83-885: Midland Bank Plc was one of the Big Four banking groups in the United Kingdom for most of the 20th century. It is now part of HSBC . The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham , England in August 1836. It expanded in the Midlands , absorbing many local banks, and merged with the Central Bank of London Ltd. in 1891, becoming the London City and Midland Bank . After
166-720: A hong trading house in British Hong Kong . The bank was established in 1865 in Hong Kong and opened branches in Shanghai in the same year. It was first formally incorporated in 1866. In 1991, the present parent legal entity, HSBC Holdings plc , was established in London and the historic Hong Kong–based bank from whose initials the group took its name became that entity's fully-owned subsidiary. The next year (1992), HSBC took over Midland Bank and thus became one of
249-652: A foreign exchange department and, by 1919, it was acting as London bank to some 650 correspondent banks throughout the world. From 1907, these correspondents included The Hongkong and Shanghai Banking Corporation . After the First World War , the leading British banks entered an agreement with the government that they would not attempt further amalgamations without Treasury approval. As a result, Midland turned its attention to expanding its branch network, adding new banking services, mechanising its systems (from 1928) and advertising its activities. Midland responded to
332-514: A consumer survey conducted in 2019, the "big four" retail banks in Latvia are: In Lebanon , where the banks have retained their banking secrecy laws since 1956, which is prevalent in the whole MENA region, and while adopting international measures to fight money laundering, the "big four" banks consist of: Furthermore, as of September 2016, there are more than 51 banks in Lebanon , one of
415-628: A day, 365 days a year. In June 1992, following a brief bidding war with Lloyds Bank , HSBC Holdings plc acquired full ownership of Midland Bank. At the time, it was one of the largest acquisitions in banking history, and gave HSBC a major foothold in Europe , which it needed to complement its existing business in Asia and the Americas , when it had to move its Hong Kong –based headquarters to London on 1 January 1993, accepting primary banking supervision by
498-598: A large French bank, for £6.6 billion. In July 2001 HSBC bought Demirbank , an insolvent Turkish bank. In July 2002, Arthur Andersen announced that HSBC USA, Inc., through a new subsidiary, Wealth and Tax Advisory Services USA Inc. ( WTAS ), would purchase a portion of Andersen's tax practice. The new HSBC Private Client Services Group would serve the wealth and tax advisory needs of high-net-worth individuals. Then in August 2002 HSBC acquired Grupo Financiero Bital, SA de CV, Mexico's third largest retail bank for $ 1.1 billion. In November 2002, HSBC expanded further in
581-587: 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
664-838: 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
747-540: A new head office building in Hong Kong in 1935. Bank note issuance displaced other forms of the era and of the region, such as silver taels , due to political and economic instability. HSBC gained significant influence as a result. Michael Turner became chief manager in 1953 and set about diversifying the business. His tenure came to an end in 1962 having established The Hong Kong and Shanghai Banking Corporation of California 1955 and having acquired The British Bank of
830-730: A period of nationwide expansion, including the acquisition of many smaller banks, the name Midland Bank Ltd was adopted in 1923. By 1934, it was the largest deposit bank in the world. It was listed on the London Stock Exchange , and was once a constituent of the FTSE 100 Index , but in June 1992, it was taken over by HSBC Holdings plc , which phased out the Midland Bank name by June 1999 in favour of HSBC Bank. On 10 June 2015, HSBC announced that it would be rebranding its branches in
913-470: 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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#1732772470607996-520: 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
1079-412: 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,
1162-401: 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
1245-574: 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
1328-520: Is Australia's closest neighbour, with very close cultural and economic ties. The big four Australian banks (often referred to collectively as the 'big banks' or the 'big Aussie banks') also dominate the banking sector in New Zealand, through subsidiaries: Together they hold over 90% of gross loans and advances in New Zealand as well as close to 90% of all mortgages. These four NZ subsidiaries are massively profitable and sometimes even outperform
