92-887: The SVNS , known as the HSBC SVNS for sponsorship reasons , is an annual series of international rugby sevens tournaments run by World Rugby featuring national sevens teams. Organised for the first time in the 1999–2000 season as the IRB World Sevens Series , the competition was formed to promote an elite-level of international rugby sevens and develop the game into a viable commercial product. The competition has been sponsored by banking group HSBC since 2014. The season's circuit consists of eight tournaments held in five continents, generally beginning in November or December and ending in May or June. All tournaments feature
184-634: 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
276-460: A 16-team event. The six pool winners and the two top second-place finishers advanced to the Cup competition. The points awarded to teams at each event, as well as the overall season totals, are shown in the table below. Points for the event winners are indicated in bold. A zero (0) is recorded in the event column where a team competed in a tournament but did not gain any points. A dash (–) is recorded in
368-649: A 212% increase in quarterly profit. 2011%E2%80%9312 IRB Sevens World Series The 2011–12 IRB Sevens World Series , known for sponsorship reasons as the HSBC Sevens World Series , was the 13th annual series of the IRB Sevens World Series tournaments for full national sides run by the International Rugby Board since 1999–2000. Sevens is traditionally played in a two-day tournament format. However,
460-586: 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
552-559: A basic salary of about €27,000-plus. Toward the bottom end of the scale is Ireland, offering its players a €18,000 to €23,750 development contract, less than minimum wage. Players in bold are still active. 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
644-587: 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
736-838: 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
828-467: 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
920-641: 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
1012-470: 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
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#17327730849591104-520: 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
1196-604: A regular event. The 12 invited teams all competed for the Shield, with the top three sides in that competition also earning core status for 2012–13. From 2013 on, the Hong Kong Sevens was played under the same 16-team format used in the rest of the series, with typically 15 core teams plus an invited team (for Hong Kong, usually the winner of the HSBC Asian Sevens Series) competing in the main draw of
1288-412: 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,
1380-749: 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
1472-664: A three-day event) is the most famous sevens tournament. The Hong Kong Sevens had 24 teams through the 2011–12 series, but has featured 28 teams since 2012–13, with 15 core teams and the winner of the HSBC Asian Sevens Series competing for series points. At the 2013 event, the remaining 12 teams were those in the World Series Pre-Qualifier; from 2014 forward, the remaining 12 teams are those in the Core Team Qualifier. In Hong Kong,
1564-401: 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
1656-473: A truly global sport, one with widespread visibility and steadily improving standards of athletic excellence." New Zealand and Fiji dominated the first series, meeting in the final in eight of the ten season tournaments, and New Zealand narrowly won, overtaking Fiji by winning the last tournament of the series. New Zealand won the first six seasons in a row from 1999–2000 to 2004–05, led by players such as Karl Te Nana and Amasio Valence . The number of stops in
1748-433: A win, 2 for a draw, 1 for a loss, 0 for a no-show. In case teams are tied after pool play, the tiebreakers are: As of the 2009–10 series, four trophies are awarded in each tournament. In descending order of prestige, they are the Cup, whose winner is the overall tournament champion, Plate, Bowl and Shield. Each trophy is awarded at the end of a knockout tournament. In a normal event, the top two teams in each pool advance to
1840-574: 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
1932-574: 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
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#17327730849592024-509: Is a fast-paced version of rugby union with seven players each side on a full-sized rugby field. Games are much shorter, lasting seven minutes each half. The game is quicker and faster-scoring than 15-a-side rugby, which explains part of its appeal. It also gives players the space for superb feats of individual skill. Sevens is traditionally played in a two-day tournament format. Currently, in a normal event, 16 teams are entered. World Rugby operates satellite tournaments in each continent alongside
2116-581: Is determined by points earned in each tournament. World Rugby introduced a new scoring system for the 2011–12 series, in which all teams participating in a tournament are guaranteed points. Initially, World Rugby announced the new points schedule only for the standard 16-team events; the allocations for the Hong Kong Sevens were announced later. A new scoring system was introduced in 2019–20 requiring teams to play for 7th, 11th and 15th places, previously teams had tied for 7th–8th 11th–12th and 15th–16th places. The points schedule used at each standard event until 2023
2208-428: Is resolved in the same manner, but without considering head-to-head results. Four trophies were awarded in each tournament. In descending order of prestige, they were the Cup (overall tournament champion), Plate, Bowl and Shield. Each trophy was awarded at the end of a knockout tournament. In a 16-team tournament, the top two teams in each pool advanced to the Cup competition. The four quarterfinal losers dropped into
