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99-697: Heart of the City II is a mixed-use development under construction in Sheffield city centre , England between the Devonshire Quarter and The Moor Gateway. The project was previously given the marketing name Sevenstone, prior to Hammerson , the developer, being dropped from the project in December 2013 with Sheffield City Council seeking new developers. The first phase, consisting of restaurants, shops and offices opened in 2020. The second phase

198-634: 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

297-586: 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

396-463: A focus on introducing "aspirational and contemporary retailers" along Cross Burgess Street and Pinstone Street, concentrated around an anchor store. The new schedule aimed to have the quarter 80% complete by 2019, with the end objective of having all phases completed by 2021. Work on the project began in 2017, which saw Grosvenor House Hotel demolished and replaced with a new HSBC office with retail units at ground level. The New Retail Quarter project

495-606: A large indoor market opened in November 2013 at a cost of £18 million. A new retail and leisure development built on a large site adjacent to the former Debenhams department store opened in 2016. It includes a nine screen The Light cinema, a flagship Primark store, four additional shops, and seven restaurants. The Moor has seen many other high-street fashion retailers move from Fargate, such as Next , New Look , H&M (although they have kept their Fargate store open) and River Island . Originally due for completion in

594-587: 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

693-782: 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

792-549: A new scheme forward using a combination of private and public funds. No firm time-scales for the new project have been formally released as of April 2014, although plans were expected to be released to the public in spring 2014. The Riverside Exchange is a new, large business district in the north of the city centre and is home to organisations such as Irwin Mitchell and the UK Border Agency. The West End district of

891-422: A new scheme layout and have agreed the location of a new anchor John Lewis store. It is anticipated that the new scheme will include up to 700,000 sq ft of retail with extensive food and entertainment venues along with a multi storey car park and high quality public realm throughout. Positive negotiations are ongoing for a revised scheme layout. It is still hoped to start on site in 2014/15. On 29 July 2013 it

990-467: 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

1089-641: 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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1188-470: 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

1287-405: A presence in this area or the connecting areas of Orchard Square or Commercial Street. The Moor has historically been one of Sheffield's most popular shopping zones. Like Fargate, it is a pedestrianised area and plays host to markets (although on a more permanent basis than Fargate). By the early 2010s The Moor had become run down and played host to a massive redevelopment project. The Moor Market,

1386-520: 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

1485-412: 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,

1584-407: A result of the project, along with 500,000-square-foot (46,000 m) of workspace, 30,000-square-foot (2,800 m) of cultural space and 420 new homes. A new park, named Pound's Park after Sheffield's first chief fire officer John Pound, will be created on the site of the former Sheffield Central fire station and will feature a water play area, a playground and a climbing wall. A new food hall, on

1683-785: A significant part of this change and have seen the area transformed dramatically. Also in this area is the St Vincent Quarter which lies on the opposite bank of the River Don to the Riverside Exchange area. The Sheaf Valley Area, surrounding the River Sheaf , is dominated by Sheaf Square/Sheffield Station and the Cultural Industries Quarter (CIQ). Sheaf Square , which has been completely redeveloped in recent years, now serves as gateway to

1782-492: A significant step change and will boost Sheffield City Centre's status back up the retail ranking index. The statement also claimed that the project would be ready to take to the market place in spring 2014 and was on programme with a target for completion during 2018/19. In March 2015, more detailed plans of the Sheffield Retail Quarter development designed by Leonard Design Architects were revealed, with

1881-798: 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

1980-547: A three-day public exhibition displayed the plans for Sevenstone in Sheffield City Centre . Local press described the reactions of Sheffield citizens to the plans as 'mixed'. On 29 January 2009, the Sheffield Star reported that the project had been put on hold indefinitely, based on an interview with the city's regeneration company who retracted the statement the following day. Despite the uncertainty,