1411-774: Is a financial center . In Macau, the four major banks are: According to Central Bank of Malaysia , the top four banks by assets size are: The "big four" in Mexico are: According to Asia Times , the four largest banks in Myanmar are: The "big four" banks in the Netherlands by market concentration are: The market leader for the Netherlands, ING Group , is one of the world's largest multinational banking and financial service corporations, with products and services reaching over 41 countries worldwide. New Zealand
1494-574: 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
1577-611: Is not explicitly used in the Philippines. The following are the four largest banks in the country in terms of total assets as of March 2020: The Romanian banking system has almost 40 banks, most detained by local financial vehicles and some subsidiaries of foreign banks. The big four are as follows. Other major banks are Raiffeisen Bank, Unicredit Bank, and the ING Bank of Holland subsidiary. Four largest banks by operations and assets in Russia by December 2020: In Singapore ,
1660-446: Is the colloquial name given to the four main banks in several countries where the banking industry is dominated by just four institutions and where the phrase has thus gained relevance. Some countries include more or fewer institutions in such rankings, leading to other names such as Big Three, Big Five, or Big Six. Internationally, the term "Big Four Banks" has traditionally referred to the following central banks : In Australia,
1743-665: The Bank of China , the Bank of Communications , the Central Bank of China , and the Farmers Bank of China . All four were state-owned. Together with the Central Trust of China, Postal Savings and Remittance Bureau of China, and Central Cooperative Treasury of China, these banks were called the "four banks, two bureaus, one treasury" (四行两局一库). In the People's Republic of China , the "Big Four" banks (四大银行) are: In Colombia ,
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#17327724706071826-667: 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
1909-510: The Bank of England ; he secured the business support and capital backing of leading merchants and manufacturers in Birmingham. In the 1830s and 1840s, Midland offered discounted bills of exchange for customers. By the 1850s the bank's customers included railways, iron founders and engineering concerns, utilities and municipal corporations. Midland acquired Stourbridge Old Bank in 1851 and Nichols, Baker and Crane of Bewdley in 1862. From
1992-696: The Hong Kong Stock Exchange and London Stock Exchange and is a constituent of the Hang Seng Index and the FTSE 100 Index . It has secondary listings on the New York Stock Exchange , and the Bermuda Stock Exchange . HSBC has been implicated in a number of controversies and the bank has been repeatedly fined for money laundering (sometimes in relation to major criminal organizations such as
2075-851: The Sinaloa cartel ) or setting up large scale tax avoidance schemes. After the British established Hong Kong as a crown colony in the aftermath of the First Opium War , merchants from other parts of the British Empire, now in Hong Kong, felt the need for a bank to finance the growing trade, through Hong Kong and sometimes also through Shanghai, between China and India , the rest of the British Empire and Europe, of goods, produces and merchandises of all kinds, but especially opium , cultivated in or transited (re-exported) through
2158-607: The Tokyo Stock Exchange (where they are constituents of the Nikkei 225 and TOPIX Core30 indices) and the New York Stock Exchange in the form of American depositary receipts ; MUFG and SMBC Group are both additionally listed in the Nagoya Stock Exchange and serve as the financial arms of their respective namesake keiretsu ( Mitsubishi for MUFG, Sumitomo and Mitsui for SMBC). According to
2241-420: 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
2324-640: The "Big Three" are: 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 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
2407-655: The "big four banks" refers to the four largest banks that have historically dominated Australia's banking industry in terms of market share, revenue, and total assets. The "big four banks" of Australia are: A longstanding policy of the Federal Government in Australia has been to maintain this status quo , called the four pillars policy . The policy has been maintained through the Global Recession of 2008–09 , as Westpac acquired St George Bank and
2490-591: 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
2573-875: The 1880s, it expanded its customer base by opening new branches and acquiring other banks. In 1891 it acquired the Central Bank of London (which gave Midland a seat in the London Bankers' Clearing House , in 1898 it bought the City Bank (which provided a London head office), in 1901 it acquired the Sheffield Union Bank , in 1913 the Sheffield and Hallamshire Bank and, in 1914, it acquired the Birmingham Banking Company . By 1918, with deposits of £335 million, it ranked as
Midland Bank - Misplaced Pages Continue
