114-550: Demosistō ( / ˌ d ɛ m ə ˈ s ɪ s t oʊ / ) was a pro-democracy political organisation established on 10 April 2016 as a political party. It was led by Joshua Wong and Agnes Chow – former leaders of Scholarism , along with Nathan Law , former secretary-general of the Hong Kong Federation of Students (HKFS). Scholarism and the HKFS were the two student activist groups which played an instrumental role in
228-634: 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 a hong trading house in British Hong Kong . The bank was established in 1865 in Hong Kong and opened branches in Shanghai in
342-586: 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, 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
456-606: A defeat in the by-election for four of the six vacancies on 11 March 2018, losing the Kowloon West geographical constituency and Architectural, Surveying, Planning and Landscape functional constituency to the pro-Beijing candidates. Yiu Ching-yim who contested in Kowloon West was defeated by Vincent Cheng of the DAB with a thin margin, making it the first time a pro-democrat lost in a single-member district election since
570-663: A highly restrictive nominating committee and was seen as betrayal of the democratic value, some democrats have raised the question of the right to self-determination . However, the mainstream pro-democrats retained their support for a highly autonomous Hong Kong under the " One Country, Two Systems " framework, as promised by the Basic Law. The pro-democrats generally embrace liberal values such as rule of law, human rights, civil liberties, and social justice, though their economic positions vary. Some pro-democrats position themselves as more pro-labour while most pro-democrats believe in
684-402: A historical landslide victory in the 1991 election, took 17 out of the 18 geographical constituency seats. The pro-democrats were often considered strategic allies of Chris Patten , the last colonial governor who proposed a much progressive democratic reform in the last years before the handover of Hong Kong , despite Beijing's strong opposition. The Democrats supported Patten's proposal for
798-678: A more meritocratic or egalitarian society. The pro-democracy camp generally supports the Chinese democracy movement , which can be traced back to their support for the Tiananmen Square protests of 1989 . Many of the pro-democrats have been calling for the end of one party rule of the Chinese Communist Party and therefore are seen as a threat by the Beijing authorities. The camp's support for more liberal democracy
912-587: 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
1026-838: 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
1140-467: 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
1254-641: A number of controversies and the bank has been repeatedly fined for money laundering (sometimes in relation to major criminal organizations such as 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
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#17327909505441368-470: 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
1482-520: 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
1596-412: 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,
1710-798: 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 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
1824-401: 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
1938-574: 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
2052-574: 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
2166-520: Is contrary to the content of the declaration that the law requires a candidate to make to uphold the Basic Law and pledge allegiance to the [Hong Kong Special Administrative Region]." In the 2019 District Council election , Demosistō secretary-general Joshua Wong, who planned to run for the South Horizons West constituency, received letters from Returning Officers asking if he was running on behalf of his party Demosistō and if he supported
2280-570: Is seen as unacceptable by the Beijing government. In some cases, pan-democracy activists have been labeled traitors to China. The pro-democrats are also divided by their approach for achieving democracy: the moderate democrats, represented by the Democratic Party and the Association for Democracy and People's Livelihood (ADPL), believe in dialogue with Beijing and Hong Kong governments over struggle, while radical democrats such as
2394-839: The 1995 Legislative Council election . However, Emily Lau 's full-scale direct election amendment was not passed as a result of Meeting Point's abstaining from voting for Emily Lau, which caused harsh criticism from the radical democrats and the United Ants . In 1994, the United Democrats and the Meeting Point merged into the Democratic Party , which won another landslide victory in the 1995 election, taking 19 seats in total, far ahead of other parties. Together with other democratic parties and individuals including Emily Lau, Lee Cheuk-yan and Leung Yiu-chung who later formed The Frontier in 1996 and Christine Loh who formed