2079-401: 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

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2178-482: A £10 million loan to kick-start the stalled development. The money plus a further £10 million contributed by the developers Hammerson would be used to part finance the compulsory purchase of all the empty shops and land needed to build the scheme. As a result, the Sevenstone scheme was expected to start in late 2013 or early 2014. However, the project continued to stall and in March 2012, John Lewis announced that it

2277-574: 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

2376-574: 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

2475-486: Is currently under construction and is expected to be completed by mid 2024. Located to the west of Pinstone Street, between Barkers Pool and Moorhead, Heart of the City II covers a 7-hectare (17-acre) site in the heart of Sheffield and involves a major re-design of this part of the city. The £470 million scheme features mostly new buildings, with some older ones retained and refurbished. Roughly 250,000-square-foot (23,000 m) of retail and leisure space will be created as

2574-522: Is host to a multitude of events, ranging from small farmers markets to international sporting events. Sheffield International Venues and Sheffield Theatres maintain the larger venues whilst several others are managed privately. Ponds Forge International Sports Centre , on the edge of the city centre, is host to numerous national and international sporting events, notably swimming and basketball. The Crucible Theatre , in Tudor Square, has hosted

2673-645: Is within a short walking distance of Sheffield station. The FreeBee , a zero fare city centre bus service, was scrapped in 2014. The city centre is encircled by the Inner Ring Road, which connects to the Sheffield Parkway at Park Square and on to the M1 motorway . This has been enlarged several times, with the most recent extension opening in 2007. In a bid to improve the city centre's environment, several major thoroughfares which were once open to

2772-717: 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

2871-522: The City Hall , O2 Academy, Plug, and the Lyceum and Crucible theatres. Sheffield city centre is host to its own music festival, Tramlines . This event, entry to which is free, was first organised in 2009 and takes place at several venues across Sheffield, notably in the city centre. Sheffield City Centre plays host to a number of themed markets throughout the year with most taking place on Fargate , in

2970-553: The Duke of Norfolk (Arundel Gate, Norfolk Street, Surrey Street, Fitzalan Square) and the Duke of Devonshire (Cavendish Street, Devonshire Street). 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

3069-485: The Peace Gardens or at Barkers Pool . Themes include Continental (European foods, crafts etc.), German (Christmas market) Italian, Tunisian and occasionally global themed markets take place. There are also farmers and crafts markets taking place throughout the year. Sheffield railway station lies on the edge of the city centre and is within easy walking distance of the main shopping areas. This station lies at

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3168-636: The Sheffield Station have also been heavily redeveloped and are due to see extras improvements in the next few years. In the West End area the University of Sheffield has invested in a number of new facilities and student accommodation and Sheffield Hallam University has greatly improved the area outside its main campus on Arundel Gate also. In late 2006, the "Connect Sheffield" scheme came into being. As part of this scheme, vehicle signage

3267-420: 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

3366-681: The World Snooker Championships since 1977. Sheffield City Centre was the finish location for Stage 2 for the 2014 edition of the Tour de France . Sheffield is home to the greatest concentration of theatres in the UK outside London; these include the Crucible , Lyceum, Montgomery and Playhouse theatres. The city centre is home to numerous venues which attract many well-known musicians, comedians and theatre groups; examples include

3465-543: 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

3564-655: 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

3663-820: The City . Sheffield possesses its own tram system, known as the Sheffield Supertram . It operates on four routes, all of which run through the city centre; the Cathedral Square stop forms a focal point for operations, being the terminus of both the Purple line and Tram-Train. National Express coaches serve Sheffield city centre, accessed via Sheffield Interchange . The 560/564 service travels to London Victoria Coach Station , stopping occasionally at Chesterfield and Milton Keynes en route. Numerous other services connect Sheffield with destinations across

3762-544: The City . The main Districts are as follows: The central district of Sheffield is home to the Town Hall and the major shopping areas of Fargate , Orchard Square and Commercial Street. The city's famous 1 o' clock time signal is located where Barker's Pool meets Leopold Street on the side of H.L. Brown the jewellers and sounds a daily siren to tell the time. The Heart of the City area, as its name suggests, lies at