2656-512: The 1980s. Midland Bank still traded as Midland Bank, but started adopting an HSBC byline by the early 1990s, started using the HSBC logo from 1997, and was finally rebranded as HSBC Bank in June 1999, as part of the adoption of the HSBC brand throughout the group. However, a dormant subsidiary, Midland Bank (Branch Nominees) Limited, continues to be registered at Companies House . Big Four (banks)#United Kingdom The Big Four (or Big 4 )
2739-522: The Australian parent companies. The extent to which they dominate the banking sector can be seen in profits: In the 2012/2013 financial year, the largest of the Big Banks, ANZ New Zealand, made a profit of NZ$ 1.37 billion. The smallest, BNZ, made a profit of NZ$ 695 million. State-owned Kiwibank , community trust-owned TSB Bank , SBS Bank (formerly Southland Building Society) and Heartland Bank ,
2822-568: The Bank of England. In 1997, Midland Bank underwent a total rebrand to match its parent company, with its familiar griffin logo being dropped in favour of the HSBC "hexagon" symbol, albeit with the "Midland Bank" name placed next to it. Midland Bank was renamed HSBC Bank in June 1999, as part of the adoption of the HSBC brand throughout the Group. Prior to this, a Midland Bank branch in Croydon became
2905-655: 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
2988-547: The Commonwealth Bank acquired Bankwest , reinforcing the special status of the "big four". The "Big Four" banks of Austria are: *separate legal entities operating under a common brand The big four banks of Belgium are a result of national and international mergers in the early 90s. In Brazil , the "big four", according to Exame Magazine in 2017: According to the National Bank of Cambodia ,
3071-898: The Middle East and the Mercantile Bank (based in India) in Aug 1959. Turner was succeeded in 1962 by Jake Saunders . In 1964 the Chief Managership was superseded as the top executive role in the bank by an Executive Chairmanship. During the Konfrontasi period in the 1960s, a group of Indonesian forces bombed the MacDonald House building in Singapore (at the time used by HSBC) just a few months after Singapore
3154-492: The Midland Bank. Midland Bank was famous for its golden griffin logo, surrounded by golden coins originally introduced in 1965 on a black, then later blue background, and for its slogan "the listening bank", written by the advertising executive Rod Allen . Advertisements for the bank appeared in the popular computer game Theme Park . An animated friendly version of the Griffin fronted the bank's television advertising during
3237-536: The Nigerian banking world. In 2011, these top five banks had a combined balance sheet, including contingents, of 12.9 trillion naira ($ 821 billion), 33 percent higher than the prior year. According to PricewaterhouseCoopers , the three largest banks in North Macedonia dominate 60% of the banking market share. The "top six" banks of Pakistan are: In Peru the "big four" are: The term "Big Four"
3320-537: The Raj . The founder, Thomas Sutherland of the Peninsular and Oriental Steam Navigation Company , wanted a bank operating on "sound Scottish banking principles". Still, the original location of the bank was considered crucial and the founders chose Wardley House in Hong Kong since the construction was based on some of the best feng shui in colonial Hong Kong . After raising a capital stock of HK$ 5 million,
3403-642: 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,
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3486-590: The UK-based Midland Bank and the impending transfer of sovereignty of Hong Kong to China. HSBC Holdings' acquisition of Midland Bank was completed in 1992 and gave HSBC a substantial market presence in the United Kingdom. As part of the takeover conditions for the acquisition of the bank thereof, HSBC Holdings plc was required to relocate its world headquarters from Hong Kong to London in 1993. Major acquisitions in South America started with
3569-444: The United Kingdom had to quickly follow and offer the same or risk losing their customers. The country has had free banking ever since. The Hongkong and Shanghai Banking Corporation acquired a 14.9% equity interest in Midland Bank in 1987, and a strong working relationship developed. In October 1989, First Direct was established and was at the forefront of telephone banking , with person to person service available twenty four hours
3652-439: The United Kingdom. HSBC chairman Douglas Flint described the Midland brand as "odds on favourite" for a return to the high street. In September 2015, it was announced that the Midland Bank name would not be revived, and the branch network in the United Kingdom would be branded "HSBC UK". Midland Bank was founded by Charles Geach , its first manager in Union Street, Birmingham , England, in August 1836. Geach had formerly worked at
3735-403: 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 ,