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#17327909505442508-497: The 2004 Legislative Council election , the term "pan-democracy camp" (abbreviated "pan-dems") became more commonly used as more allied parties and politicians of varying political ideologies emerged. In the 2016 Legislative Council election , the camp faced a challenge from the new localists who emerged after the Umbrella Revolution and ran under the banner of self-determination or Hong Kong independence . After
2622-551: The 2007 Chief Executive election , Civic Party's Alan Leong successfully gained enough nominations to challenge the incumbent Chief Executive Donald Tsang , but he was not elected as expected due to the control of the Election Committee by the pro-Beijing camp. After the 2008 Legislative Council election , The Frontier merged into the Democratic Party and the convenor Emily Lau was elected vice chair of
2736-866: The 2014 Hong Kong protests , announced their plan of forming a new political party with other Umbrella Movement leaders, including Nathan Law , former secretary-general of the Hong Kong Federation of Students (HKFS), to run in the September Legislative Council election . Scholarism officially ceased functioning on 20 March 2016 as the group disallowed any party affiliation. The party was officially established on 10 April 2016 with former secretary-general of Hong Kong Federation of Students Nathan Law as chairman, former spokesman of Scholarism Oscar Lai as vice-chairman, former convenor as Joshua Wong as secretary-general and former core member Agnes Chow Ting as deputy secretary. Founding party members included Shu Kei , Dean of Film and Television at
2850-717: 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
2964-557: The Citizens Party in 1997, the pro-democrats gained a thin majority in the legislature for the last two years before 1997. The Beijing government argued that the electoral reform introduced by Patten had violated the Joint Declaration and thus they no longer felt obliged to honour the promise of a "through train", a plan to keep the 1995 elected legislature into post-handover SAR era. A parallel Legislative Council,
3078-589: The Civic Square which triggered the 79-day 2014 Hong Kong protests . Agnes Chow, core member of Demosistō, announced her candidacy for the seat left vacant by Nathan Law in the 2018 Hong Kong Island by-election . However, her candidacy was disqualified by the Electoral Affairs Commission of the basis that she "cannot possibly comply with the requirements of the relevant electoral laws, since advocating or promoting 'self-determination'
3192-828: The Demosisto , Yiu Chung-yim and Lau Siu-lai were unseated from the Legislative Council over their manners at the oath-taking ceremony at the inaugural meeting as a result of the legal action from the Leung Chun-ying government and the interpretation of the Hong Kong Basic Law by the National People's Congress Standing Committee (NPCSC), following the disqualification of two pro-independence legislators, Youngspiration 's Baggio Leung and Yau Wai-ching . The pro-democrats suffered
3306-532: The Hong Kong Academy for Performing Arts as party's executive committee member, teacher Ng Mei-lan and Hong Kong Unison's Fermi Wong Wai-fun as member of the Kowloon East team. The Company Registry and police have yet to allow them to register as a company or society, as the registry had asked Demosistō to explain if it adheres to the Basic Law in pushing for Hong Kong's "self-determination" when
3420-701: The Legislative Council and earlier universal suffrage for the Chief Executive and Legislative Council after 1997, as presented in the proposal of the Group of 190 . Their arch rival at the time was the Group of 89 , a group of conservative business and professional elites in the Hong Kong Basic Law Drafting Committee (HKBLDC) and Hong Kong Basic Law Consultative Committee (HKBLCC). They generally opposed
3534-1053: The National People's Congress passed the Hong Kong national security law , secretary-general Joshua Wong, Agnes Chow , Jeffrey Ngo and former chairman Nathan Law announced they were withdrawing from Demosistō. Shortly after, the party announced it would disband, effective immediately. Pro-democracy camp High Court District Court Magistrates' Court Special courts and tribunals: Chief Executive Elections Legislative elections District council elections Consular missions in Hong Kong Hong Kong–China relations Hong Kong–Taiwan relations Hong Kong (pro-democracy) Hong Kong (centrist) Hong Kong (pro-ROC) Hong Kong (localist) Macau Republic of China (Taiwan) (groups of pro-Chinese identity) Hong Kong (pro-democracy) Hong Kong (pro-ROC) Hong Kong (localist) Republic of China (Taiwan) (groups of pro-Chinese identity) Current Former The pro-democracy camp , also known as
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3648-637: The Provisional Legislative Council , was formed in 1996 under the control of the Pro-Beijing camp, this became the Legislative Council upon the founding of the new SAR government in 1997, in which the pro-democrats except for the Association for Democracy and People's Livelihood boycotted it, deeming it as unconstitutional. All of its members, except the Association for Democracy and People's Livelihood , declined to join