2300-408: Is summarised below. From 2023–24 the following points schedule is used for each event: Tie-breaking: If two or more teams are level on overall series points, the following tie-breakers are used: The tour received 1,147 hours of air time in 2005–06; 530 of which was live, and was broadcast to 136 countries. By 2008–09, the hours of air time had increased to over 3,300, with 35 broadcasters airing
2392-503: The 2016–17 series , a dominant and consistent display by South Africa saw them reach the finals of the 2016–17 series rounds on eight occasions, winning five of these. As a result, South Africa were series champions with victory in the penultimate round in Paris. The season was a qualifier for the 2018 Rugby World Cup Sevens with the top four teams that had not already qualified, coming from this season. The teams that made it through to
2484-717: 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
2576-813: The Gold Coast . Initially, the event was called the "International Rugby Sevens Gold Coast", but was later rebranded as simply the "Gold Coast Sevens". The SARU announced that Port Elizabeth would become the new host of the South Africa leg, replacing George . On 9 December 2011, the IRB and the Scottish Rugby Union announced that the Scotland Sevens, also previously known as the Edinburgh Sevens , would move to Glasgow from
2668-420: 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
2760-591: 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
2852-589: The 2012 edition. The 2011 Dubai Sevens saw the IRB organise its first officially sanctioned women's international sevens tournament apart from the Rugby World Cup Sevens . It involved eight teams—Australia, Brazil, Canada, China, England, South Africa, Spain, and the USA—and the semifinals and final were held on the main pitch at The Sevens. This was part of a plan to launch a full IRB International Women's Sevens Series for 2012–13. Before each season,
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2944-655: 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
3036-557: The Core Team Qualifier. With the promotion place now determined at the Hong Kong Sevens, the London Sevens returned to the traditional 16-team format in 2013–14. The 2024 Rugby Perth Sevens features nine men’s and six women’s rounds over six months. The calendar includes stopovers in many of the usual destinations, from London to Langford, plus three new cities (Malaga, Seville and Toulouse) to replace traditional hosts Australia and New Zealand. The Hong Kong Sevens (an anomaly as
3128-713: 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
3220-605: The Cup competition. The four quarterfinal losers drop into the bracket for the Plate. The Bowl is contested by the third and fourth-place finishers in each pool, while the Shield is contested by the losing quarterfinalists of the Bowl. A third-place match is now conducted between the losing Cup semifinalists in all tournaments; this was introduced for the 2011–12 series. In 2012–13, the season-ending London Sevens expanded to 20 teams, with 12 competing for series points and eight involved in
3312-591: The Hong Kong Sevens, was now the first event in the series. Also, the last two legs of the series, originally slated for Edinburgh and London, switched places on the schedule, making the London leg the last in the series. On 13 April 2011, the Australian and South African unions (ARU and SARU, respectively) both announced that their countries' legs of the series would move to new sites effective this season. The ARU announced that its leg would move from Adelaide to
3404-509: The IRB announces the 12 "core teams" that received guaranteed berths in each event of that season's series. The core teams for 2011–12 were: The core teams have been unchanged since the 2008–09 series. The season championship was determined by points earned in each tournament. A new points system, in which each participating team now receives Series points, was introduced shortly before the 2011–12 season kicked off: In all tournaments except Hong Kong, 16 teams participated. Due to its place as
3496-561: 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
3588-642: 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,
3680-520: The Series began offering full-time contracts to their players. These annual salaries can range from €18,000 to €100,000. England offers among the more generous salaries, ranging from an estimated €25,000 to over €100,000. New Zealand has a graded system with salaries ranging from €23,000-plus to about €52,500 for its four top earners. The basic salary for Scottish sevens players ranges from €22,500 to €40,000. The Australian sevens players are estimated to be on
3772-488: The Sevens World Series which serve as qualifiers for Series events; in 2012–13 they also determined the entrants in the World Series Pre-Qualifier, and since 2013–14 determine the entrants in the Core Team Qualifier. In each tournament, the teams are divided into pools of four teams, who play a round-robin within the pool. Points are awarded in each pool on a different schedule from most rugby tournaments—3 for
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3864-419: The Shield was awarded for the first time in 2010. Originally, the six pool winners of the Hong Kong Sevens, plus the two highest-finishing second-place teams, advanced to the Cup. In 2010 and 2011, a different system was used: In the transitional year of 2012, the Hong Kong Sevens was split into two separate competitions. The 12 core teams competed for the Cup, Plate and Bowl under a format similar to that of
