in January 2004.

• HSBC's presence in Panama dates back to 1972. In 2000, HSBC Bank USA acquired Chase Manhattan's full-service, stand-alone bank business, which includes retail and wholesale capabilities. The acquisition included 11 full-service branches: seven branches in Panama City, two branches in Colon City, one branch in David and one branch in Chitre. At the time of the acquisition, HSBC operated in Panama as a full-service branch of HSBC Bank plc, with a strong franchise in corporate business as well as five retail branches. The acquisition of Chase Manhattan's business more than doubled HSBC's assets in Panama.

• HSBC established HSBC Paraguay SA when it acquired Lloyds TSB Bank Paraguay in 2007.

• HSBC Bank USA NA and HSBC Finance Corporation represent the group’s business in the US, which has been built up via the acquisition of Marine Midland (1980), Republic National Bank (1999), Household International (2003) and Metris Companies (2005) Solstice Capital Group (2006), among others. HSBC Bank USA, headquartered in Wilmington, Delaware (as of 2008), is a full service bank, with a strong branch network in New York State but also operating nationwide. HSBC Finance Corporation focuses on selected lines of consumer lending with a branch network across the US.

• HSBC Bank Australia Limited gained its banking licence in 1986. Today, the bank offers a full range of Personal and Commercial services via a network of branches as well as direct channels.

• HSBCd opened its first branch in Bangladesh in 1997.

• HSBC Bank (China) Company Limited and HSBC Rural Bank Company Limited HSBC established its Shanghai branch office on 3 April 1865 and has had a continuous presence in the city since then, except for a break during the Japanese Occupation. Until the economic reforms of the late 1970s, its activities were mainly in inward remittances and export bills, however its activities now span a wider range. HSBC has purchased stakes in various local firms, including 19% of Bank of Communications, 8% of Bank of Shanghai, 16.8% of Ping An Insurance and via its subsidiary Hang Seng Bank, 12.8% of Industrial Bank. In 1996, HSBC was one of the first foreign banks approved to conduct renminbi business in Shanghai. The bank opened a new office in Chengdu and received approval to open a branch in Pudong and upgrade its Dalian office to a branch.

• The Hongkong and Shanghai Banking Corporation Limited and Hang Seng Bank Limited HSBC first opened for business in Hong Kong on 3 March 1865. Three commercial banks issue Hong Kong dollar banknotes in the Hong Kong SAR; HSBC has the largest share by value. The Hang Seng Index for stock prices in Hong Kong is named after the Hang Seng Bank, which is a subsidiary of HSBC. The two banks are today first and second by market share in Hong Kong.

• The Hongkong and Shanghai Banking Corporation Limited IN 1959 HSBC acquired The Mercantile Bank of India, London and China, established in October 1853 in Bombay (now Mumbai). 1990.HSBC is now one of the fastest growing foreign banks in India, both in domestic banking and support operations for worldwide operations (see Group Service Centres).

• HSBC opened its first Indonesian office in Batavia in 1884 to serve the sugar trade. It then expanded its operation to Surabaya in 1896. Later in 1994 HSBC upgraded its Semarang agency, which had been operating since 1878, into a full branch. HSBC twice closed its operations in Indonesia. The first time was during World War II, though it immediately returned after the war. In the mid-1960s, the Indonesia government forced the bank to close again, but the bank received a new banking license in 1968. In October 2008, HSBC acquired 89% of Bank Ekonomi. HSBC paid US$608 million to acquire the bank, which has 2,200 staff, 86 branches, and about US$1.8 billion in assets. The acquisition makes HSBC the third largest bank in the country, and gives it a total of 190 branches in 24 cities.

• HSBC Bank Malaysia Berhad traces its history back to the opening of the first HSBC office in Penang in 1884. The bank later became an issuer of currency notes for the Malaysian government. In 1994, HSBC became the first foreign bank to incorporate locally, forming Hongkong Bank Malaysia Berhad (now HSBC Bank Malaysia Berhad). The bank today provides a full range of personal and commercial financial services. HSBC Holdings plc in London UK is set to shift a significant number of jobs from Britain to its new operational headquarters in Cyberjaya, Malaysia. HSBC operates a call centre in Cyberjaya,Malaysia, a cybercity in Malaysia.

• HSBC Bank Middle East Limited The bank opened its first branch in Pakistan in early 2008.

• The Hongkong and Shanghai Banking Corporation Limited operates as a full service bank with its headquarters in Collyer Quay. I t is an approved Primary Dealer in the Singapore Government Securities Market and an Approved Bond Intermediary, with over a hundred staff operating one of the largest integrated dealing rooms in Singapore.