3818-450: The bank commenced operations on 3 March 1865. It opened a branch in Shanghai in April of that year and started issuing locally denominated banknotes in both the Crown Colony and Shanghai soon afterwards. The bank was incorporated in Hong Kong as The Hongkong and Shanghai Banking Corporation by the Hongkong and Shanghai Bank Ordinance (Numbers 2 and 5 of 1866), and a branch in Japan was also established in Yokohama in 1866. Shares of
3901-406: 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
3984-418: The bank were one of 13 securities initially traded on the Shanghai Stock Exchange , and were traded on that exchange until the Japanese closed the exchange in 1941 . Sir Thomas Jackson became chief manager in 1876. During his twenty-six-year tenure, the bank became a leader in Asia. A period of expansion followed, with new buildings constructed in Bangkok (1921), Manila (1922) and Shanghai (1923), and
4067-562: 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
4150-511: 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
4233-446: The business conduct of HSBC under the title Swiss Leaks based on the 2007 hacked HSBC account records from whistle-blower Hervé Falciani . The ICIJ alleges that the bank profited from doing business with corrupt politicians, dictators, tax evaders, dealers of blood diamonds, arms dealers and other clients. US Senate investigators in 2012 had sought the hacked HSBC account records from Falciani and French authorities, but never received
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#17327724706074316-472: 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
4399-599: 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
4482-443: The ending of credit restrictions in 1958, by extending its branch network and by introducing a series of innovative services, including personal loans (1958), personal cheque accounts (1958) and cheque cards (1966). In 1958, it acquired Forward Trust, which became a leader in instalment finance, leasing and factoring services. In 1967, Midland acquired a share in Montagu Trust, the owner of Samuel Montagu & Co. , and thereby became
4565-413: 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
4648-435: The first British clearing bank to own a London merchant bank . Samuel Montagu, with its own history dating back to 1853, became a wholly owned subsidiary in 1974, and is now part of HSBC 's private banking business. Through the acquisition of Samuel Montagu & Co, Midland also gained a majority share in Guyerzeller Bank AG (now HSBC Guyerzeller Bank ) in Switzerland. Further diversification followed in 1972, when Midland
4731-456: 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
4814-400: The first to bear the HSBC name in the UK, albeit with "Midland Bank plc" still featuring on the plaque near the entrance. The last head office of Midland Bank, opposite the Bank of England in Poultry and Princes Street, was sold in October 2006 to a tycoon from Russia, with HSBC vacating the banking hall on the ground floor and huge underground deposit vaults in 2007. In 2012 the ground floor
4897-406: The largest bank in the world. Edward Hopkinson Holden led the bank at this time first as managing director from 1898 to 1908 and then as chairman and managing director from 1908 until his death in 1919. He oversaw more than twenty bank amalgamations between 1891 and 1918, and opened new branches throughout England and Wales . Holden also expanded overseas; it was the first British bank to set up
4980-419: The largest domestic banks in the United Kingdom. HSBC has offices, branches and subsidiaries in 62 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 39 million customers. As of 2023, it was ranked no. 20 in the world in the Forbes rankings of large companies ranked by sales, profits, assets, and market value. HSBC has a dual primary listing on
5063-536: 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
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#17327724706075146-409: 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
5229-449: 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
5312-399: The next four largest banks by profit, made NZ$ 97 million, NZ$ 73.5 million, NZ$ 14 million and NZ$ 7 million (albeit with an underlying result of about NZ$ 30 million) respectively. Thus, the profit of New Zealand's next four largest banks (after the Big Four) is equal to less than 30% of the smallest of the Big Four, BNZ. The term "Big Five" is used instead of four, with five banks dominating
5395-441: The purchase of the Banco Bamerindus of Brazil for $ 1 billion in March 1997 and the acquisition of Roberts SA de Inversiones of Argentina for $ 600 million in May 1997. In May 1999, HSBC expanded its presence in the United States with the purchase of Republic National Bank of New York for $ 10.3 billion. Expansion into Continental Europe took place in April 2000 with the acquisition of Crédit Commercial de France ,
5478-476: The smallest countries in the Middle East , a fact that has always made investors from the Arab countries, especially the GCC petrodollar in addition to the European and world investors, to place their funds in the Lebanese banks . The "big four" full-service banks in Luxembourg are: There are bigger banks in Luxembourg, but these only deliver a limited number of services such as investment banking , private banking , or corporate banking only. Luxembourg