3956-664: The United States have placed in the top three for several seasons but have not won the series title. The International Olympic Committee 's decision in 2009 to add rugby sevens to the Summer Olympics beginning in 2016 has added a boost to rugby sevens and to the World Sevens Series ; this boost has led to increased exposure and revenues, leading several of the core teams to field fully professional squads. The first international rugby sevens tournament
4048-402: 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
4140-413: The United States won the 2015 London Sevens to finish the season in sixth overall; Kenya won the 2016 Singapore Sevens, and Scotland won the 2016 London Sevens. Prior to the 2015–16 season World Rugby did a comprehensive review of all nine tournament hosts and adjusted the schedule, dropping two sites ( Japan and Scotland ), and adding three sites ( France , Singapore and Canada ) to the calendar. In
4232-403: 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 ,
4324-558: The World Cup via this method were Canada , Argentina , Scotland and Samoa . The World Series will consist of 8 scheduled tournament stops from the 2023–24 season , which generally fall in the same order and timeframes. From 2020 to 2022, however, several of these events had to be cancelled due to impacts of the COVID-19 pandemic . A group of core teams, currently 12 in number, is announced for each season based on performances in
4416-478: The World Rugby Sevens Series under previous formats. With 15 core teams, there was generally only one invited team at each 16-team tournament. Before 2012–13, when there were only 12 core teams, four places at each tournament were usually available to invited teams. Key : * indicates a tied placing In 2019, World Rugby announced a plan to create a second-tier competition that would allow
4508-406: 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
4600-682: 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
4692-492: The best thirteen sevens teams, with the addition of three invited teams, from their region to compete in a similar style format to the Sevens Series for the potential of gaining promotion to the World Rugby Sevens Series and becoming a core team. This breaks from the usual format of promotion and relegation in the sevens series. From 2013–14 series to 2018–19 the promotion/relegation was as follows: From 2020 to 2023
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#17327730849594784-430: The bracket for the Plate. The Bowl was contested by the third- and fourth-place finishers in each pool, with the losers in the Bowl quarterfinals dropping into the bracket for the Shield. The Hong Kong Sevens used a similar structure, though adjusted for the larger number of teams involved. Its 24 teams were divided into six pools of four teams each, with the competition points system and tiebreakers identical to those for
4876-564: 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
4968-446: 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
5060-586: 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
5152-712: 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
5244-413: 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
5336-456: 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
5428-681: The inaugural event in 1993, along with rugby joining the Commonwealth Games program in 1998. The first season of the World Sevens Series was the 1999–2000 season. At the Series launch, the chairman of the International Rugby Board, Vernon Pugh, described the IRB's vision of the role of this new competition: "this competition has set in place another important element in the IRB’s drive to establish rugby as
5520-536: 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
5612-524: 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
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#17327730849595704-698: The most famous event, the Hong Kong Sevens , was played over three days, largely because it involves 24 teams instead of the usual 16. In addition, the USA Sevens were a three-day affair this season despite being a standard 16-team event. The IRB announced the schedule for the 2011–12 series on 18 August 2011. The most important development was the addition of a leg in Japan, expanding the circuit to nine legs. Two other significant scheduling changes were made. The Australian leg, which had previously followed
5796-621: The naming rights to individual tournaments, while retaining its name sponsorship of the overall series. A renewed, 4-year deal was announced before the 2015–16 Series , this deal was also expanded to include the World Rugby Women's Sevens Series . In the year after the International Olympic Committee announced in 2009 that rugby sevens would return to the Olympics in 2016, most of the "core teams" on
5888-413: 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
5980-449: 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
6072-402: The previous season. Each core team has a guaranteed place in all of that season's events. The core teams have been selected through a designated promotion/relegation process since the 2012–13 season. A new system from the 2023–24 season, will see 12 core teams, with up to 4 being relegated each year. Key: * indicates a tied placing Non-core teams are also invited to compete in every season of
6164-455: 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
6256-495: The same 12 teams. Teams compete for the World Rugby Series title by accumulating points based on their finishing position in each tournament. The bottom four teams play a repechange tournament against the top four teams of the World Rugby Sevens Challenger Series . New Zealand had originally dominated the Series, winning each of the first six seasons from 1999–2000 to 2004–05, but since then, Fiji, South Africa , Samoa and Australia have each won season titles. England, Argentina and