• HSBC traces its presence in Sri Lanka to 1 July 1892. In 1882, HSBC appointed Delmege Reid and Co., which became Delmege Forsyth and Co. Ltd. as its agency in Colombo. In 1892, after the collapse of the New Oriental Banking Corporation HSBC saw an opening for itself.

• The Hongkong and Shanghai Banking Corporation Limited HSBC initially opened for business in Thailand in 1888, becoming the first commercial bank in the country. HSBC has made significant contributions to the establishment of solid foundations for Thailand’s financial and banking sectors. For example, in 1889 HSBC issued the first banknotes in Thailand. HSBC also issued the first foreign loan to the Thai government for its railroad construction project. HSBC has always been a major driving force behind Thailand’s commerce and economy.

• HSBC has had a long history in Vietnam, dating back to its first office in Saigon in 1870. The branch operated for over 100 years, until its closure in 1975. In 1992, the bank opened representative offices in Ho Chi Minh City (HCMC) and Hanoi, and upgraded the office in HCMC to a full-service branch in August 1995.

• HSBC Bank Armenia cjsc began operations as Midland Armenia Bank in Yerevan in March 1996 and was the first international bank to open in Armenia. It is one of the leading banks in the foreign exchange market. HSBC Bank (Armenia) is a 70 per cent indirectly owned subsidiary of HSBC Bank. Armenian business interests own the remaining equity.

• HSBC opened its Prague Branch in May 1997.

• HSBC SA operates around 380 branches in France since the takeover of Credit Commercial de France, primarily operating under the HSBC brand. HSBC France is now the HSBC Group’s lead bank in the Eurozone, focusing on certain capital market products for a global audience, and high net worth and international business in France.

• HSBC Trinkaus & Burkhardt AG traces its origins to 1785. It has operations in private, commercial and investment banking and asset management.

• HSBC Hellas HSBC has been operating in Greece since 1981. In 2001, HSBC acquired Barclay's operations in Greece, which amounted to 13 branches and included fund management.

• HSBC Bank Malta plc is one of the largest banks in Malta. It is a listed company but its majority shareholder is the HSBC Group. HSBC Bank Malta traces its origins back to the founding of the Anglo-Egyptian Bank in 1864, which makes it the second oldest bank in Malta.

• HSBC presence in Spain dates from the establishment of a branch in Madrid in 1982.

• HSBC Private Bank (Suisse) SA and HSBC Guyerzeller Bank AG are the Swiss operating subsidiaries of the group's Private Banking business, with 12 locations in the country.

• HSBC Bank AS is now the fifth largest private bank in Turkey, having expanded through internal financing and via acquisition since entering the market in 1990. The bank has a network of around 190 branches, offering products and services to corporate, commercial and personal customers, both under the HSBC brand as well as the Advantage brand.

• HSBC Bank plc is one of the "Big Five" high street banks in the UK, maintaining a large network of branches in England and Wales, with a smaller presence in Scotland and Northern Ireland. It acquired this presence in 1992 with the acquisition of Midland Bank plc. It also operates the previously Midland-owned telephone and internet bank First Direct, the consumer lending brand Beneficial Finance, and the financial services division of Marks & Spencer.

• HSBC Bank (Russia) 103rd largest bank in Russia.

• HSBC Algeria commenced operating in 2008, after HSBC received permission in 2007 from the Bank of Algeria to establish a subsidiary. The branch has a capital of 2,5 billion dinars, or about 25 million euros, which it will increase to 3,6 billion dinars (36 million euros) within three years. It is headed by an Algerian, Rachid Sekak, the former head of foreign debt at the Bank of Algeria, who had earlier came from HSBC's operations in Paris. [1][2][3].^{[36] [37] [38]}

• HSBC Bank Egypt SAE traces its origins to a joint-venture bank established in 1982. In 2001 HSBC was able to increase its ownership stake from 40% to 94.5%, after which it rebranded the bank as part of the HSBC group.

• In the Hashemite Kingdom of Jordan, the HSBC Group is represented by HSBC Bank Middle East Limited, the largest and most widely represented international bank in the Middle East .

• HSBC established in Lebanon in 1949 and served Lebanon for decades. HSBC has branches located in St. Georges Bay, Dora, Ras Beirut, Verdun and Zouk.

• SABB (The Saudi British Bank) In Saudi Arabia HSBC is represented by The Saudi British Bank, which is a 40% owned affiliate. HSBC is also a joint venture partner in HSBC Saudi Arabia Limited, the Kingdom’s first full service independent investment bank.

• In July 2001, HSBC purchased Demirbank TAS.