3861-713: 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

3960-561: 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

4059-642: 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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4158-596: The Sheffield Teaching Hospitals (although they mostly lie beyond the Inner Ring Road and thus do not constitute part of the City Centre). The Supertram also runs through this district, connecting it to the central zone and several other areas of the city. The Devonshire Quarter , on the southside of West Street, is a social and commercial hub, again especially for the young. It has seen a great deal of investment. The St Georges Quarter, right in

4257-577: The Town Hall and Sheffield Station . At the opposite end of Fargate to the Town Hall is the Cathedral Quarter. Here there are numerous law firms and employment agencies, as well as numerous shops and the city centre hub for the Sheffield Supertram . The city centre has several cinemas including, Odeon Sheffield located on Arundel Gate, 'The Light' cinema on The Moor and the independent ' Showroom ' cinema based near Sheaf Square. Also within

4356-546: The UK, all of which depart/arrive at Sheffield Interchange. Sheffield city centre is home to Sheffield Interchange. In recent years, it has lost importance as the South Yorkshire Passenger Transport Executive have constructed several ‘mini-interchanges’ around the city centre, to accommodate shopping and other activities for areas which are served poorly by Sheffield Interchange. However, many services depart from/arrive here and it

4455-465: 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

4554-403: 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 ,

4653-581: The area. The Scottish Widows group own the majority of The Moor and are funding its staged redevelopment, including the significant public realm improvements to the street scene that were completed during 2013. The Riverside District, lying along the banks of the River Don, was traditionally an industrial zone including the Kelham Island Quarter . In the 21st century it has become dominated by new office developments and apartment complexes. The Riverside Exchange and West Bar developments are

4752-569: The associated listed building consents would therefore remain with the council. The Section 106 Agreement was completed in November 2006 and outline planning permission and associated listed building consents were issued that month. In October 2007, developers Hammerson unveiled the official marketing name for the New Retail Quarter as Sevenstone. The branding was welcomed by business and political leaders in Sheffield. In March 2008,

4851-406: 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

4950-682: 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

5049-564: 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

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5148-446: 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

5247-444: The central zone is The Moor . Originally Sheffield's primary shopping area, it became run down and lost some of its prominence due to uncertainty surrounding the adjacent and now axed Sevenstone retail development. However, the opening of a new purpose-built indoor market hall in November 2013 and the ongoing Sheffield Moor Development plan footfall has increased and there has been a stimulation of businesses reopening and moving into

5346-553: The centre of the West End zone, is relatively small and focused upon the end of West Street as it meets the Inner Ring Road at Sheffield University Officer Training Corps home - Somme Barracks , main entrance is on Gell Street. In recent years there have been numerous new developments in Sheffield City Centre seeing a large number of new additions to the skyline. Most of this work has been carried out under

5445-417: The centre of this zone and encompasses the Town Hall and Peace Gardens , a major focal point for people in the city. Adjacent to this is St Paul's Place, in centre of Sheffield , a new mixed use development lying between the Town Hall and Arundel Gate, one of the major roads running through the city centre. Sheffield's tallest building, St Pauls Tower , is situated on the edge of St Paul's place, close to both

5544-411: The city centre is home to many independent shops, bars and coffee shops - particularly catering for the large student population in the area. Devonshire Green , a small landscaped district park which hosted the main stage of the annual Sheffield Tramlines Festival from 2009 until 2014 as well as outdoor cinema screenings throughout the summer. Several street names in the city centre are associated with

5643-576: The city centre seeing constant development. Projects include the development of new squares and public spaces; new residential and office buildings, including St. Pauls Tower , Velocity Living and Velocity Tower ; the Heart of the City II and Moor shopping areas; redevelopment of existing buildings, such as the Crucible Theatre ; better transport and shopping facilities; and new cultural attractions, such as museums and art galleries. Following