3762-420: 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
3876-515: The pan-democracy camp , is a political alignment in Hong Kong that supports increased democracy, namely the universal suffrage of the Chief Executive and the Legislative Council as given by the Basic Law under the " One Country, Two Systems " framework. The pro-democrats generally embrace liberal values such as rule of law, human rights, civil liberties and social justice, though their economic positions vary. They are often referred to as
3990-408: The "opposition camp" as they have consistently been the minority camp within the Legislative Council, and because of their non-cooperative and sometimes confrontational stance towards the Hong Kong and Chinese central governments . Opposite to the pro-democracy camp is the pro-Beijing camp , whose members are perceived as being supportive of the Beijing and SAR authorities. Since the 1997 handover ,
4104-591: 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
4218-405: The 18 District Councils and more than tripling their seats from 124 to 388 in the 2019 District Council election . In reaction to the political upheaval, the Beijing government further curbed the opposition and the disqualification of four sitting pro-democracy legislators triggered the resignations of 15 remaining pro-democrats from the legislature, leaving pro-democrats with no representation for
4332-423: The 70 seats, in which pan-democrats took 23 seats. After the election, the 27-member pro-democrats' caucus rebranded themselves into "pro-democracy camp" or "G27", as three backers of the "self-determination" of Hong Kong, namely Nathan Law , Lau Siu-lai and Eddie Chu joined the caucus. The "G27" soon became "G26" after Chu left the caucus shortly afterwards. In the 2016 Election Committee subsector election ,
4446-538: The 79-day occupy protests known as the Umbrella Revolution in 2014. Demosistō advocated a referendum to determine Hong Kong's sovereignty with the goal of obtaining autonomy after 2047, when the one country, two systems principle as promised in the Sino-British Joint Declaration and the Hong Kong Basic Law is supposed to expire. It won a seat in the 2016 Legislative Council election with its 23-year-old chairman Nathan Law becoming
4560-489: The British colonial administration and its perceived " kowtowing " to the Beijing government over the issues such as constitutional reform, direct elections, civic rights and Daya Bay Nuclear Plant . The pro-democrats maintained a relatively warm relationship with the Beijing government during the 1980s, as many of the pro-democrats supported the Chinese sovereignty in Hong Kong and the "high degree of autonomy" as ensured in
4674-655: 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
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4788-713: 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 the bank were one of 13 securities initially traded on the Shanghai Stock Exchange , and were traded on that exchange until
4902-654: The Hong Kong Basic Law Drafting Committee in 1985 by Beijing. The pro-democrats also participated in electoral politics as direct elections were introduced in local levels in the 1980s, namely the District Boards , Urban Council and Regional Council . Among them, the Meeting Point formed in 1983, the Hong Kong Affairs Society in 1985 and Association for Democracy and People's Livelihood in 1986 became
5016-561: 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 a new head office building in Hong Kong in 1935. Bank note issuance displaced other forms of the era and of
5130-537: The League of Social Democrats and the People Power believe in street actions and mass movements. There have been severe conflicts and distrust between the two factions and a great split after the constitutional reform voting in 2010, where the Democratic Party negotiated with the Beijing representatives and supported the modified reform proposal and was thus seen as a betrayal by the radical democrats. Members of
5244-832: The Mainland China since. Since 1989, the Alliance organise annual candlelight vigil for the June 4 crackdown at the Victoria Park, Hong Kong , which draw thousands of people every year. Ahead of the first direct election to the Legislative Council in 1991 , around 600 democracy activists co-founded the first major pro-democracy party, the United Democrats of Hong Kong . The electoral alliance of United Democrats of Hong Kong and Meeting Point, together with other smaller political parties, groups and independents, won
5358-524: The People Power managed to win three seats in the 2012 Legislative Council election and the radical democrats of the (People Power and the League of Social Democrats) topped 264,000 votes, compared to the Civic Party's 255,000 and Democratic Party's 247,000 respectively. Despite the pan-democrats securing three of the five newly created, District Council (second) constituency seats the ratio of