• HSBC Bank Middle East Limited The United Arab Emirates represents a key part of HSBC Bank Middle East's business, with 16 branches and the firm's head office located here.

• HSBC established an indirect presence in Sub-Saharan Africa in 1981 through Equator Bank, a joint venture with Nedbank and the bank's executives, and entered the South African market in 1995 with a representative office. In 2003, HSBC converted the reop office in Johannesburg to a branch. The Johannesburg branch is now the regional management office for all of HSBC's Sub-Saharan Africa activities and offers corporate banking, transaction banking, investment banking, treasury and capital markets services to HSBC's major multinational clients, large local corporate and financial institutions, and governments. HSBC Securities (South Africa) offers equities services.

As a cost saving measure HSBC is offshoring processing work to lower cost economies in order to reduce the cost of providing services in developed countries. These locations take on work such as data processing and customer service, but also internal software engineering at Pune, Hyderabad (India),Visakahpatnam (India),Kolkota(India) Guangzhou (China) and Curitiba (Brazil).

Chief Operating Officer Alan Jebson said in March 2005 that he would be very surprised if fewer than 25,000 people were working in the centres over the next three years: “I don’t have a precise target but I would be surprised if we had less than 15 (global service centres) in three years’ time.” He went on to say that each centre cost the bank from $20m to $30m to set up, but that for every job moved the bank saves about $20,000 (£10,400).^[39]

Trade unions, particularly in the US and UK, blame these centres for job losses in developed countries, and also for the effective imposition of wage caps on their members.^[39]

Currently centres exist in six countries, in Brazil in Curitiba, in India in Hyderabad, Bangalore, Visakhapatnam, Mumbai, Kolkata and Pune, in China in Shanghai, Guangzhou and Shenzhen, in Kuala Lumpur (Malaysia), Colombo (Kotte) (Sri Lanka) and Manila (Philippines). The Malta trial for a UK high value call centre has resulted in a growing operation in Malta. An option under consideration is reported to be a processing centre in Vietnam to access the French skills of the population and therefore cut costs in the bank’s French operation.

On June 27, 2006, HSBC reported that a "small number" of customers had suffered from fraud totalling £233,000 after an employee at the Bangalore call centre supplied confidential customer information to fraudsters.^[40]

HSBC Premier^[41] is the group's premium financial services product. The exact benefits and qualification criteria vary depending on country, but typically require deposits and investments of at least $100,000, £50,000, or €100,000, or a mortgage of at least $500,000 or £250,000. Customers have a dedicated relationship manager, global 24 hour access to call centres and preferential rates.

HSBC Bank International Limited^[42] is the offshore banking arm of the HSBC Group, focusing on providing offshore solutions and cross border services to expatriates and migrants. It provides a full range of multi-currency personal banking services to a range of customer segments, including a full internet banking and telephone banking service. Sometimes referred to as "HSBC Offshore", the business also offers independent financial planning, and has representative offices all over the world, often working alongside local HSBC operations in those regions.

HSBC Bank International originated from the business started by Midland Bank and is based in the Channel Islands with further operations on the Isle of Man. Its operations in the Channel Islands are centred around its registered headquarters on the seafront in St Helier, Jersey. Named 'HSBC House', the building comprises departments such as Premier, Global Funds & Investments, e-Business and a 24 hour 'Direct Banking Centre'.

HSBCnet^[43] is a global service that caters to local business needs by offering specialised functionality for different regions worldwide.

The system provides access to transaction banking functionality - ranging from payments and cash management to trade services features - as well as to research and analytical content from HSBC. It also includes foreign exchange and money markets trading functionality.

The system is used widely by HSBC's high-end corporate and institutional clients served variously by the bank's global banking and markets, commercial banking and global transaction banking divisions.

HSBCnet is also the brand under which HSBC markets its global e-commerce proposition to its corporate and institutional clients.

HFC Bank (UK Operation) is a wholly owned subsidiary, with 135 High Street branches in the UK selling loans to the "sub-prime" market. During 2007 and 2008, has been trying to fend off a union recognition campaign by the Trade Union Unite.

HSBC Direct is an online direct banking operation which attracts customers through high-interest savings accounts and no service charges or minimum account balance requirements. It was first launched in the USA^[44] in November 2005 and is now available in Canada,^[45] Taiwan^[46] and South Korea.^[47]

The group announced in November 1999 that the HSBC brand and the hexagon symbol would be adopted as the unified brand in all the markets where HSBC operates, with the aim of enhancing recognition of the group and its values by customers, shareholders and staff throughout the world.