5561-588: The ten biggest banking service networks are: In Czech Republic , the "big three" are: In France , according to The Banker , the six major banking groups are: In Hong Kong , some media refer to the following as the "big four": HSBC, Standard Chartered Bank (Hong Kong), and Bank of China (Hong Kong) are the three note-issuing banks; Hang Seng and HSBC Hong Kong are both under the common ownership of London-based HSBC Holdings plc. According to Global Retail Banking Cross-sell conducted by RFi group in 2015, HSBC, Bank of China (Hong Kong), and Hang Seng Bank were
5644-408: The term "Big Four" applied to the Four Northern Banks of the Republic of China (i.e., the four most capitalized commercial banks in Northern China ). These were the Yien Yieh Commercial Bank , the Kincheng Banking Corporation , the Continental Bank and The China & South Sea Bank . They were contrasted with the Three Southern Banks of Southern China . By 1949, the "Big Four" banks were
5727-446: The term "big five" is used instead of "big four". In Japan , the term "big three" is used instead of "big four". The related term city bank is also sometimes used for these banks. The "big three" are: Japan had a "big four" between 2002 and 2005 when the Bank of Tokyo-Mitsubishi and UFJ Japan were still separate entities. The two merged to form Mitsubishi UFJ, now the largest of the three, in 2005. These banks are all listed in
5810-457: The top 3 most popular banks in Hong Kong. In India the largest banks, based on total market capitalization, are: In Indonesia , the term "big four" is not explicitly used. As of 2018, the four largest banks by total assets are: BRI, Bank Mandiri, and BNI are all controlled by the central government as state-owned enterprises . In Ireland , the term "big four" applies to the four largest banks by market capitalisation. In Israel ,
5893-407: The top three largest banks in Cambodia dominates 39.1% (The largest bank in term of total asset is Canadia Bank at 14.2%, followed by ACLEDA Bank at 12.7%, in third place Advanced Bank of Asia (ABA) at 12.2%) of the overall banking assets as of 2020. These banks are: There are five banks dominating the Canadian banking sector, hence the "Big Five" is used instead of "Big Four". During the 1920s,
5976-478: 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
6059-633: 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
6142-488: 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
6225-512: 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
6308-578: 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
6391-405: Was granted its independence from Malaysia. Three people were killed, 33 injured, and the two Indonesian military officers responsible for the bombing were tried and executed. The present building in Hong Kong was designed by Sir Norman Foster and was held as one of the most expensive and technologically advanced buildings in the world in 1986, costing HK$ 5.3 billion. On 6 October 1989, it
6474-540: Was not a success and Midland was forced to take full ownership in 1985 so that it could sell it to Wells Fargo the following year. In 1980, Midland acquired a controlling interest in Trinkaus & Burkhardt KGaA , a private bank in Germany with a long history of its own, today HSBC Trinkaus . In 1984, in a bid to grab market share Midland scrapped current account charges. It was so successful that all other banks in
6557-485: 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
6640-651: Was registered as a regulated bank with the Banking Commissioner of the Government of Hong Kong . HSBC Holdings plc, originally incorporated in England and Wales, was a non-trading, dormant shelf company when it completed its transformation on 25 March 1991 into the parent holding company to the Hongkong and Shanghai Banking Corporation Limited now as a subsidiary, in preparation for its purchase of
6723-424: 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
6806-533: Was the leading member of the consortium that acquired the Thomas Cook travel business. After becoming sole owner in 1977, Midland sold its interest in 1992. In 1974, Midland began to open branches or representative offices in overseas countries and to acquire other international banks. The largest of these was the purchase of a majority share in Crocker National of California , United States: this
6889-657: Was used in the Channel 4 game show The Bank Job . The architect John Alfred Gotch designed the building, with assistance from Sir Edwin Lutyens . Built between 1921 and 1939, and symbol of the 1930s pride of the biggest bank in the world, the building is now The Ned Hotel City of London. Until around 2020, the HSBC UK SWIFT code (all offices in the United Kingdom) remained MIDLGB22 , reflecting its past as
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