5472-642: 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,
5586-671: The Sino-British Joint Declaration. They also saw the ideal of Hong Kong helping in China's Four Modernisations . The Beijing authorities also viewed the pro-democrats as the targets of the united front . Barrister Martin Lee and educator Szeto Wah , president of the Hong Kong Professional Teachers' Union , who were also the two most visible pro-democracy leaders, were appointed members of
5700-402: 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 , 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
5814-403: 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 ,
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#17327909505445928-406: 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
6042-562: 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
6156-511: 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
6270-446: 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
6384-426: The camp include social workers and social activists emerged from the 1970s youth movements. Many of them grouped themselves as the "social action faction", competing against the pro-Communist Maoists in whom they disagreed with their ultra-nationalist and radical Maoist stances. Although claiming to be patriotic and launching the defend the Diaoyu Islands movement , the "social action faction" dedicated themselves into
6498-424: The controversial interpretation of the Basic Law of the Standing Committee of the National People's Congress (NPCSC) which led to the disqualification of the six legislators as a result. On 17 August 2017, Nathan Law and Joshua Wong, the chairman and the secretary-general of Demosistō, were imprisoned alongside former general secretary of the Hong Kong Federation of Students Alex Chow for their storming into
6612-472: 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
6726-599: 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
6840-422: The election, some localists joined the pro-democrats' caucus, which rebranded itself as the "pro-democracy camp". The disunity within the camp and the failure of the Umbrella Revolution cost the pro-democrats in the 2018 by-elections . The 2019 anti-extradition movement , however, saw a rebound in popularity for the camp, which contributed to its biggest victory in the history of Hong Kong, gaining control of 17 of
6954-469: The electors. In March 2013, all 27 democratic legislators formed the Alliance for True Democracy (ATD), replacing the Alliance for Universal Suffrage, to show solidarity of the camp to fight for genuine democracy. The ATD put forward a three-channel proposal for the 2017 Chief Executive election during the constitutional reform consultation in 2014. However, the decision of the National People's Congress Standing Committee (NPCSC) on 31 August ruled out
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#17327909505447068-413: 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
7182-480: The extralegal Provisional Legislative Council installed by the government of the People's Republic of China , and were ousted from the territory's legislature for a year until the 1998 election. Starting from the 1998 election, since the plurality electoral system was changed to proportional representation , compounded with the restoration of corporate votes in the functional constituencies, and replacement of broad-based functional constituencies with traditional ones,
7296-456: 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
7410-445: The first political group to publicly support the Chinese sovereignty of Hong Kong. After the Sino-British Joint Declaration , the pro-democrats began to join hands to demand further democracy before and after 1997. In 1986, a number of political groups, activists, professionals and politicians joined hand under the banner of the Joint Committee on the Promotion of Democratic Government (JCPDG) demanding for 1988 direct elections for
7524-426: The first time since 1998. One of the main goals of the pro-democracy camp is to achieve universal suffrage of the Chief Executive (CE) and the Legislative Council (LegCo) as guaranteed in Article 45 and Article 68 of the Basic Law respectively. Since the National People's Congress Standing Committee 's (NPCSC) 31 August 2014 decision , which determined that the Chief Executive candidate would be selected by
7638-405: The government's constitutional reform bill while the pro-Beijing legislators launched a failed walk-out. The bill was defeated by 28 against 8 for, barely meeting the quorum of 35. Many new political groups emerged from the Umbrella Revolution often distanced themselves from the pan-democrats. Many of whom, being labelled as " localists ", criticised pan-democrats' failing in achieving democracy in