5742-623: The city centre, has seen less redevelopment in recent years as it lies outside the normal shopping areas and those frequented by tourists/visitors to the city. The West End District, lying to the West of the Central zone, is the city's social and academic hub. West Street, the main thoroughfare in this area, is home to Sheffield's largest concentration of bars, clubs and restaurants and is heavily used by young adults, students in particular. Many university buildings are in this area, including many parts of

5841-520: The city centre. Sheffield Station , serving as the entrance to this gateway has also been redeveloped whilst maintaining its grand Victorian façade. The CIQ is home to several bars and clubs (such as the Leadmill ) and the Showroom Cinema , which books a more diverse selection of films than mainstream cinemas. Red Tape Studios is also in the area. This area, in contrast to the other parts of

5940-473: The city centre. The study noted the decline in status of the city centre and recommended a long-term strategy for the unification of The Moor and Fargate through a major retail development. This concept was developed and in 2000 the New Retail Quarter site was identified by a City Centre Masterplan, commissioned by Sheffield 1, the city's urban regeneration company. In 2001, Hammerson was selected as preferred developer through conducted jointly by Sheffield 1 and

6039-417: The corner between Cambridge Street and Wellington Street is also part of the scheme. Investigations into the rapid decline of Sheffield city centre from the mid-1980s led the Sheffield Development Corporation and Sheffield City Council to jointly commission Hillier Parker and the Oxford Institute of Retail Management to undertake a study of the region in 1994, and to recommend a strategy for regeneration of

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6138-411: The council. Hammerson submitted an Outline Planning Application in October 2005, seeking permission for a mixed use development consisting of refurbishment of use of existing buildings and erection of buildings for retail, housing, a night club, a health and fitness club, and multi-storey car parking . Amended planning applications were submitted in May and July 2006. Enabling works (that is, providing

6237-472: 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

6336-408: The demolition of the Wellington Street fire station, began in December 2009, with agreement that the site would be used as a temporary car park until work begun. On 17 June 2010, the Coalition Government , just weeks after its formation, announced the suspension of £12 million of central funding toward the project. Nevertheless, on 15 March 2011, Sheffield City Council announced that it was taking out

6435-599: 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

6534-408: The early 2010s, NRQ/ Sevenstone was to become be a major shopping/living area adding 250 new shops to the city centre. As of 2008 the project remained on hold due to the economic downturn and Sheffield City Council finally dropped developer Hammerson in July 2013 after no firm agreement for recommencement of the project could be reached. Sheffield City Council has announced that it will eventually take

6633-413: 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

6732-456: 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

6831-416: The full project was announced. Sheffield city centre Sheffield City Centre (referred to locally as simply Town ) is a district of the City of Sheffield and is covered partly by the City ward of the City of Sheffield . It includes the area that is within a radius of roughly 0.75 miles (1.2 km) of Sheffield Cathedral and is encircled by the Inner Ring Road , a circular route started in

6930-460: The gas, water, electrical and telephone infrastructure) began in March 2006 on the roads surrounding the new site, including Division Street, Moore Street, Charter Row and others. The Outline Planning Application was approved by the Council in August 2006. The Secretary of State confirmed by letters dated 25 September 2006 and 9 October 2006 that he did not wish to intervene, and that the decision as to whether to grant outline planning permission and

7029-458: The guidance of the 'City Centre Masterplan 2008' and examples of its progress can be seen Tudor Square , Riverside , Castlegate and the Sheffield Digital Campus . St Paul's place is one of the most notable developments and features Sheffield's tallest tower. Riverside exchange and the West Bar combine to make a large business district on the north side of the city centre and are also home to legal and governmental offices. Sheaf Square and

7128-488: The immediate surroundings, a map and (in some cases) a clock. All junctions on the Inner Ring Road have been numbered and marked with a strong landmark feature. Travel information panels in bus interchanges have been made clearer and the YourNextBus system was rolled out onto departure boards at bus stops telling passengers when the next bus is due at their stop using GPS technology. Sheffield's shopping areas are in