This was originally adopted by The Hongkong and Shanghai Banking Corporation as its logo in 1983. It was developed from the bank’s house flag, a white rectangle divided diagonally to produce a red hourglass shape. Like many other Hong Kong company flags that originated in the 19th century, and because of its founder's nationality, the design was based on the cross of Saint Andrew. The logo was designed by graphic artist Henry Steiner.

Having sponsored the Jaguar Racing Formula One team since the days of Stewart Grand Prix, HSBC ended its relationship with the sport when Red Bull purchased Jaguar Racing from Ford. HSBC has now switched its focus to golf, taking title sponsorship of events such as the HSBC World Match Play Championship, HSBC Women's World Match Play Championship (now defunct), HSBC Champions and HSBC Women's Champions.

In football HSBC sponsors French club AS Monaco and Mexican club C.F. Pachuca, and in rugby league, HSBC sponsors Telford Raiders in the Rugby League Conference. In Australia, HSBC sponsors the New South Wales Waratahs rugby team in the Super 14 rugby union competition, as well as the Hawthorn Football Club in the Australian Football League.

In the United States, HSBC owns the naming rights to the home arena of the National Hockey League's Buffalo Sabres until 2026.

HSBC’s other sponsorships are mainly in the area of education, health and the environment. In November 2006, HSBC announced a $5 million partnership with SOS Children as part of Future First.^[48]

HSBC sponsors the Great Canadian Geography Challenge, which has had around 2 million participants in the past 12 years. Since 2001, HSBC has sponsored the Celebration of Light, an annual musical fireworks competition in Vancouver, British Columbia, Canada. In 2007 HSBC announced it would be a sponsor of the National Hockey League's Vancouver Canucks and Calgary Flames. HSBC has also sponsored a professional gaming team that was disbanded late 2007.

HSBC will sponsor the British and Irish Lions on the 2009 tour of South Africa.

HSBC is the official banking partner of the Wimbledon Tennis Championships, providing banking facilities on site and renaming the Road to Wimbledon junior event, as The HSBC Road to Wimbledon National 14 and Under Challenge.^[49]

HSBC splits its business into four distinct groups:

HSBC provides more than 100 million customers worldwide with a full range of personal financial services, including current and savings accounts, mortgage loans, car financing, insurance, credit cards, loans, pensions and investments.

HSBC provides financial services to small, medium-sized and middle-market enterprises. The group has almost 2.5 million of such customers, including sole proprietors, partnerships, clubs and associations, incorporated businesses and publicly quoted companies.

This customer group provides tailored financial services to corporate and institutional clients. Business lines comprise Global Banking, Global Markets, Global Asset Management, Global Research and Principal Investments.

This division was previously known as Corporate, Investment Banking and Markets.

HSBC Private Bank is the marketing name for the private banking business conducted by the principal private banking subsidiaries of the HSBC Group worldwide. HSBC Private Bank, together with HSBC Guyerzeller and the private banking activities of HSBC Trinkaus & Burkhardt, known collectively as Group Private Banking, provides services to high net worth individuals and their families through 93 locations in some 42 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. As of December 2007, profits before tax were US$1,511 million and combined client assets under management were US$494 billion.

In September 2008, HSBC announced that it would combine its two Swiss private banks under one brand name in 2009, with HSBC Guyerzeller and HSBC Private Bank to be merged into one legal entity, under the newly appointed CEO of HSBC Private Bank, Alexandre Zeller.^[50]

In July 2007, HSBC suddenly withdrew its interest-free overdrafts for graduates. Students graduating that year discovered that they were to face unexpected bills of up to £140 a year.^[51] Students mobilised protests using the social networking website Facebook and in August HSBC reversed their policy,^[52] freezing overdraft charges to recent graduates and pledging to repay charges deducted in August while holding talks with the National Union of Students.

In April 2008 HSBC confirmed the loss of unencrypted data disks containing life insurance policy details for 370,000 customers.^[53]

In 2008 HSBC were accused of 'cultural insensitivity' an advertising campaign featuring an overweight white man dressed to look like a Sumo wrestler. The campaign upset members of Britain's Japanese community who claimed the man's skin tone was darkened and makeup was applied to narrow his eyes.^[54] HSBC denied making the model appear to be from a specific country or region but admitted makeup was applied and skin tone was tanned.^[55]

• List of banks in the United Kingdom
• List of buildings and structures in Hong Kong
• HSBC Buildings
• Primary dealers

Wikimedia Commons has media related to: HSBC

• HSBC Group site
• HSBC Private Bank
• HSBC Locations
• HSBC Consumer Advocacy Group
• HSBC Review Centre
• HSBC Which?
• Interview with HSBC Group COO David Hodgkinson

Links to related articles v • d • e HSBC Group Corporate directors: Safra Catz · Vincent Cheng · John Coombe