7752-453: The group formed the middle class and professional oriented Civic Party . On the other hand, the left-wing radical group League of Social Democrats was formed in the same year by Trotskyist legislator Leung Kwok-hung and radical radio host Wong Yuk-man . As a result of the diversification of the pro-democracy elements, the use of "pan-democrats" gained in popularity, as it is typically meant to be non-denominational and all-inclusive. In
7866-413: The handover. The vote share of the pro-democrats also dropped from the traditional 55 per cent to only 47 per cent. HSBC HSBC Holdings plc ( Chinese : 滙豐 ; initialism from its founding member The Hongkong and Shanghai Banking Corporation ) is a British universal bank and financial services group headquartered in London , England, with historical and business links to East Asia and
7980-419: The lack of funding. The mailings of the campaign pamphlets of chairman Nathan Law, who was running in Hong Kong Island , were also delayed as the Hongkong Post had to seek legal advice from the justice department regarding Law's pamphlets mentioning phrases such as "self-determination". Law, 23, eventually became the youngest candidate ever to be elected to the Legislative Council after he received 50,818 votes,
8094-436: The last 30 years. Many of them called for more "militant" tactics over pan-democrats' "non-violent" principles and "China–Hong Kong separation" over the some mainstream pan-democrats' mild "Chinese nationalist sentiment". Some of them also criticised pan-democrats' demand of the vindication of the 1989 Tiananmen protests, as pursued by the Hong Kong Alliance in Support of Patriotic Democratic Movements of China (HKASPDMC). There
8208-536: The last quarter of 2022 had almost doubled compared to those at the same time the previous year. However, its pre-tax profit actually fell because it absorbed the cost of selling its French retail banking operations. The bank also announced that they were closing 114 branches in the United Kingdom. The move came as more people were using online banking since the pandemic, reducing the need for physical branches. The move has been criticized by Unite . As interest rates increased globally in May 2023, HSBC Holdings reported
8322-421: The legislation, the largest demonstration since the handover. The pro-democrats received victories in the subsequent 2003 District Councils and 2004 Legislative Council elections. The barrister-formed Article 23 Concern Group formed by the pro-democracy lawyers, which transformed into Article 45 Concern Group , saw its member Audrey Eu , Alan Leong and Ronny Tong were elected in the 2004 election. In 2006,
8436-524: 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
8550-528: The local social issues in Hong Kong. They fought for the social inequality and livelihood issues, including the anti-corruption movement and Chinese Language movement and so forth. In the early 1980s when the question of Hong Kong sovereignty emerged, many of them supported a democratic autonomous Hong Kong under Chinese sovereignty, notably the Meeting Point which was founded in January 1983 which became
8664-441: The mid 1980s. The pro-democrats joined hands in pushing for greater democracy both in the transition period and after handover of Hong Kong in 1997. Many also supported greater democracy in China and the 1989 Tiananmen Square protests . The relationship between the pro-democrats and the Beijing government turned hostile after Beijing's bloody crackdown on the protest, after which the pro-democrats were labelled as "treasonous". After
8778-463: The moderate democrats in the 2011 District Council elections , the League of Social Democrats was suffered in the factional fighting and the two of the three LSD legislators left the party in disarray and formed the People Power . The People Power's campaign targeted pan-democracy parties in the 2011 District Council elections that had supported the reform package filled candidates to run against them but only won one seat of 62 contested. Nevertheless,
8892-583: 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 the Raj . The founder, Thomas Sutherland of the Peninsular and Oriental Steam Navigation Company , wanted
9006-449: 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
9120-436: The notion of "self-determination" for Hong Kong. More than ten days after the nomination period, acting Returning Officer Laura Liang Aron, who replaced Dorothy Ma Chau Pui-fun who took indefinite sick leave, barred Joshua Wong from running due to political reasons, making Wong the only pro-democrat to be disqualified due to his political stance in the election. Aron issued a six-page ruling noting that Wong dropped his advocacy of
9234-561: The number of seats of the camp dipped, albeit having similar share of vote. Within the camp, share of smaller parties and independents increased relatively, with the share of the Democratic Party falling from around two-thirds in 1995 to less than a half by 2004. The pro-democracy camp was the strong opposition to the national security and anti-subversion legislation of the Basic Law Article 23 and they successfully called for over 500,000 people to protest on 1 July 2003 against