6348-614: 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
6440-429: The series after taking home the 2008–09 title. In the 2009–10 season, Samoa who finished seventh the previous year shocked the world – led by 2010 top try-scorer and World Rugby Sevens Player of the Year Mikaele Pesamino – by winning four of the last five tournaments to overtake New Zealand and win the series. The number of core teams expanded from 12 to 15 for the 2011–12 series . Qualification for these places
6532-405: The series in 139 countries and 15 languages. Broadcast time increased further in 2009–10, with 3,561 hours of air time (1,143 hours live) carried by 34 broadcasters in 141 countries and 16 languages. In 2010–11, 3,657 hours of coverage were aired (1,161 hours live), with the same number of broadcasters as the previous season but six new countries added. For that season, Sevens World Series programming
6624-408: The series varied over the seasons, but experienced a contraction from 11 tournaments in 2001–02 to 7 tournaments in 2002–03 due to the global recession . In the 2005–06 season Fiji clinched the season trophy on the last tournament of the season finishing ahead of England. New Zealand regained the trophy in 2006–07 season in the last tournament of the season. South Africa was the next team to win
6716-451: The sport's most prestigious annual event, the Hong Kong tournament had 24 teams. In each 16-team tournament, the teams were divided into pools of four teams, who played a round-robin within the pool. Points were awarded in each pool on a different schedule from most rugby tournaments—3 for a win, 2 for a draw, 1 for a loss. In case of a tie on competition points, tiebreakers are applied in the following order: A tie between more than two teams
6808-418: The style of promotion/relegation was as such: From 2024 onwards the style of promotion/relegation will be as such: The World Series results are sometimes used as a qualifier for other tournaments. For example, the top four teams of the 2014–15 series automatically qualified for the 2016 Summer Olympics. Similarly, certain teams from the 2016–17 series qualified for the 2018 Rugby World Cup Sevens. Summary of
6900-411: The top four teams qualifying to the 2016 Summer Olympics , with Fiji, South Africa, New Zealand and Great Britain all qualifying through. The 2014–15 season and 2015–16 season were won by Fiji – the first time a team other than New Zealand won back-to-back season titles – led by 2015 and 2016 season Dream Team nominee Osea Kolinisau The two seasons also yielded teams winning their first tournaments –
6992-418: The top six placegetters for each series: Tally of top six placings in the series for each team, updated after the most recently completed 2022-23 season (obtained by summing the placings of each team as recorded in the above table of results by season). Summary of the top six placegetters for the regular season (since 2024): List of legs won by each team since 1999. Updated on 5 May 2024. Rugby sevens
7084-423: The tournament. In line with changes which began at the start of the 2016–17 World Rugby Sevens Series , the duration of the Cup final was reduced from 20 minutes to 14 minutes in 2017. In that season, the number of trophies was also reduced to two; the main Cup contested by the top eight teams from the pool stage, and a Challenge Trophy contested by the bottom eight teams from the pool stage. The season championship
7176-671: 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,
7268-479: The venue in the 2012–13 season, giving the tour an event on each continent, but when Argentina joined the Rugby Championship those plans were shelved. With the same schedule, New Zealand again were the winners over South Africa. They took it again in 2013–14 with Spain the first team to be relegated after finishing last during that season with Japan replacing them. Heading into the 2014–15 season ,
7360-478: 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
7452-489: 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
7544-633: 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
7636-488: 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
7728-512: 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
7820-563: Was available in 332 million homes worldwide, with a potential audience of 760 million. The International Rugby Board reached a 5-year deal with HSBC in October 2010 that granted them status as the first-ever title sponsor of the Sevens World Series. Through the agreement, HSBC acquired title naming rights to all tournaments in the World Series, beginning with the Dubai Sevens on 3 December 2010. HSBC has since sub-licensed
7912-526: 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
8004-470: Was held in 1973 in Scotland, which was celebrating a century of the Scottish Rugby Union . Seven international teams took part, with England defeating Ireland 22–18 in the final to take the trophy. The Hong Kong Sevens annual tournament began in 1976. Over the next two decades the number of international sevens competitions increased. The most notable was the Rugby World Cup Sevens with Scotland hosting
8096-485: 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
8188-415: Was played out at the 2012 Hong Kong Sevens . Canada (returning to core status for the first time since 2008), Spain and Portugal joined the 12 core teams for the next season. The Japan event also made a return for the first time since 2001 (lasting until 2015). New Zealand continued their dominance by finishing on top. Argentina was originally planned to begin hosting a tenth event with Mar Del Plata
8280-808: 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
8372-424: 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
8464-679: 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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