7227-565: The implementation of the 1994 City Centre Strategy eleven 'quarters' were defined within the city centre. Following on from this, during the 2004 redevelopment of the city centre four 'districts' were identified within the city centre, primarily for aiding traffic. Districts : Centre, Riverside, Sheaf Valley & West End Quarters : Kelham Island Quarter , Riverside , Castlegate , Sheaf Valley , Cultural Industries Quarter , The Moor Quarter , Devonshire Quarter , St Georges Quarter , St Vincent's Quarter , Cathedral Quarter and Heart of

7326-536: 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

7425-538: The late 1960s and completed in 2007. As well as the cathedral, buildings in the city centre include the Grade I listed Town Hall , the City Hall and the Winter Gardens . Several areas of the city centre have been designated as quarters . It is home to the city's major business, transport, leisure and cultural attractions. In recent years, the city centre has undergone massive regeneration with every section of

7524-524: 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

7623-583: 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

7722-449: 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

7821-526: The northern end of the Midland Main Line which begins at London St Pancras , thus affording Sheffield direct rail services to the capital and to Europe , via the Eurostar service. Direct connections to other major UK cities are also available. Sheffield station is accessed from the central zone of the city centre by Sheaf Square and Howard Street, which leads to Arundel Gate at the Heart of

7920-501: The process of being redeveloped and when finished will attract business from further afield than ever before. The Moor , once Sheffield's busiest shopping street, is being gradually redeveloped by private owner Scottish Widows and a new £18 million indoor market was opened in 2013, relocating traders from the ageing Castle Market in the Castle Gate Quarter of the city. The Sevenstone/New Retail Quarter development

8019-475: The public have been pedestrianised in recent decades; as a consequence, there are fewer options for car drivers in the city centre. Fargate is a major pedestrianised street in the heart of the city with its southern end lying outside the town hall . Also located at this point was the Wheel of Sheffield which, during 2009 and 2010, was a landmark on the Sheffield skyline. Several well-known High Street stores have

8118-680: 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

8217-614: 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

8316-671: 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,

8415-478: 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

8514-489: 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

8613-633: 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

8712-488: 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

8811-538: Was announced that developer Hammerson had been axed by Sheffield City Council. On 10 October 2013, Sheffield City Council announced that it had begun the formal process to "end their relationship with Hammerson". However, the statement also claimed that: The Council aims to deliver a New Retail Quarter that will fundamentally improve the retail offer in the City Centre, by providing modern flexible retail spaces and attracting quality fashion retailers. This will make

8910-512: 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

9009-494: Was due to redevelop a substantial portion of the city centre. It had been on hold since 2008 due to the recession and was cancelled in its current form all together in July 2013 when Sheffield City Council decided to relieve developer Hammerson of their development rights. Sheffield City Council announced in late 2013 that they will proceed with their own development scheme to replace the axed Sevenstone project. Sheffield City Centre

9108-526: 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

9207-443: Was improved by dividing the centre into four main areas (separate from the quarters ) using electronic messaging panels with information about congestion and available parking and information about transport and visitor attractions. Information pillars were erected in key locations, varying from narrower pillars for bus and tram stops and the railway station to much broader pillars outside key attractions, each showing information on

9306-557: Was later renamed Heart of the City II and unveiled in March 2018. The plan was more mixed-use than the previous, with hospitality and offices playing a major role alongside retail in the development. A hotel and a food hall were also announced as part of the project. Unlike previous plans, the John Lewis building in Barker's Pool was to be retained as well as Victorian frontages along Pinstone Street. An expected completion date of 2024 for

9405-483: Was no longer seeking to move from its current store into the Sevenstone development. Sheffield City Council provided an update in March 2013 claiming: Sheffield City Council, Hammerson plc and John Lewis Partnership remain committed to delivering on the city's Sevenstone retail project. The three partners have accelerated discussions by which the Sevenstone retail led project can be brought forward for delivery in Sheffield City Centre. All parties have been focused on

9504-485: 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

9603-808: 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

9702-424: 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

9801-679: 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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