9348-405: The oath-taking ceremony at the inaugural meeting with three other pro-democracy legislators, Leung Kwok-hung, Lau Siu-lai and Yiu Chung-yim , losing the party's only elected representation. The controversy, triggered by two pro-independence legislators, Sixtus Leung and Yau Wai-ching of Youngspiration resulted in the unprecedented legal actions by the government against elected legislators and
9462-487: The option of independence as "a compromise, instead of a genuine intention" as Wong referred to CCP general secretary Xi Jinping 's remarks on separatism as a "stern threat" and reason for him and Demosistō to give up the advocacy of independence. Wong said the Returning Officer's decision showed that the central government was rigging the election, which was expected to be a key test of public sentiment about
9576-475: The party and other radical democrats backed the League of Social Democrats legislator Leung Kwok-hung to run against the two former government officials Carrie Lam and John Tsang , who was backed by the mainstream pro-democrats. Leung later dropped out after failing to grab enough signatures in an unofficial civil petition. In July 2017, Nathan Law was ousted from the Legislative Council over their manners at
9690-491: The party. Donald Tsang , the Chief Executive, promised to resolve the question of universal suffrage in his office during the election. He carried out the 2012 constitutional package in 2009 which was criticised by the pro-democracy as lack of genuine progress. The League of Social Democrats called for a de facto referendum , by way of the 2010 by-elections in five geographical constituencies. Civic Party ,
9804-666: The passing of the Hong Kong national security law , the party's leadership resigned from their offices and the party disbanded on 30 June 2020. The following were the major missions of Demosistō: The name "Demosistō" is derived from the Greek "demos" ("δῆμος", meaning "people", from which the English word "democracy" is derived) and Latin "sisto" (meaning "to stand", from which English words such as "insist", "persist" and "resist" are derived). Literally translated as "people to stand" in English, it means "stand for democracy", or "stand for
9918-467: The people". The Chinese name means "the will of the people". The idea of forming Demosistō was inspired by Taiwan's New Power Party which was formed by the Sunflower Movement leaders and fared well in the 2016 Taiwanese legislative election . In February 2016, core figures of the student activist group Scholarism – Joshua Wong, Oscar Lai and Agnes Chow – who played an instrumental role in
10032-512: The possibility for any candidate not endorsed by Beijing to be nominated for the election, which the pan-democrats accused as a betrayal of the principle of "one person, one vote," The pan-democrats had supported legal scholar Benny Tai 's Occupy Central plan of civil disobedience against Beijing's decision, which later turned into a 79-day occupy protest which often dubbed as "Umbrella Revolution". On 18 June 2015, all 27 pan-democrat legislators and Medical legislator Leung Ka-lau voted against
10146-420: The pro-democracy camp has usually received 55 to 60 percent of the votes in each election, but has always received less than half of the seats in the Legislative Council due to the indirectly elected elements of the legislature. The pro-democracy activists emerged from the youth movements in the 1970s and began to take part in electoral politics as the colonial government introduced representative democracy in
10260-461: The pro-democrat coalition "Democrats 300+" scored a record victory in the Election Committee which was responsible for electing the 2017 Chief Executive . The democrats decided not to field their candidate in order to boost the chance of an alternative establishment candidate against incumbent Leung Chun-ying . After Leung announced he would not seek for re-election, the pro-democrats turned against Chief Secretary for Administration Carrie Lam who
10374-626: The protest movement. In April 2020, Demosistō published a report on property ownership by the Hong Kong Liaison Office . The report found more than 700 apartment units, along with other previously unreported property. After a series of disqualification of the Demosistō candidates, the party passed a resolution in January 2020 to abandon its advocacy for "democratic self-determination" on its platform, replacing with "democratic and progressive values". On 30 June 2020 hours after
10488-530: The protests and formed the Hong Kong Alliance in Support of Patriotic Democratic Movements of China (ADSPDMC or Alliance), were seen as "treason" and threat to the Beijing government. The two pro-democracy Basic Law Drafting Committee members, Martin Lee and Szeto Wah, were stripped from the office after they resigned in protest of the bloody crackdown, many of other pro-democrats were denied entry to
10602-680: 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 the Middle East and the Mercantile Bank (based in India) in Aug 1959. Turner
10716-666: 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 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
10830-459: The second largest pro-democratic party joined, however the Democratic Party, the largest party, was reluctant to participate. The Democratic Party and other moderate democrats and pro-democracy scholars launched the Alliance for Universal Suffrage and started to engage with the mainland officials. The Democratic Party brought out a revised proposal of the package to Beijing and the revised proposal
10944-483: The second-highest among all candidates in the constituency. Demosistō's electoral allies, environmentalist Eddie Chu and university lecturer Lau Siu-lai who ran with a similar platform of "self-determination" also won seats in New Territories West and Kowloon West . In the Legislative Council, Demosistō and its allies joined the 27-strong pro-democracy caucus. In the 2017 Chief Executive election ,
11058-730: The then-political party tried to register as a company. It was thus unable to set up its own bank account to raise funds as other parties and organisations did and had to rely instead on individual members' personal accounts. Joshua Wong also accused HSBC of exercising "political censorship" in rejecting his request to open a joint savings account to handle the business of his political party. Demosistō initially planned to field chairman Nathan Law in Hong Kong Island and vice-chairman Oscar Lai in Kowloon East . In July 2016, Oscar Lai decided to drop his candidacy in Kowloon East due to
11172-426: The three major pro-democratic groups and formed a strategic alliance in the 1988 District Board elections , which laid the foundation of the pro-democracy grassroots supports. The consolidation of its public support has its roots in opposition to the 1989 Tiananmen crackdown which aroused widespread horror, sympathy and support of the protesters by Hong Kong citizens. The pro-democrats, who were heavily involved in
11286-671: 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 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,
11400-484: The vote share between the pan-democrats and the pro-Beijing camp narrowed significantly from the traditional 60% to 40%, to 55% to 45%. The chairman of the Democratic Party Albert Ho represented the pan-democracy camp to run in the 2012 Chief Executive election . On election day the pan-democrats declined to vote for neither Henry Tang nor Leung Chun-ying and called for a blank vote from
11514-478: 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
11628-493: The youngest candidate ever to be elected. In 2017, Law was disqualified from the Legislative Council over the oath-taking controversy and was imprisoned with Joshua Wong for the storming into the Civic Square during the Umbrella Revolution. After a series of disqualification of the Demosistō candidates, the party passed a resolution in January 2020 to abandon its advocacy for "democratic self-determination". After
11742-489: 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 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
11856-633: 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
11970-488: 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
12084-447: Was also growing voice for Hong Kong independence from the Chinese rule, as many of whom deemed the "One Country, Two Systems" had failed. In the 2016 Legislative Council election , localist camp with different banners together took away 19 per cent of the vote share from the pan-democrats, in which the traditional pan-democrats secured only 36 per cent, 21 less than the previous election. The non-establishment forces secured 30 out of
12198-512: 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
12312-526: 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
12426-597: Was passed in the Legislative Council in the support of the government and Pro-Beijing camp. However, it triggered a major split within the camp and also in the Democratic Party. The Young Turks including the LegCo member Andrew Cheng quit the party and formed the Neo Democrats . The Democratic Party was accused by the LSD and the radicals of betraying democracy and its supporters. On the matter of whether to coordinate with
12540-485: 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
12654-808: 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 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
12768-484: Was seen as "C.Y. 2.0". The pro-democrats nominated former Financial Secretary John Tsang and retired judge Woo Kwok-hing amid the Liaison Office actively lobbied for Lam. Ahead of the election, some 98 per cent of the "Democrats 300+" coalition decided on voting for Tsang as he was the most popular candidate in the polls. On 14 July 2017, Leung Kwok-hung of the League of Social Democrats , Nathan Law of
12882-424: 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
12996-679: 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 was granted its independence from Malaysia. Three people were killed, 33 injured, and
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